According to an official Medium post by Litecoin, the block #1560000 saw the 60 millionth Litecoin being minted, which represents about 71.5% of the total market cap of 84 million. Although this is a major milestone, Litecoin says that only 3 Million more LTC are remaining until halving occurs, dropping block reward from 25 LTC to 12.5 LTC.
The drop in block reward is expected to happen around August 2019 when about 75% of total market supply of Litecoin will have been minted. The post read:
“The halving is estimated to take somewhere close to August 2019 when 75% of the total Litecoin supply has been mined. At the current reward rate it takes ~70 days to mint 1M new Litecoin into circulation and after the halving, this time will double to ~140.”
70 Million Millstone Not Possible until Sometime in 2022
If the current rate is anything to go by, Litecoin expects that since it’s deflationary, it may not be possible to witness the 70 M milestone until sometime in mid-2022, or after 1330 days have passed.
In regard to this, the post stated that:
“It also means since Litecoin is deflationary it won’t be possible to see the 70M milestone until approximately 1330 more days have passed, or sometime in mid-2022.”
According to Litecoin’s estimation, the last Litecoin will be mined in 2142. Its system’s mathematics shows that by the time the final LTC is mined, the block reward will be 0.00000042.
Litecoin Appears to Have a Promising Future
In 2018, Litecoin’s Lightning Network became a blessing to its network as it enabled speedy transactions, allowing for scalability.
2019 seems to be a promising year for Litecoin. During the first week of January, Binance TrustWallet added Litecoin support, along with Bitcoin Cash and Bitcoin, aiding its adoption. The company reported significant growth in its network, boasting more than 100 active nodes.