The notorious transaction fees in the Ethereum (ETH) ecosystem have gone through a phase of decline since January 10, reaching their lowest average and average fees of $ 14.17 and $ 5.67, the lowest since September 2021.
Blockchair data show that the average transaction fee for ETH was $ 53.03 in January, peaking at $ 70.83 in May 2021. In just one month, the average fee has dropped by approximately 73.3%, as shown below. Diagram. .
In addition, the average transaction fee also decreased by 81.02% from $ 29.88 in January as a result. Over the past six months, the average ETH transaction fee in September was just $ 6.26.
Interestingly, the number of transactions on the Ethereum network also fell to levels last seen in early 2019. Blockchair data show that Ethereum transactions fell from 36,851,128 to 14,574,808 as of February 1, a decrease of 36,851,128. 60.44% in just one month.
This is the first time in the history of Ethereum that the number of transactions has dropped significantly in 30 days. In November 2021, Vitalik Buterin, co-founder of Ethereum, proposed a new limit on the total number of transaction call data in a block to reduce the total cost of call data transactions on the ETH network.
RELATED: An ETH Miner Wins $ 540k Block Bonus Jackpot
ETH Miner Powered by 2Miners: A pool independently validated a block and received a reward of around $ 540,000.
According to the Cointelegraph, the miner earned 168 ETH for the successful extraction of a block, which is well above the average block reward of around 4 ETH.