Litecoin has gained momentum with the addition of a new asset, Bellscoin (BEL), which is now used for mixed mining with Dogecoin. This event has affected the hashrate and balance of mining pools in the Litecoin network.
Changes in Litecoin Mining
Litecoin mining is changing with the addition of a new asset for shared block production. Bellscoin (BEL) has joined Dogecoin to use the already secure network for block production. Litecoin's hashrate increased, from 959 TH/s to 1.17 PH/s. The balance of mining pools has also shifted due to the effect of BEL. The most significant change in blocks discovered is for f2Pool, the second-biggest entity on the network.
Initial Bellscoin Value
BEL has been trading for less than a day and is still in early price discovery. BEL traded around $0.76, relying on an initial low-liquidity listing on CoinEx. At this point, the mined coin is no different from a speculative token. Early mining, however, is the best period to establish holdings and wait for a more favorable price.
Recognition of Bellscoin
The most curious thing about Bellscoin is that it is the creation of one of the Dogecoin co-founders, Billy Markus. While Jackson Palmer moved away from crypto after creating Dogecoin, Markus seemed to like the space and returned with a new coin. The BEL community decided to donate to an address tagged as belonging to Shibetoshi Nakamoto (Billy Markus' pseudonym), intending to turn him into a top 50 whale.
Adding Bellscoin (BEL) for mixed mining with Litecoin and Dogecoin may open up new opportunities for miners. While BEL is still in early price discovery, this coin could potentially increase mining profitability and attract more participants.
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