The notorious transaction fees of Ethereum ( ETH) ecosystem went through a decremental phase starting Jan. 10, recording the lowest average and median fees of $12.17 and $5.67 — the lowest since September 20,21.
Blockchair data shows that in January, the average transaction fee for ETH was $53.03 and its peak was $70.83 in May 2021. The following chart shows that the average transaction fee saw a drop of almost 73.3% in a matter of months.
The median transaction fee saw an 81.02% decrease in cost from January’s $29.88. The median transaction fee at ETH was $6.26 in September, the lowest month in six months.
The transaction count for the Ethereum network has fallen to numbers that were last seen in early 2019. Blockchair data shows that Ethereum’s transaction count dropped to 14,574,808 on February 1 from 36,851,128 — an astonishing 60.44% decrease in one month.
This is the first time that Ethereum’s transaction count has seen such a drastic drop in just 30 days. Vitalik Buterin, Ethereum’s co-founder, proposed a new limit for the total transaction calldata in a bloc to reduce the overall transaction cost over the ETH network.
A 2Miners Solo pool ETH miner validated a block and was awarded a reward of approximately $540,000
Cointelegraph reported that the miner earned 168 ETH by successfully mining the block. This is far more than the average per-block reward of 4 ETH.