Eth2 is Live while Ethereum Mining Difficulty Jumps to an All-Time High
After six years of work, Eth2 Phase 0, the Beacon Chain mainnet, is now live. The genesis block has been validated and the system is operating without hitches. While it is too early to take a victory lap and declare Eth2 fully functional at the moment, the step is monumental for the network. Meanwhile, miners have to commit more resources since difficulty has risen to an all-time of 3,616 TH according to Etherscan.
Eth2 is now live and ETH prices are steady despite yesterday’s correction below $600. While the consensus change is bullish as it introduces efficiency, Serenity will be after years and stakers now have to keep their assets in the network until after PoW is powered off. Back on Eth1, mining difficulty is at a new all-time high despite shrinking prices. Inconsistent with the competitive nature of mining, it means more miners are connecting and keen on further securing the platform in exchange for rewards. However, falling ETH prices may likely force some Ethash miners to reconsider causing difficulty to drop.
Impact on the ETH Price:
Bullish. The launch of Eth2 and soaring of difficulty are net positive for ETH prices. Still, bulls must drive prices back above $600, clear Dec 1 highs of around $640, and print new highs for the network’s mining difficulty to rise even higher reflecting investor expectations on Eth2.
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