As part of Litecoin's coin issuance, miners are rewarded a certain amount of litecoins whenever a block is produced (approximately every 2.5 minutes). When Litecoin first started, 50 litecoins per block were given as a reward to miners. After every 840,000 blocks are mined (approximately every 4 years), the block reward halves and will keep on halving until the block reward per block becomes 0 (approximately by year 2142). As of now, the block reward is 12.5 coins per block and will decrease to 6.25 coins per block post halving.

Litecoin, launched in 2011, is one of the earliest "altcoins" that emerged as a fork of the Bitcoin protocol.


Litecoin, a modified version of Bitcoin, was created to facilitate faster and more cost-effective transactions compared to the Bitcoin network. It utilizes the Proof of Work mechanism like Bitcoin but employs the Scrypt hashing algorithm instead of SHA-256. This algorithm allows Litecoin to generate new blocks approximately every 2.5 minutes, significantly faster than Bitcoin's average block confirmation time of 10 minutes.

The Scrypt algorithm was specifically developed by the Litecoin team to establish a decentralized mining ecosystem separate from Bitcoin and to increase the difficulty of a 51% attack on Litecoin. Initially, Scrypt enabled mining using more accessible GPU and CPU cards, preventing ASIC miners from dominating Litecoin mining. However, over time, specialized ASIC miners were developed for Litecoin, rendering GPU and CPU mining less efficient and practical.

LTCLitecoin

Halving