Ethereum mining has just gotten a lot more difficult
Ethereum has reportedly recieved another difficulty spike
Published: 11th July 2017 | Source: EtherMining Subreddit |
Ethereum mining has hit a new difficult bump, making the mining less profitable
Ethereum mining is getting more difficult, with the value of the currency's value hitting a 50 day low of under $200 and miners reporting a new difficulty spike.
Today mining communities across the internet have reported a difficulty spike when mining, which is both hitting the value of the currency as some users sell their coin reserves while simultaneously making it more difficult to mine each new Ether coin. Right now reports are claiming that Ether is now 20% harder to mine.
While this bump in difficulty will not make Ether mining completely unprofitable, it will no doubt discourage people from investing in GPU-based currency mining, especially as additional difficulty spikes make mining even harder. That being said mining profitability depends on a lot more than mining difficulty, as the value of Ether and the electrical costs of running mining equipment also plays an important role.
Right now mining communities across the web are filled with chatter of the incoming "end of mining", which is something that seems increasingly likely if the value of the currency does not stabilise and difficulty of mining continues to increase.