• The Litecoin mining sector has been leaving its period of extreme difficulty.
• With the halving coming up, LTC could trend in the upward direction afterward.

Litecoin [LTC] miners seem to have experienced some ease lately as the cost of operation has been lower than the revenue generated. As one of the oldest cryptocurrencies, the mining operation has been challenging for the drivers, especially in 2022. 

Read Litecoin’s [LTC] Price Prediction 2023-2024

Sliding away from losses

However, the Puell Multiple increases seem to have confirmed an ongoing process of exiting the extremely difficult season. According to Glassnode, the metric had increased to 1.39 at press time.

The Puell Multiple is used to gauge market cycles from mining profitability and sellers’ perspective. When the metric rise above a value of 4, it means revenue had increased, and operation costs had decreased.

But when it is below 0.5, the opposite happens. But a noticeable trend from the chart above is how the metric has been increasing since January. Although it had not yet touched the hardened easy area, the consistent rise implies that the challenges faced by miners had significantly reduced.

Developed as the faster and lighter version of Bitcoin [BTC], LTC uses the Proof-of-Work (PoW) algorithm to mine its coins. And the mining difficulty is adjusted after every 2016 blocks.

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Author: Victor Olanrewaju

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