According to a post by the Litecoin Foundation on cryptocurrency market data site coinmarketcap.com, Litecoin mining difficulty has reached a new high, peaking at just under 18 million hashes. The average number of hashes required to “solve” a block is measured by mining difficulty. Miners compete by generating random hashes in order to find one that is less than the target set by the network’s mining algorithm. Whoever wins this computationally intensive lottery is rewarded for adding a new block to the Litecoin blockchain. The increase in mining difficulty for Litecoin most likely indicates that competition for miner rewards is heating up.