Litecoin-Metalpha Partnership Aims at Sustainable Crypto Mining
The Litecoin Foundation added another feather to its hat after confirming a significant partnership with leading technology firm Metalpha Technology Holding Ltd. This partnership is geared towards creating a sustainable mining solution for the Litecoin network, a move that has sparked a bullish run for the digital currency.
Metalpha, a renowned global digital assets wealth management firm headquartered in Hong Kong, confirmed the partnership last Friday. The announcement saw Metalpha’s stock enjoy a 13% pre-market pump.
Reducing Carbon Emissions for a Greener Litecoin Network
The partnership, which would potentially solve some of the most significant limitations on the Litecoin network, places emphasis on several key areas of research. One such area includes developing dedicated products while also exploring the wider use of renewable energy to improve the network’s energy efficiency.
A crucial focus of this partnership is the reduction of carbon emissions from mining operations on the Litecoin network, given that carbon emissions in the market have become a hot topic. Interestingly, Litecoin is one of the few blockchains with one of the highest carbon emissions, ranking fourth behind Bitcoin, Polygon, and Bitcoin Cash for the most CO2 emissions per transaction in 2022.
By harnessing this partnership to its advantage, Litecoin hopes to significantly reduce its carbon emissions from mining, which stood at 18.52 kWh per transaction, and a CO2 per transaction on tons of 0.01389.
Metalpha to Develop Financial Derivatives for LTC
Metalpha will also take on the task of developing financial derivatives for Litecoin miners in the form of hedging products. Hedging, a tool which typically provides protection from market risks, will be greatly beneficial to cryptocurrency miners as it allows them to maintain operational efficiency despite evolving market conditions.
In a bid to champion long-term sustainable blockchain innovations, the Litecoin Foundation and Metalpha will also work closely with universities and research institutions. Enhancing public education about the Litecoin network and promoting its adoption, awareness, and scalability are also integral to this partnership.
Investment in Litecoin, along with a range of over 70+ other cryptocurrencies, is available for everyone via digital exchanges. Attractive offers, like 0% commission on stocks, real-time copying of top-performing traders, and a regulated trading environment, encourage participation from 2.8 million users worldwide.
Feel free to share thoughts on how this partnership might shape Litecoin’s growth and market position in the comments below!
