Litecoin Creator Says Next Month’s Halving Will Be a ‘Shock’
By Tyler Smith – Cryptocurrency Expert
Tension rolls on as Litecoin creator, Charlie Lee, predicts that miners could end up shutting down after the next month’s halving. Not the greatest forecast from the creator and sure to cause some to sell Litecoin.
On July 10th, Lee in an interview with Australian crypto news site Mickey, took into account the likely possibilities for Litecoin’s mining ecosystem, when the halving finally starts. He said, “it’s always kind of a shock to the system”.
Lee stated that some miners will no longer be profitable and may decide to shut down their machines. This could cause issues with the network as if a big percentage does cease mining, block generation would slow. Litecoin re-adjusts every three and a half days. With slower blocks this could take roughly seven days until the difficulty re-adjusts. Users that buy Litecoin and transact across the network during this period could find the transactions take longer to be received.
Knowing the reduction of mining rewards leads to a fall in the supply of the cryptocurrency. Halving is usually believed to be accompanied by a corresponding price appreciation as theoretically the coin is more valuable. Lee gave more clarification of this by saying:
“In terms of the price, the halving should be priced in because everyone knows about it since the beginning”. Though the halving process is common knowledge to advocates of the Litecoin network, many believe the price should increase on this. Many users do in fact buy Litecoin due to this sentiment which in turn increases the price of the coin.
People are buying the coin now but when the halving is completed, we may see a demand to sell Litecoin as many may feel uncertainty.
Don’t forget you can head over to our platform to sell crypto UK and cash out Bitcoin to GBP.
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