Mining Ethereum (ETH) was at its hardest in March 2021, as network difficulty reached an all-time high of nearly 6,000 terahash. Hashing refers to the amount of processing power that PCs use to build the blockchain: the more blocks of verified transactions that are processed or "hashed", the more cryptocurrency - the reward for this verification process - is being mined. A higher mining difficulty means more miners are trying to get this cryptocurrency and essentially shows how much computing power is being applied to mine this particular virtual coin. Whilst figures suggest that Ethereum already reached its maximum supply, ETH works differently than Bitcoin: Bitcoin's supply has a hard limit of 21 million whereas Ethereum has an unlimited supply which is capped at 18 million ETH per year.
Average mining difficulty of Ethereum from July 2015 to November 28, 2022
(in terahash)
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Website (Etherscan.io). (November 29, 2022). Average mining difficulty of Ethereum from July 2015 to November 28, 2022 (in terahash) [Graph]. In Statista. Retrieved November 19, 2024, from https://www.statista.com/statistics/1224536/mining-difficulty-ethereum/
Website (Etherscan.io). "Average mining difficulty of Ethereum from July 2015 to November 28, 2022 (in terahash)." Chart. November 29, 2022. Statista. Accessed November 19, 2024. https://www.statista.com/statistics/1224536/mining-difficulty-ethereum/
Website (Etherscan.io). (2022). Average mining difficulty of Ethereum from July 2015 to November 28, 2022 (in terahash). Statista. Statista Inc.. Accessed: November 19, 2024. https://www.statista.com/statistics/1224536/mining-difficulty-ethereum/
Website (Etherscan.io). "Average Mining Difficulty of Ethereum from July 2015 to November 28, 2022 (in Terahash)." Statista, Statista Inc., 29 Nov 2022, https://www.statista.com/statistics/1224536/mining-difficulty-ethereum/
Website (Etherscan.io), Average mining difficulty of Ethereum from July 2015 to November 28, 2022 (in terahash) Statista, https://www.statista.com/statistics/1224536/mining-difficulty-ethereum/ (last visited November 19, 2024)
Average mining difficulty of Ethereum from July 2015 to November 28, 2022 (in terahash) [Graph], Website (Etherscan.io), November 29, 2022. [Online]. Available: https://www.statista.com/statistics/1224536/mining-difficulty-ethereum/
