- ETH mining has been rising all year long
- Presently, the mining difficulty has risen to 3,719 terahashes
Mining Ethereum just got more difficult. The difficulty of ETH mining rose to 3,719 terahashes after the coin was being traded for over $500.
According to Glassnode, this was high on the heels of a two year high that was recorded on the 21st of November. On that day, ETH mining difficulty stood at 3,650 terahashes.
Crypto mining difficulty is always determined by some factors. It indicates how difficult it might be to mine blocks of crypto blockchains. It is no different in Ethereum.
In the case of Ethereum, the mining difficulty reflects the increased numbers of active miners on the second-largest coin platform. It also shows the rise in the computational power of miners of the coin.
Based on the available data, it has become much more difficult to carry out ETH mining than in previous years.
The rising difficulty in mining Ethereum could have played a major role in the little issue that Binance encountered on the 26th of November. Binance CEO Changpeng Zhao AKA CZ had said that his platform had to pause withdrawals for a period because the ETH platform was congested. However, despite the challenges Binance has enabled withdrawal again on its protocol.
ETH mining difficulty has been on the rise all year long
ETH mining difficulty has been increasing since the beginning of this year.
One of the possible reasons could be the hype generated by Decentralized Finance (DeFi). DeFi platforms generated a lot of hype and interest among crypto enthusiasts who invested heavily on the platform.
This played a major role in the rising difficulty of ETH.
While the coin has recently seen its price fall, the level of difficulty of ETH mining has grown regardless of that.
And with the coming of phase 0 of Ethereum, the market activities that this would cause could lead to an increase in the level of difficulty again.