ETH Mining Difficulty and Google Searches Reach ATH

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In Brief
  • Ethereum has hit all time highs in Google searches and mining difficulty.

  • Historically, these have been leading price indicators for cryptocurrencies.

  • Ethereum seems to be holding strong as Bitcoin pulls back from its all time high prices.

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Bitcoin may have started to cool off after breaking its all time high price of over $40,000, but it seems that Ethereum isn’t ready to call it quits yet.

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Two extremely positive metrics representing the health of the network, Ethereum mining difficulty and Google search trends for ‘Ethereum’ have reached all time highs. In particular, Google search trends for Ethereum last set its all time high during the bull run of 2017. This resurgence represents a new major increase in interest in the world’s leading smart contract platform.

Ethereum is the second-largest crypto platform, but a lot of its interest is still generated by speculation. Ethereum has far to go until it reaches its peak dominance in application development and usage. This is because the platform is still relatively slow in processing transactions and charges high fees.

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Nevertheless, Ethereum continues growing. The explosion of the defi sector, which is primarily built on Ethereum, is fueling this growth. The increased exposure of the platform mixed with the major increase in Bitcoin growth renewed interest on the part of potential investors.

The Google search numbers show the increase in the number of people looking to learn more about the platform. Moreover, the previous all-time high in searches mirrored Ethereum’s last price ATH. As such, this metric could be an indicator of what the public at large expects for Ethereum.

Increased Mining Difficulty Means More Fighting to Earn Ether

Ethereum is in the process of migrating from ETH 1.0 to ETH 2.0. This major upgrade changes Ethereum’s transaction verification method from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The transition is underway, and users staked millions of Ether in the ETH 2.0 contract. However, the chain still uses PoW for verification.

PoW requires specialized computing equipment and a large energy expenditure. This makes it difficult for many to get involved, compared to PoS verification. However, this increase in mining difficulty on the network means that more users than ever are verifying the platform. As more validators, or miners, enter the sphere, the mining difficulty proportionally increases. This keeps the mining process fair as the validation capabilities grow. It also represents increased interest in the network and earning Ether.

Both of these metrics are extremely positive for Etheruem, and may be a leading indicator of where Ether’s price is headed in the near future.

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Harrison is an analyst, reporter, and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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