Litecoin mining difficulty has reached a record high of 18 million hashes, according to the announcement from the digital asset’s foundation.
The official account of the foundation posted on CoinMarketCap that its mining difficulty hit a new all-time high of 18 million on Nov. 4, citing data from CoinWarz.
Mining difficulty is a popular metric that is used to describe the average number of hashes required to solve a block and earn mining rewards on the network.
The increasing mining difficulty suggests that the competition among miners has increased, which is likely due to more miners joining the network.
Litecoin, like Bitcoin, uses the proof-of-work consensus mechanism.
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