In a recent interview on the Australian crypto website Mickey, Charlie Lee the creator of Litecoin said that the upcoming halving on will be a “shock to the system”.
“When the mining rewards get cut in half, some miners will not be profitable and they will shut off their machine. If a big percentage does that, then blocks will slow down for some time. For litecoin it’s three and a half days before the next change, so possibly like seven days of slower blocks, and then after that, the difficulty will readjust and everything will be fine.”
Furthermore, people are expecting a price increase in Litecoin because of the halving but Charlie Lee says that’s not the case.
“In terms of the price, the halvening should be priced in because everyone knows about it since the beginning. But the thing is people kind of expect the price to go up. So a lot of people are buying in because they expect the price to go up and that’s kind of a self-fulfilling prophecy. So, because they’re buying in, the price does actually go up.”
As of the current time Litecoin has a 36% in the 3-month price chart but is down 67% from the previous all time high.
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