Jul 262015
 

Litecoin Difficulty Rises Modestly

Litecoin difficulty rose modestly earlier today, with less than 1 month remaining for the expected Litecoin Reward Halving date, which will cut the mining rewards per block of Litecoin mined from 50 Litecoins to 25 Litecoins. Bitcoin had the same block rewarding halving back in November 2012 going from 50 to 25 Litecoins, at a time when the cryptocurrency movement was still in its infancy. Litecoin has long been the second-most popular cryptocurrency after Bitcoin.

Litecoin has the same reward halving schedule as Bitcoin, which is once every 4 years. However, the blocks are generated every 2.5 minutes instead of 10 minutes for Bitcoin, so the total supply of Litecoin is 4x the supply of Bitcoin for the same time frame. The reward-halving staggers between Bitcoin and Litecoin since Litecoin was introduced around 2 years after Bitcoin.

The recent difficulty increase comes after a huge surge in Litecoin prices in the few weeks prior, when the price rallied more than 10x in a matter of weeks, before falling and settling down. This was also the first time that Litecoin trading volume exceeded that of Bitcoin temporarily.

Difficulty Adjustment Around Reward-Halving

Litecoin uses Scrypt algorithm instead of SHA-256 for mining as its choice of proof-of-work. Scrypt is more memory intensive than SHA, and therefore specialized ASICs are rare for Litecoin and offer only modest improvements over GPU mining. For this reason, Bitcoin has seen a proliferation of ASICs and specialized hardware and infrastructure around mining that is missing from Litecoin.

Still, the effect on difficulty would be interesting to note around the block-halving period, before and after, and perhaps give clues to how Bitcoin difficulty will behave around its own reward-halving a little more than 1 year from now. It is expected that Bitcoin will have a more serious effect than Litecoin since miners will cut down on new hardware in anticipation of reward halving a few months before the event takes place.

Litecoin, often called the ‘silver to Bitcoin’s gold’, has been a good experimental cryptocurrency to test the effects of small changes and whether these should be incorporated into Bitcoin. Litecoin has maintained a good community and developers even as many other altcoins have faltered after launch. Litecoin is also active in incorporating changes to Bitcoin Core, especially the important BIPs that provide new functionality to the currency.

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Jul 122015
 
Bitcoin Difficulty Tops 50,000,000,000 For First Time

Bitcoin difficulty has topped 50,000,000,000 for the first time ever, reaching an all time high of 51,076,366,303, as the price of Bitcoin continues to rise on the Eurozone crisis in Greece and the stock market crash in China. The Bitcoin network from a mining perspective has still remained quite healthy even during an extended price slump, […]

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Jun 172015
 
4 Top Selling Books about Bitcoin (Review)

This is a guest post from Ofir Beigel of 99Bitcoins Since Bitcoin has come to the public awareness in 2013 there have been many books written about the currency. These books cover different topics such as Bitcoin basics, Blockchain overviews, ways to make money with Bitcoin and the history of Bitcoin. In today’s post I’d like […]

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Jun 162015
 
Augur Launches Alpha on Ethereum Testnet

Augur, the decentralized prediction market system built around the truthcoin whitepaper, has officially launched its alpha on Ethereum Testnet. The alpha allows users to perform basic functions that are expected in the final product, including adding a new prediction market and betting on existing ones. Since Ethereum is yet to launch its final version, this […]

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Jun 162015
 
Coinbase Reaches 3 Million Wallets

Coinbase, founded by Brian Armstrong and Fred Ehrsam in June 2012, has reached 3 million hosted wallets on its service. Coinbase is one of the most popular Bitcoin hosted wallet services, and recently became a popular Bitcoin exchange as well. The company also allows users to purchase Bitcoins directly with their local currencies and also […]

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Jun 142015
 
Bitcoin Hash Rate Tops 350 PH/s in Latest Difficulty Increase

The Bitcoin network’s hash rate has topped 350 PH/s, as the latest difficulty increase brings the Bitcoin difficulty to just shy of 50,000,000,000. The latest difficulty increase comes after a drop in difficulty the last time it was adjusted on May 31, 2015, when the network difficulty dropped by 2.5% The latest increase also marks […]

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Apr 132015
 
NeuCoin Review: PoS in the Real World

I want to gear this NeuCoin review towards NeuCoin as an investment and NeuCoin as the first serious proof of stake coin which is being rolled out in the ‘real world’ to test spending. The main reason NeuCoin is interesting to me is that I want to see how it performs in the real world marketplace. […]

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