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.

b725c89d bd4d 465c 96fc 205c7178395b

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.

4545007d 4cca 492d 9070 c8ad768e47c3

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.

e606d0ce fad6 46f9 9fd6 2335691c13d8

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.

Leave a Comment

Your email address will not be published. Required fields are marked *


Recent Posts

Follow Us