LightCoin miners are making a profit
LTC exchange rate and Litecoin network hashrate are growing. Litecoin Foundation has partnered with Metalpha. There are also negative signals.
Litecoin is an effective cryptocurrency for the investor in 2023. Since the beginning of the year, the LTC exchange rate has increased by 33%. Because of the rise in prices, the activity of miners has increased. The network's hash rate is 765 TH/s, Coinwarz shows. That's 30% more than a month ago.
More hash rate - more miners. More miners means more security in the network.
On February 24, the Litecoin Foundation partnered with Metalpha. The areas of partnership are the use of renewable energy sources and the reduction of mining emissions.
A high hash rate is good for security. But it can also have a negative impact on the environment, as the amount of energy needed for mining increases. This factor limits the scaling of blockchains. Because of the network is moving to Proof of Stake algorithms, where there is no mining.
Activity in the Litecoin network has not been enthusiastic. Transaction volume is down 31% compared to January. The number of active addresses declined after reaching a one-month high on Feb. 9. The 30-day MVRV has deepened into negative territory. This means that most LTC holders will suffer losses if they sell their coins now
LTC fluctuated in a range in February. The price broke some resistance on February 16, but pulled back, testing the lows of the range as support. The Relative Strength Index ( RSI ) fell below the neutral 50 point level. This means there is more selling pressure in the market. The moving averages convergence-divergence indicator ( MACD ) also gave a negative signal.
