On January 8th, the Litecoin network reached a new all-time high hashrate of 763.63 TH/s at block 2,401,067, surpassing the previous record set in May 2022.
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: https://cointelegraph.com/news/dogecoin-adopts-merged-mining-with-litecoin
See the live networks stats at the CoinWarz site: https://www.coinwarz.com/mining/litecoin