Analysis

Ethereum’s transaction fees fall to a six-month low

Ethereum (ETH) ecosystem transaction fees have entered a period of decline since Jan. 10, noting average fees and average fees of $14.17 and $5.67 respectively, the lowest since September 2021.

Follow Data By Blockchair, Ethereum’s average transaction fee was $53.03 in January and peaked at $70.83 in May 2021. In just one month, it fell nearly 73.3%.

Additionally, the average transaction fee is down 81.02% from $29.88 in January. Over the past six months, Ethereum’s average transaction fee has been as low as September at $6.26.

Interestingly, the number of transactions on the Ethereum network has also dropped to levels last seen in early 2019.

This is the first time in history that the number of ETH transactions has dropped so much in 30 days. In November 2021, Vitalik Buterin proposed a new limit on the total number of call data transactions in a block to reduce the total cost of transactional call data over the Ethereum network.

An ETH miner working on 2Miners: Solo Pool validated a block alone and received a reward of around $540,000.

The miner earned 168 ETH for successfully mining the block, far exceeding the average reward per block of around 4 ETH.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.