China will not ban bitcoin mining

Beijing has been concerned for a long time that in some regions miners abuse the low cost of electricity, which sometimes disrupts the normal electricity usage
05 January 2018   2768

Representatives of the People's Bank of China denied the earlier rumors about a possible ban on bitcoin mining, but intend to gradually eliminate the existing preferential terms for this business in the field of electricity, taxes and land use. This is reported by CoinDesk.

Reports on the likelihood of a ban on mining in China appeared on Wednesday, January 3. As it was stated, at the closed meeting of the NBK, the plan for limiting the supply of electricity to the cryptocurrency miners was discussed.

However, as Caixin writes, no meeting was held on that date.

At the same time, the publication confirmed that the Chinese authorities are really considering the possibility of withdrawing the preferences that the mining companies have recently used.

It is alleged that official Beijing has been concerned for a long time that in some regions of the country, miners abuse the low cost of electricity, which sometimes disrupts the normal mode of using electricity.

To date, China has concentrated a number of the world's largest farms for cryptocurrency mining, which use huge computing power. With an increased demand for electricity, the infrastructure is sometimes trivial.

Litecoin to Implement Reward Halving Successfully

Block reward was reduced from 25 LTC to 12.5 LTC on block 1,680,000
06 August 2019   110

Today, on August 5, the reward for the Litecoin block for miners was halved.

Halving happened on block 1,680,000, changing the block reward from 25 LTC to 12.5 LTC. The next halving will take place in four years - tentatively on August 2, 2023, as a result of which the block reward will decrease to 6.25 LTC, making digital silver even more scarce.

Litecoin Block Reward Halving Countdown
Litecoin Block Reward Halving Countdown

According to litecoinblockhalf, 75% of the total Litecoin supply has been mined so far. The current inflation rate of the coin is 4.26%, and after four years it should drop to 1.80%.

Many investors were sure that the market had long “digested” the positive expectations in connection with a decrease in cryptocurrency emissions and expected either a sideways price movement or even a decrease in the LTC rate.