Scrypt Surge: Litecoin Leads the Hashrate Race, Mining Giants to Follow Suit?

Litecoin has once again broken its all-time high in Scrypt hashrate. The Litecoin network has been going parabolic and is now at 2 PH/s.

Figure 1: Scrypt Hashrate (linear scale)

Figure 2: Litecoin Hashrate All-Time High

The hashrate is a measure of the computing power dedicated to mining Litecoin, and a higher hashrate generally signifies network growth and increased security. This surge reflects more mining devices coming online, continued investments in new Scrypt mining hardware, and underscores Litecoin's 99% dominance in the Scrypt total hashrate, making it highly resistant to attacks.

In addition to benefiting the Litecoin network, this rise in hashrate can also positively impact Dogecoin. Both Litecoin and Dogecoin utilize the same Scrypt mining network, which allows miners to simultaneously earn block rewards and fees from both networks through "merge mining." This means miners can build blocks both networks without extra energy expenditure. Dogecoin initially adopted auxiliary merged mining with Litecoin in 2014 as a defense against 51% attacks. This is why many consider litecoin to be dogecoin's bitcoin.

Litecoin and Dogecoin mining currently stands out as the most profitable among all mining hashing algorithms.

What publicly trading bitcoin mining companies will be the first to start deploying Scrypt hardware mining equipment and add Litecoin to their balance sheet like Bitcoin?

Source:

1. https://www.coinwarz.com/mining/litecoin

2. https://www.litecoinpool.org/stats

3. https://www.asicminervalue.com/

4. https://www.lookintolitecoin.com/post/how-litecoin-saved-dogecoin-when-litecoin-became-dogecoin-s-9-11-hero