Thursday, June 17, 2021

Ethereum (ETH) Average Gas Fee Drops to Levels Last Seen in Mid-2020

According to the analytics firm Glassnode, the average gas fee on the Ethereum network has dropped to the levels last seen in Mid-2020.

Based on the report, the average gas fee on the Ethereum network is 26.939 GWEI, while the data provided by Etherscan.io also gives an average gas fee of 32 GWEI, which is similar to that of Glassnode.

Read Also: Ethereum Developer: Transaction Fees Hit Record Daily High of $89M in ETH, EIP-1559 would have burned $62M

Ethereum (ETH) Average Gas Fee Drops to Levels Last Seen in Mid-2020

The chart from Etherscan below shows the drastic drop in the average gas fees of Ethereum since mid-May.

Ethereum (ETH) Average Gas Fee Drops to Levels Last Seen in Mid-2020

Also, the amount of daily transactions on the Ethereum network has dropped to mid-2020 levels as shown in the following chart provided by Etherscan.

The drop in the daily transaction count of Ethereum (ETH) has resulted in a similar drop in the daily ETH miners’ revenue which has reached a 3-month low.

Read Also: Ethereum Developer Shows How ETH 2.0’s PoS Would Save ETH Holders Tens of Billions per Year

Glassnode tweeted, “Ethereum ETH Miner Revenue just reached a 3-month low of $1,331,258.11. Previous 3-month low of $1,352,393.35 was observed on 30 May 2021.”


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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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