DOGE Helps Push Litecoin Hash Rate to New All-Time High

The Litecoin hashrate reached a new all-time high, which triggered a temporary increase in the price. This was made possible in large part thanks to Dogecoin miners, as transactions for both coins are verified simultaneously.

Litecoin founder Charlie Lee tweeted that the LTC network hashrate jumped to a new all-time high. Its hashrate has reached a staggering 500+ TH/s. He noted that this is partly due to Dogecoin miners, who are mining together with them to protect both networks.

This process is called merged mining. Merged mining refers to the act of mining two or more cryptocurrencies at the same time, without sacrificing overall mining performance. Essentially, a miner can use their computational power to mine blocks on multiple chains concurrently through the use of what is known as Auxiliary Proof of Work (AuxPoW). The idea behind AuxPoW is that the work done on one blockchain can be leveraged as valid work on another chain. Miners who do merge mining are rewarded from both chains.

Litecoin is currently ranked 22nd on CoinMarketCap and is trading at $96.82 per coin at the time of writing, reflecting an 8.5% decline over the past 24 hours.

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