The Litecoin network has broken its all-time high twice this month occurring on January 8th and now January 15th.
The latest peak hashrate was 765.37 TH/s at block 2,405,213. The hashrate has been in a climb since 2020 and can be seen in the figures below:
Figure: 1 Last 3 years of Litecoin Mining Hashrate (linear scale)
Figure: 2 Litecoin Hashrate All Time High
This increase in hashrate indicates that miners are confident in the potential to earn block rewards, which are currently set at 12.5 LTC every 2.5 minutes, or 7200 LTC per day. However, in August 2023, the block rewards will be reduced by half to 6.25 LTC per block, or 3600 LTC per day, in an event known as the halving. This occurs every four years for both Litecoin and Bitcoin, although Litecoin is younger and has only experienced two halving events while Bitcoin has had three.
In addition to benefiting the Litecoin network, a rise in Litecoin's hashrate can also have positive effects on Dogecoin. Both Litecoin and Dogecoin utilize the same mining network, which allows miners to simultaneously earn block rewards from both networks by "merge mining" them. This means that miners can support both networks without incurring additional energy costs. Dogecoin originally adopted merged mining with Litecoin in 2014 as a precautionary measure to prevent a 51% attack. You can learn more about this by reading this article:
Currently mining both Litecoin and Dogecoin simultaneously is one of the most profitable networks to mine. Even after Litecoin halving, mining Litecoin will be profitable, unlike many other highly competitive networks.
Figure: 3 Litecoin and Dogecoin Merged Mined Profitability
See the live networks stats at the CoinWarz site: