A cryptocurrency asset management firm called Metalpha Technology Holding Ltd (MATH) said on Friday that it would collaborate with the Litecoin Foundation to provide environmentally friendly mining techniques for the Litecoin ecosystem.
Litecoin Foundation Partners with Metalpha Technology Holding
Developing derivative products, promoting the use of renewable energy, boosting energy efficiency, and reducing carbon emissions from mining on the Litecoin Network are some of the partnership’s focused study areas.
Metalpha intends to empower cryptocurrency miners with hedging products against market risk and to lessen the environmental impact of mining by creating financial derivative products for LTC tokens.
What is Crypto Mining?
For proof-of-work blockchains like Bitcoin and Litecoin, which process and validate transactions, crypto mining is a resource-intensive activity that depends on strong computers. Tokens from the network are given to miners as a reward. These tokens are often sold on the open market to recoup high costs and generate profits.
Nevertheless, a decline in cryptocurrency prices has caused the miners to churn because they are unable to convert the high costs. Hedging can help miners maintain operations by earning income despite changes in the market.
On the other hand, Metalpha and the Litecoin Foundation said they would collaborate with universities and research centers to advance sustainable blockchain innovation, assist community Litecoin network education, and boost network awareness, adoption, and scalability.
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