Litecoin miners prep for MimbleWimble as its price eyes recovery

Old but not forgotten. Litecoin [LTC], the silver to Bitcoin’s gold and one of the early cryptocurrencies has been keeping a rather low profile. The emergence of meme coins and countries legalizing crypto put LTC on the sidelines. With the onset of 2022, LTC decided to regain its place in the crypto-verse with the launch of MimbleWimble [MW]

Harry Potter fans would have heard this for sure. Except for this time, it isn’t just a spell. MimbleWimble is Litecoin’s road to a privacy-centric space. With the integration of MW, the LTC network would be able to carry out confidential transactions. The upgrade was rolled out towards the end of January. More recently, Charlie Lee, the creator of the network updated the community about the progress that the MW integration was making.

In a recent tweet, Lee affirmed that Litecoin mining pools that were representing 95 percent of the total hash rate were almost ready for the big upgrade.

As seen in the above tweet, the Litecoin team has managed to garner a thumbs up from Antpool and Binance accounting for 8 and 3 percent respectively.

In addition to this update, Lee gave the community an update about the Litecoin Core 0.21.2 release. He said,

“We are working hard towards a final Litecoin Core 0.21.2 release, but we might need to do a RC6 release before that. Once we’ve released the final code, we will make another push to get more MWEB signaling. In the meantime, help us continue to test MWEB transactions on testnet.”

Litecoin records dainty price bump

Litecoin was once the 4th largest cryptocurrency in the market. However now, LTC had slipped down to the 21st rank. Currently, the altcoin’s market cap was at $9,204,503,980.

The price of Litecoin has also been riding the low wave. During press time, LTC was trading for $131.57 with a 1 percent surge over the last 24-hours. The asset recorded an all-time high of $412.96 just a year ago. Considering its current price, LTC was down by 68.23 percent from its all-time high.

Nevertheless, the asset surged by nearly 10 percent over the last couple of days.

Looks like the MimbleWimble upgrade did not do much to the asset with regards to its price.