Litecoin Hashrate climbs back above 200TH/s amid two months of growth.
Despite current market conditions the Litecoin Network has just retaken another target by surpassing 200TH/s (terahash) hashrate as continued growth extends for a second consecutive month. As such, even though market value is down ~85% (sitting at $41) from its peak, the network security has only fallen by ~30% according to data provided by BitInfoCharts.
The last time hashrate was this high was back in April 2018 when a single Litecoin was valued at ~$120, it would then go on to peak at 320TH/s at around the same value. The run up in price during 2017 became exponential resulting in a lagging hashrate as miners rushed to order more ASIC machines. Now it has had a chance to catch up and provides some interesting insights into mining profitability and support.
Hashrate appears to have formed a bottom at 140TH/s in December and has been growing ever since, indicating that hashrate is not linear with price as the market value has almost doubled since its low of ~$23. Hashrate briefly formed a support level around 250TH/s when Litecoin traded at ~$55, meaning current hashrate is most likely very closely tied to price at this moment, as the ASIC machines are already out there and readily available.
According to further data available, profitability has been slowly decreasing and sits at $3 reaffirming the closeness in hashrate and price at this time, although information on how this is calculated is not provided so may not be accurate.
Finally we can observe that Scrpyt ASIC hardware profitability has greatly improved since 2017 as the market price is 10x higher whilst network security is almost 100x higher. Judging by current figures we can determine that had hardware been available at the time of the market top, Litecoin would have broken 1EH/s (Exahash) for the first time in its history.