Ethereum difficulty has been on the rise in recent months, as the Ethereum network has seen an influx of new users and applications. This has led to increased demand for Ethereum, and consequently, a higher difficulty level.
Difficulty is a measure of how difficult it is to mine a block of Ethereum. The higher the difficulty, the more computational power is required to mine a block.
The Ethereum network has been growing rapidly since its launch in 2015. It is now the second largest blockchain in terms of market capitalization, and its popularity is only increasing.
This growth has led to an increase in demand for Ethereum, and consequently, a higher difficulty level.
Difficulty levels are adjusted periodically to ensure that blocks are mined at a consistent rate. If the difficulty level is too low, blocks will be mined too quickly and the network will become congested.
If the difficulty level is too high, blocks will be mined too slowly and transaction fees will increase.
The current difficulty level of Ethereum is around 2,600 GH/s. This means that it would take approximately 2.
6 million gigahashes per second to mine a block of Ethereum.
To put this into perspective, the total hashrate of the Bitcoin network is around 16 TH/s. This means that it would take approximately 16 trillion hashes per second to mine a block of Bitcoin.
So, yes – Ethereum difficulty has gone up in recent months due to increased demand for the cryptocurrency. However, it is still far easier to mine Bitcoin than it is to mine Ethereum.