Litecoin’s Mining Power Tanks to Lowest in Year Following Price Plunge

Technology

The new dynamic in the litecoin market offers a lesson in the emerging economics of the fast-growing cryptocurrency and blockchain industry, which relies on networks of computers to confirm and record transactions, using a combination of incentives. Key inputs include the speed and efficiency of the data-mining computers, local electricity costs and even the ambient temperature; cold climes are considered ideal because less power is needed to run cooling fans for the computers, which typically run 24 hours a day, seven days a week – that is, when it’s profitable to do so.  

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