Bitdeer will launch a new Litecoin L5 miner which will bring much-needed changes to the cloud mining company infrastructure. Notably, this has brought a spike in Litecoin hash rate to an all-time high.
This revamp in mining equipment is definitely necessary to increase the profitability of the mining platform. The scope of the release is not public. However, the increase in hash rate is indicative of the high probability that the L5 is operational.
Litecoin Hash Rate
Litecoin has been a standout in 2019, even as general coin prices seem to be on the up. Notably, the Litecoin has rate has been on the rise having doubled in the past six months alone. The hash rate is now at an all-time high according to Litecoin Foundation Director Franklyn Richards. He made the announcement in a blog post on company performance. The L5 reportedly appeared on Bitdeer temporarily as an option to hire Scrypt algorithm mining power.
Notably, a higher hash rate is indicative of mining opportunity and higher likelihood of receiving the block reward. Essentially, the hash rate is a measure of miner performance and the higher it goes, the better it is for active miners.
This peak hash rate could be a result of new Litecoin miner, Antminer L5. This unique latest miner is now available for rent on Bitdeer. Accordingly, the development should spike interest in Bitdeer and improve the fortunes of the mining site.
Why the L5 Is Different
Bitmain is currently deploying the Litecoin L5 miner in its mining farms, which definitely include Bitdeer. Richards states that the L5 is definitely real and Bitmain is in the process of rolling it out. He went on to describe the specifications of the new miner as follows:
“The stats provided show quite a drastic improvement over the previous generation L3++ more than doubling the hashrate output from 580 MH/s. Perhaps this is why the L4 name is being skipped altogether. It’s certainly not as powerful as Innosilicon’s A6+ however it does appear to be more efficient putting it in a good position for when it does finally retail to the public.”
L5 makes the Litecoin network more secure. This is because it costs more than $65,000 to perform a 51 percent attack for an hour. The rate is better than $27,000 an hour for BCH and $16,000 per hour for BSV.
LTC Hash Rate and Price
The price of a coin and the hashrate don’t necessarily go hand in hand. This is because the reward for mining is in LTC while miners incur costs in their own local currency. However, a high hash rate in a bull market means miners can expect better returns. This increase in hash rate is a good thing for LTC miners.
Notably, Litecoin also has a halvening event later in the year. This is a process whereby the block mining reward will fall from 25 to 12.5 LTC. This event has typically resulted in bullish markets. in effect, cutting down supply to will have a corresponding increase in demand. As such, the halvening will positively impact Litecoin prices.