Data: Ethereum network transaction fees drop to 4-month low

Ethereum’s average transaction fee experienced a phased decline starting on Jan. 10, dropping nearly 73.3% in just one month, from $53.03 to $14.17. This is the lowest value since September 2021.

The Ethereum (ETH) ecosystem, notoriously high transaction fees, experienced a phased decline starting Jan. 10, recording the lowest average and median fees of $14.17 and $5.67 — this is since September 2021 the lowest value.

Data from Blockchair shows that the average transaction fee for ETH in January was $53.03, while in May 2021 it peaked at $70.83. In just one month, the average fee has shrunk by nearly 73.3%, as shown in the chart below.

Additionally, the median transaction fee also fell 81.02% from $29.88 in January. Over the past six months, ETH had the lowest median transaction fee in September at $6.26.

Notably, the Ethereum network’s transaction count has also dropped to numbers last seen in early 2019. Data from Blockchair shows that on February 1, Ethereum’s transaction volume fell from 36,851,128 to 14,574,808 — a 60.44% drop in just one month.

This is the first time in the history of Ethereum that there has been such a huge drop in the number of transactions within 30 days. In November 2021, Ethereum co-founder Vitalik Buterin proposed a new limit on the total transaction volume data in a block to reduce the overall transaction volume data GAS cost on the ETH network.

An ETH miner operating on 2Miners: The Solo pool self-validated a block and received a reward worth about $540,000.

As Cointelegraph reported, the miner was awarded 168 ETH for successfully mining the block, which is significantly more than the average reward of about 4 ETH per block.