Local Government of China to Regulate Bitcoin Mining

Local goverments are expected to regulate the power usage of bitcoin miners to gradually reduce the scale of their production
03 January 2018   1736

The central bank of China told members of the Leading Group of Beijing Internet Financial Risks Remediation at a meeting at the end of 2017 that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production.

While the People’s Bank of China (PBOC) can’t directly regulate bitcoin miners’ power usage, it can ask local authorities to do so. At the meeting, the PBOC said that development of bitcoin mining will be limited, according to the source, who declined to be named.

In September China ordered all initial coin offerings to cease and all cryptocurrency trading exchanges to be shuttered with the aim of containing financial risks.

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   107

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.