On May 3rd at block 2,256,534 the Litecoin network hashrate hit 644.70 TH/s and broke the previous all time high set in 2019.
Why is this important? It shows that miners are bullish on earning litecoin block rewards. Right now every 2.5 minutes on every (every block) the miners are reward 12.5 LTC. This comes out to 7200 litecoin per day rewarded to the Litecoin miners.
However, in August 2023 the rewards for Litecoin miners will drop in half to 6.25 LTC per block or 3600 litecoin per day. This event is called the halving and occurs every 4 years. Bitcoin has a the same block rewards and halving schedule, but litecoin is about 30 months younger than Bitcoin. Hence, it's only had two halving events and Bitcoin has had three.