Mixed Bellscoin mining boosts Litecoin (LTC) hashrate

Litecoin Mining Boosted by Bellscoin (BEL) Addition

Despite the recent crypto market correction, Litecoin is experiencing a resurgence in its mining activity. This resurgence is largely attributed to the addition of a new asset for shared block production - Bellscoin (BEL).

Increased Hashrate and Pool Balance

The introduction of BEL has significantly increased the hashrate for both Litecoin and Dogecoin. Litecoin's hashrate has risen from 959 TH/s to 1.17 PH/s within a week, while the balance of mining pools has shifted due to the influx of BEL.

Low Breakeven Potential and Profitability

Litecoin mining remains attractive due to its low breakeven potential, even with the addition of DOGE in every block. BEL may further enhance profitability for miners, attracting them back to Litecoin.

Access to Mining Rigs

Litecoin miners can utilize Scrypt rigs, including the powerful L9 rig optimized for LTC and DOGE production. The addition of BEL may increase demand for these rigs, although investing in rigs while mining heats up carries some risk.

BEL Price Discovery

BEL is in its early price discovery phase, trading around $0.76. Currently, it functions as a speculative token, and early mining could provide opportunities for potential price appreciation.

Influencer Involvement

BEL has garnered attention from crypto influencers with bullish price predictions. However, it's important to approach such predictions with caution, as they may be part of marketing efforts to boost coin popularity.

Dogecoin Founder's Involvement

notably, Bellscoin was created by one of the co-founders of Dogecoin, Billy Markus, also known as Shibetoshi Nakamoto. While there has been no direct shilling of BEL from Markus, the community has donated to an address associated with him, potentially seeking to make him a top 50 whale.

Caution for New Buyers

While BEL may be a low-risk proposition for miners who receive block rewards, it's important for potential buyers to exercise caution due to its extreme illiquidity and potential pump-and-dump schemes.

Despite the potential for short-term gains, the early miners of BEL may ultimately benefit more than those purchasing the coin outright.