Ethereum Average and Median Transaction Fees Slip to Lowest in Six Months

Beginning January 10, transaction fees in the Ethereum ecosystem went through a phase of decline, recording the lowest average and median transaction fees at $14.17 and $5.67, respectively, the lowest levels since September 2021 .

According to Blockchair, the average ETH transaction fee was $53.03 in January, compared with a peak of $70.83 in May 2021. In just one month, the average transaction fee dropped by 73.3%, as shown in the chart below.

Additionally, the resulting median transaction fee was also down 81.02% from $29.88 in January. Over the past six months, ETH’s median transaction fee hit its lowest point last September at $6.26.

Interestingly, the number of transactions on the Ethereum network has also dropped to levels seen in early 2019. Blockchair data shows that on February 1, the number of Ethereum transactions dropped from 36,851,128 to 14,574,808, a drop of 60.44% 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 in a 30-day period. In November 2021, Vitalik Buterin, the co-founder of Ethereum, proposed a new limit on the total transaction call data in the block to reduce the gas cost of the total transaction call data on the ETH network.

An ETH miner operating on the 2Miners Solo mining pool validated a block on its own and received a reward worth approximately $540,000.

According to Cointelegraph, the miner was awarded 168 ETH for successfully mining the block, far exceeding the average reward of about 4 ETH per block.

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