It also prompts the mining reward for every block to be slashed from the previous 25 LTC to 12.5 LTC.
The fourth-largest cryptocurrency has slashed its block reward (Image: GETTY)
The result of the event has promoted LTC to spike at 14 percent.
The next halving event will take place in the year 2023, causing the altcoin to spike ahead of other cryptocurrencies.
Cryptocurrency king bitcoin surged by 10 percent to £9,050 ($11,800) after trading in Asia today.
Typically, the surges happen in the hours before so-called “halving” events.
But hype around LTC has seen a delay in price pumps.
Litecoin began at an intraday low of around £75 ($92) before climbing to £82 ($100).
It remained at £88 ($107), meaning it surged 14 percent in under 24 hours.
NewsBTC reports that around 75 percent of all LTCs have been mined with up to 63 million remaining in circulation.
This comes from a total of around 84 million.
The halving – with the next due in 1,458 days – decreased annual inflation to 4.26 percent across the board.
It also has the potential to increase value while decreasing the supply.
LTC price is surging after a 40 percent pullback.
Litecoin halving was a success! And price just hit $100!
Block 168,000 produced 12.5 LTC in block rewards.
Let’s do this again in August 2023!
Since the halving, 12 blocks have been found in 17 minutes.
Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes.
Litecoin network is healthy!
This year so far Litecoin has outperformed bitcoin with a huge increase of 240 percent from New Year’s Day.
The current market capitalisation of LTC is £5.2billion ($6.4billion).
Rival alt coin Ethereum has also added around seven percent to hit £193 ($235), with XRP making a five percent move to £0.27 ($0.33).
The total crypto market cap is now £255billion (£310billion).
Halving is a process that happens when the mining reward for a cryptocurrency is reduced by 50 percent.
Litecoin miners are currently awarded 25 coins per block.
Generally, “bitcoin halving” searches had a tendency to be more common than entries for LTC.
But this trend reversed last month.