Open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements
For the last 24 hours, Ethereum mining difficulty increased by 20%. ETC mining difficulty is now almost 1208234552666986.0, this is all-time record.
Ethereum difficulty chart
This situation can be caused by so called "Difficulty bomb impact".
Difficulty bomb impact
Distributed database that is used to maintain a continuously growing list of records, called blocks.
How this will affect the price of ETC in the medium and long term we cannot know. Today, 10 of July, Ethereum lost about 6% in last 24 hours. Now it's $229.
Ethereum price chart
What is Ethereum Ice Age?
The Ethereum Ice Age is a difficulty adjustment scheme that was put in place to ensure that everyone has an incentive to move to the new blockchain once the hard-fork is implemented. It was introduced on the 7th of September (2015-09-07), about 11 months ago and it's programmed to raise difficulty exponentially.
It's impossible for miners to keep up with the increase of difficulty which would raise block time and it would make the blockchain freeze, hence the name Ice Age.