Media Encoder taking too long to make proxy files

I'm trying to make proxy files for smoother editing in premiere and it seems to be taking too long. The estimated time to finish was originally 2 and a half hours but It's been 3 and half hours and now estimating 4 more hours to complete.

The footage I'm using is 2 hours and 40 minutes from a twitch stream. It is 60fps at 1280x720.  It is encoded .h264 and the proxy file i'm trying to make is apple ProRes 422. 

Here are my system specs:

OS: Windows 10

CPU: AMD Ryzen 3900x 12 core 24 thread. Running stock at 4.2 GHz

GPU: NVIDIA 2080 Super 8GB VRAM

RAM: 32 GB DDR4

STORAGE: NVME M.2 MP600 rated at 5000 gbps. 

When I open up task manager and view the performance tab while media encoder is creating the proxy files it says my CPU usage is 8-10%, memory usage is 13.3 out of 31.9 (42%), and the GPU is at 1% usage.