Grayscale’s Litecoin Purchase Accounts 80% of February’s Total Mining
The largest cryptocurrency asset management firm Grayscale Investments made a huge purchase of 174000 ‘digital silver’ Litecoin in February. That would make $30 Million for the current market price.
This effectively means the company bought a whopping 80% of all the Litecoins that were mined in the last month.
Earlier today Litecoin’s official Twitter handle revealed the news:
According to the data from markets tool ByBt, Grayscale currently holds around $1.44 Million worth 248.33 Million, making it the firm’s third-largest crypto holding after Bitcoin and Ethereum. Although the huge chunk of investment is bought in by the Grayscale Bitcoin Trust, Litecoin has set its foot to lure investors too.
The Math behind 80% of the total mining
The total number of Litecoins mined in the previous month is 201600. Miners solve a single Litecoin block every 2.5 minutes and earn 12.5 Litecoin as a reward. in order to make profits and cover costs, they sell the rewards in the open market.
By calculation, it means 300 Litecoins are mined per hour and 7200 per day, which adds up to 201600 Litecoin in the month of February, making 174900 80% of the total mining of the month.
Grayscale investment is looking to actively invest in Altcoins to hedge their bets for their cryptocurrency investment portfolio, earlier this week they put out a list of 23 tentative/probable altcoins that could receive an investment. They have already invested in various other cryptocurrencies like Ethereum, Bitcoin, horizon, stellar lumes, etc.
At the time of writing Litecoin is trading at $180.95 with a market capitalization of $12.14Billion.