Ethereum’s average transaction costs plummeted by about 73.3 % within only one month, from $53.03 to $14.17. The famous transaction prices of the Ethereum (ETH) ecosystem fell to the lowest average and median fees of $14.17 and $5.67, respectively, since September 2021, on January 10.
According to data, the average transaction price for ETH in January was $53.03. This price was up from the $70.83 level recorded in May 2021. The average costs dropped by roughly 73.3 % in just one month, as the data provided shows. Furthermore, from $29.88 in January, the resultant median transaction charge dropped by 81.02 %. The lowest median transaction cost for ETH in the previous six months was $6.26 in September. Surprisingly, the number of transactions on the Ethereum network has plummeted to levels last seen in early 2019.
According to the statistics, Ethereum’s transaction count fell to 14,574,808 on February 1 from 36,851,128 the previous month; a 60.44 % reduction in only one month. This is the first time in Ethereum’s history that the number of transactions has decreased so dramatically in such a short time. To reduce the overall transaction call data gas cost on the ETH network, Ethereum co-founder Vitalik Buterin suggested a new restriction on the total transaction calldata in a block in November 2021. On the 2Miners: Solo pool, an ETH miner verified a block on their own and won a reward of roughly $540,000.
According to Cointelegraph, the miner received 168 ETH for successfully mining the block. This value was much higher than the per-block average return of around 4 ETH.
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