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At the moment, Ethereum is trading at new record highs as bulls are eyeing $2,000. A rise in investor interest, backed by the crypto bull run, saw Ethereum step above $1,000 In January 2021.
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The pioneer cryptocurrency then embarked on an unending rally towards the end of the year. From a comprehensive look at the ETH chart, we can see a ballistic rise to $492 in June 2020, followed by a correction to $300. The weekly charts of Ethereum and Litecoin look quite similar, suggesting that Litecoin is on the verge of a massive breakout. Litecoin could mimic Ethereum breaking out to all-time highs After confirming support at $110, LTC has embarked on recovery, eyeing the all-time high at $420. However, a barrier at $190 put a halt to the massive upswing. Litecoin recently rose above 2020’s high, drawing much closer to $200. The majestic uptrend to $420 may fail to materialize if LTC dives under the IOMAP support at $420.Holders remain on a buying spree as the MVRV suggests Litecoin is still in the ‘buy zone.’.LTC prints a similar long-term technical picture to Ethereum’s on the weekly chart.Litecoin prepares for a gigantic upswing to its all-time highs at $420.Logically it should result in a halving of the hashrate along with it, however if the L5 is released it would allow the network to recover quicker due to increased efficiency and reduced overheads assuming the market price doesn’t take a sharp decline during this time. With the upcoming halving, mining rewards are set to halve for the second time in Litecoin’s history from Ł25 to Ł12.5 which will have a profound impact on the mining space. It’s certainly not as powerful as Innosilicon’s A6+ however it does appear to be more efficient putting it in a good position for when it does finally retail to the public. Perhaps this is why the L4 name is being skipped altogether. The stats provided show quite a drastic improvement over the previous generation 元++ more than doubling the hashrate output from 580 MH/s. “It’s around 1w/mh for their 7–10nm chip” “I think their L5s are running around 1.2GH 1–1.2 kw” Our source also provided some insight based on what they have heard:
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Sub 5c electric is available but the even there the price of LTC totally needs to trend up for all this to keep being worth anything” “The mining contracts I have purchased from Bitdeer that use the L5 have performed better than expected thanks to the lift in the LTC price. “Looks like Bitdeer removed the little info icon explaining the L5 specs, I’m sure some search engine will yield this so here are the L5 specs in the image above: The option to rent an L5 has since been removed, although ‘nehgekim’ during the time it was up was able to capture some interesting first insights and leaks: There has been no other mention online regarding the L5 however we have heard from another source that it is indeed a real thing and is currently being deployed by Bitmain and their mining farms which would include bitdeer. The LitecoinTalk forums recently hosted a thread by ‘ nehgekim’ who noted that Bitdeer, a cloud mining partner with Bitmain and Ant-miner listed the L5 for rent. It appears the bump may be caused by the rumoured new L5 Bitmain ASIC Scrypt miner that has been hinted at online. Ethererum, Monero, BCH and the majority of large capped digital assets on the other hand are not even close, indicating a potential flagging in longer term market confidence. Bitcoin is still trying to break higher but has taken a dive back down with the recent retracement in price despite coming within touching distance.
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What is perhaps more impressive is that despite the run up, only Litecoin appears to be making new hashrate highs. It has been an astonishingly bullish last few months for Litecoin and the crypto ecosystem, which has seen not only prices rise as a result, but network security in the form of hashrate with it.