One of the differences is the loot, and then it's up to you to decide what's most advantageous for you:
Easy mode: Inferniarch Weapons + Addon 1 (Demon Claws)
Hard mode: Helmets (Demonfang Mask, Dreadfire Headpiece, Hellstalker Visor and Maliceforged Helmet) + Addon 2 (Demon Skull) + Mount
Another difference is that if you kill him on hard mode, you will be able to use the orange teleport in the room, which will give you access to the Doomforge. Also, if you kill him 10 times on hard mode, you will gain access to a reward room located in the Doomforge, and there you will be able to choose 1 Inferniarch Weapon for yourself.
Killing him on hard mode also makes the fight longer, as he fully recovers his HP at a certain point in the battle. Additionally, he also becomes slightly stronger.