Network hashrate has been skyrocketing in the last few days as I suspect this latest batch of cheap L3’s are coming online. Difficulty about to jump another 8% or so in a few hours.
https://www.coinwarz.com/difficulty-charts/litecoin-difficulty-chartDifficulty was 7.1 a week ago and now 8.3. That is a 14% increase.
Difficulty was 5.7 a month ago and now it is 8.3. That is a 31% increase.
Increase of difficulty in 1.1 in a week is madness. Total difficulty is 8.3 now.
That means that in just 8 weeks,
we can possibly add 8.8 increase in difficulty....which is higher than the current 8.3.
If mining difficulty double, that means the litecoin amount mined is halved.
Litecoin price has to double to enable miners to mine at same profitability, if difficulty were to double.
If litecoin price does double, u make 100% gains by buying and holding ltc. If u were mining, u will be mining at higher profitability for awhile, and in just 8 weeks, mining difficulty can go back up to lower your profitability back to the same levels as before.
However, it is unlikely litecoin difficulty will go up at same pace since litecoin mining equipment price has increased now.
Still, there is too much asic production capacity.
So, lets hope no new stronger machines and no new asic manufacturer appear because we have too much asic production capacity as it is.
I dont understand why some people want more asic manufacturers and more healthy competition lol because competition leads to lower asic prices and far higher increases in mining difficulty as we have just seen. This leads to those at the bottom of the food chain, aka miners, earning far less lol.
This is the same for other algorithms currently.
