As F2Pool, one of the biggest Chinese bitcoin mining pool, mined the 840,000th block on Litecoin network, the mining reward declined from 50LTC per block to 25 per block, for the first time since the alternative digital currency was launched in 2011. Earlier, on July 11, F2Pool generated the largest bitcoin transaction ever recorded.
To celebrate this "milestone", Litecoin supporters took to social media and creator Charlie Lee thanked Chinese supporters via YouTube message, as reported by CoinDesk.
It seems, the decline in the mining reward has not affected the network so far, however, miners are worried over the long-term effect of the drop. Some expect that the hashrate will go down as profitability of some miners gets affected in the long-term.
As China, the largest market for litecoin, is battling difficult times, further volatility could be seen in the markets moving forward, as the future of country's stock markets remains uncertain.
