Happy Birthday, Litecoin: LTC Genesis Block Marks 14 Years - U.Today

Litecoin, often referred to as the “silver” to Bitcoin’s “gold” is marking its 14th anniversary today.

October 7 marks Litecoin’s official birthday as on Oct. 7, 2011, the first block of the Litecoin blockchain, the Genesis Block, was mined by Litecoin creator Charlie Lee. This marked the official beginning of the Litecoin network.

Litecoin’s Genesis Hash for Litecoin was generated using the Scrypt hashing algorithm and has stood the test of time, remaining the foundational pillar of the blockchain.

The Genesis hash also plays a crucial role in ensuring Litecoin network’s security, consensus mechanism and overall integrity.

At the start of October, Litecoin reported a new high in its mining difficulty, surpassing the 100 million mark for the first time.

As more hashing power is added to the Litecoin mining network, the difficulty must increase to ensure blocks are not being generated too quickly.

Litecoin news

The SEC missed the deadline on Canary Capital’s spot Litecoin exchange-traded fund. The U.S. regulator took no action on Oct. 2, the original deadline for it to make a decision. It remains unknown whether SEC’s silence on Canary’s spot Litecoin ETF was due to the government shutdown or also a result of the new generic listing standards, which might render the 19b-4 deadline irrelevant.

At the beginning of October, REX-Osprey filed for an LTC ETF under the “1940 act,” not falling under the new Generic Listing Standards.

At press time, LTC was down 2.86% in the last 24 hours to $116 but higher 11% weekly.