Sorry about that, @Abemis. Our engineers are working to fix that so your video will encode. Hopefully they should have that resolved shortly.
Edit: The above issue was resolved. If you are still having trouble encoding a video, try converting the video to a different format and uploading again. You can do that using free video software like Handbrake. One thing to note when encoding videos, sometimes it will not actually re-encode and will simply change container type. Without getting too technical, it's like cooking a meal and putting it in a different container rather than taking what you cooked and making a new meal with it. If you re-encode your video and find it's done really fast, it may have done that. In that case, try a different format and start the encoding again.
It does seem like we've had this pop up more often recently. Have you been able to upload the video since your post, @drew1? 