The discussion on Litecoin [LTC] mining power has been of paramount importance because of the reduction of rewards to the miners.
Litecoin [LTC] halving occurred on 5th August 2019. Around two weeks after the halving the mining power has reduced by about 30%, increasing the block time for Litecoin.
Litecoin Block-Time Chart (Source)
For a given network characteristic (‘difficulty’ which calibrates itself according to the network), the Litecoin block times vary w.r.t. to the hashing power. A lower hash power implies a longer time to create blocks.
Charlie Lee, the creator and lead developer of Litecoin [LTC] was, however, not concerned about it. He tweeted about the reducing hash rate saying,
Since Litecoin blocks are 4 times faster than Bitcoin’s, the network can handle a sudden decrease in a hash rate much better.
If 75% of hashrate disappears overnight, Litecoin just acts like Bitcoin for 2 wks (10 mins blks) and then diff retargets and everything is back to normal.
Hence, the network would eventually readjust itself. Although, the increasing average block time is a negative sign for the network as a whole.
Nevertheless, the Litecoin hash rate at the time of halving had reached an All-Time High. The speculation in price was highly favourable to the miners at the time.
Litecoin Mining Hashrate (Source)
The reduction in reward and the decrease in price has adversely affected the profitability of miners. The hash rate has decreased 40% from its All-Time high above 500 Terra Hashes.
The price of Litecoin [LTC] has decreased by about 30% from the time of halving. Moreover,
LTC/USD 1-Day Chart on Bitstamp (TradingView)
According to a previous estimate by Charlie Lee,