(Cointelegraph)- Ethereum's average transaction fees dropped by almost 73.3% just within a month — down to $14.17 from $53.03.
The infamous transaction fees of the Ethereum (ETH) ecosystem underwent a decremental phase from Jan. 10 to record the lowest average and median fees of $14.17 and $5.67 — lowest since September 2021.
Data from Blockchair shows that the average transaction fee of ETH in January was $53.03, which at its peak was $70.83 back in May 2021. Just within a month, the average fees saw an almost 73.3% decline as evidenced by the following chart.
Additionally, the resultant median transaction fee also witnessed an 81.02% drop from January’s $29.88. In the last six months, ETH’s median transaction fee was seen lowest in September at $6.26.
Interestingly enough, the transaction count of the Ethereum network has also come down to numbers that were last seen back in early 2019.
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Blockchain data show that on Feb. 1, Ethereum’s transaction count went down to 14,574,808 from 36,851,128 — a 60.44% drop in just one month.
This is the first time in Ethereum history that the transaction count saw such a huge drop within 30 days. In November 2021, Ethereum co-founder Vitalik Buterin proposed a new limit on the total transaction calldata in a block to decrease the overall transaction calldata gas cost over the ETH network.
An ETH miner operating on 2Miners: Solo pool validated a block on their own and received a reward valued at about $540,000.
As Cointelegraph reported, the miner earned 168 ETH for successfully mining the block, which vastly outstrips the per-block average reward of about 4 ETH.