Ethereum’s average and median transaction fees fall to six-month lows

Starting from January 10, transaction fees in the Ethereum ecosystem experienced a downward phase, recording the lowest average and median transaction fees of $14.17 and $5.67 respectively, the lowest levels since September 2021.

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

In addition, the resulting median transaction fee has also dropped 81.02% from $29.88 in January. Over the past six months, ETH’s median transaction fee reached its lowest point in September last year at $6.26.

Interestingly, the number of transactions on the Ethereum network has also dropped to the level of 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 Ethereum's history that the number of transactions has dropped so dramatically in 30 days. In November 2021, Ethereum co-founder Vitalik Buterin proposed a new limit on the total transaction call data within a block to reduce the total transaction call data gas cost on the ETH network.

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

As Cointelegraph reported, the miner received 168 ETH for successfully mining the block, far exceeding the average reward of about 4 ETH per block.