Ethereum Mining Difficulty Just Inches Away from All-Time-High – Decrypt

In brief

  • Ethereum mining difficulty today hit a two-year high.
  • It measures how hard it is to find mine blocks on the Ethereum blockchain, which are required to process Ethereum transactions.
  • The mining difficulty increase follows its booming price.

Ethereum’s mining difficulty today hit a two-year high.

Mining difficulty on the Ethereum blockchain jumped to 3,650 terahashes at around 11:15 UTC today, its second-highest level ever, data from market analytics firm Glassnode shows.

By a hair. On August 9, 2018, Ethereum’s mining difficulty hit its all-time high of 3,651 terahashes, according to Glassnode.

Ethereum’s mining difficulty measures how hard it is to mine blocks on the Ethereum blockchain. Mining blocks are required to process Ethereum transactions.

The mining difficulty is determined by the number of active miners on the network. An increase in miners’ computational power pushes up the difficulty; this ensures the blocks are not generated at a disproportionately quick pace.

Ethereum’s mining difficulty has been increasing all year but took off at the end of August when this summer’s decentralized finance (DeFi) boom
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