Litecoin is one of the most popular cryptocurrencies in the industry and over the past two years, we have seen a rapid increase in the hash rate of the Litecoin blockchain network, which represents computing power that protects the protocol. Specifically, this quick increase comes with the strong performance of Litecoin over the past few months.
Even though the significant increase in the hash rate of any blockchain network is generally considered a positive indicator of confidence, arguments are commonly made that improvements in hardware and mining equipment can lead the hash rate to rise.
The recent surge in the hash power of the LTC network was more than likely affected by the momentum of the short-term price trend of Litecoin. With this, it is possible that the overall improvement in the efficiency of mining equipment might have triggered the hash rate on the network.
An early team member at Litecoin, Franklyn Richards has spoken on the recent rise saying:
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