Litecoin’s (LTC) mining hashrate has hit an all-time high and that is in part thanks to Dogecoin (CRYPTO: DOGE), according to the former’s founder Charlie Lee.
What Happened: The LTC mining hashrate rose to over 500 TH/s. Lee said this implies LTC’s network performed 500 trillion hashes or calculations per second.
“This is thanks in part to our friends at @dogecoin, who are mining together with us to secure both networks,” said Lee, tagging the official Dogecoin Twitter account in his post.
Litecoin mining hashrate has hit an all-time high of over 500 TH/s. That’s a proof of work of 500,000,000,000,000 hashes performed every second by the Litecoin network!
This is thanks in part to our friends at @dogecoin, who are mining together with us to secure both networks. pic.twitter.com/1IUe6Sn95h
— Charlie Lee (@SatoshiLite) May 3, 2022
Lee said he would consider having “Dogecoin” in his background image in response to a Twitter user.
Create one for me and I will consider!
— Charlie Lee (@SatoshiLite) May 3, 2022
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Why It Matters: The Litecoin creator also addressed why DOGE has a larger market cap than the coin he created.
“Meme game is strong! It’s good for Litecoin as most money is spent on securing the Litecoin network,” said Lee.
Meme game is strong! It’s good for Litecoin as most money is spent on securing the Litecoin network.
— Charlie Lee (@SatoshiLite) May 3, 2022
Dogecoin has a market cap of $17.3 billion, while Litecoin’s market capitalization stood at $7 billion, according to CoinMarketCap data.
Billy Markus, the co-creator of Dogecoin, said in a 2021 interview with Benzinga that the auxiliary proof-of-work or AuxPOW, announced in 2014 after it was suggested by Lee, allows Dogecoin to be merge-mined with any Scrypt coin.
Markus said at the time that trying to help the Dogecoin community to accept AuxPow was the last thing he did before moving away from the project in 2014.
Price Action: At press time, over 24 hours, DOGE traded 0.6% higher at $0.13, while LTC traded 0.7% higher at $100.10, according to Benzinga Pro data.
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