Litecoin

The Binance Pool's <a href="https://ultramining.com/news/en/litecoin-mining-difficulty-soars-mirroring-cryptocurrency-trend/" rel="noopener noreferrer nofollow">Litecoin hash rate</a> has plummeted by more than 50% in seven months, according to recent on-chain data. Once a significant player in Litecoin mining, the pool's contribution has dwindled from an average of 69 TH/s in January to about 28 TH/s by July 2023, according to <a href="https://www.newsbtc.com/news/litecoin/binance-pool-litecoin-hash-rate-falls-50/" rel="noopener noreferrer nofollow">newsbtc</a>. 
As a result, <a href="https://ultramining.com/ratings/litecoin/" rel="noopener noreferrer nofollow">Binance Pool's</a> dominance in Litecoin mining has receded, with its rank slipping to seventh in the global scenario. The pool currently accounts for a modest 3.6% of the total Litecoin network hash rate. 
In contrast, competitors Poolin, F2Pool, and viaBTC have ascended the ranks, despite Binance Pool's backing from Binance, the world's largest crypto exchange. As of now, viaBTC controls a leading 33% of Litecoin mining, while F2Pool and antpool hold a 17.2% and 13% market share, respectively. 
The reasons behind this sharp decline remain uncertain, but legal challenges Binance faces in multiple countries, including the US, might have influenced miners' choices. The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have accused the exchange of breaching securities laws. 
Notwithstanding the hash rate drop, Binance Pool continues to play a pivotal role in proof-of-work mining networks, including Bitcoin. Meanwhile, Litecoin miners are keenly anticipating the upcoming reward halving event that may impact their revenue. 
Despite the adversity, some are optimistic, as price increases often follow supply shocks. This could spur miners to invest in more powerful equipment, contributing to a higher overall hash rate. 
At present, Litecoin's value hovers below $100, down 23% from its July peak. However, if history repeats itself, the upcoming halving event could spark a rally, giving miners reason for hope amidst the current decline. 
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Litecoin Mining Takes a Hit as Binance Pool’s Hash Rate Plunges 50%

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