Ethereum transaction fees fall to six-month lows

Within a month, Ethereum’s average transaction costs plummeted by about 73.3 percent, from $53.03 to $14.17.

The Ethereum (ETH) ecosystem’s famed transaction costs decreased from January 10 to the lowest average and median fees of $14.17 and $5.67, respectively, since September 2021.

According to Blockchair data, the average transaction price for ETH in January was $53.03, up from $70.83 in May 2021. The average fees dropped by roughly 73.3 percent in just one month, as shown in the graph below.

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In addition, the resulting median transaction charge fell by 81.02 percent from $29.88 in January. The lowest median transaction fee for ETH in the last six months was $6.26 in September.

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Surprisingly, the Ethereum network’s transaction count has also dropped to levels last seen in early 2019. According to Blockchair statistics, Ethereum’s transaction count fell to 14,574,808 on February 1 from 36,851,128 the previous month, a 60.44 percent reduction in just one month.

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This is the first time in Ethereum history that the transaction count has dropped by so much in such a short period of time. To reduce the overall transaction calldata gas cost on the ETH network, Ethereum co-founder Vitalik Buterin proposed a new restriction on the total transaction calldata in a block in November 2021.

On the 2Miners: Solo pool, an ETH miner validated a block on their own and won a reward of roughly $540,000.

For successfully mining the block, the miner received 168 ETH, far exceeding the per-block average return of roughly 4 ETH.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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