The notorious transaction fees for Ethereum (ETH) went through a phase of decline starting Jan. 10, when they reached the lowest average and median fees of $12.17 and $5.67, respectively — the lowest since September 2021.
Blockchair data shows that the average transaction cost for ETH was $53.03 in January. It was $70.83 at its highest 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 $29.88 in January. The median transaction fee at ETH was $6.26 in September, the lowest month of the past six months.
The transaction count for the Ethereum network has fallen to numbers last seen in early 2019, which is quite interesting. 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.
It 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 single block in November 2021 to reduce the overall transaction cost gas cost on the ETH network.
Related: Individual ETH miner hits the jackpot with $540K block bonus
A 2Miners Solo pool ETH miner validated a block and was awarded a reward of approximately $540,000
Cointelegraph reported that the miner received 168 ETH in reward for successfully mining the block. This is far more than the average per-block reward of 4 ETH.