Ethereum ( ETH ) 's infamous transaction fees, which often make headlines for their astronomical levels, has had its lowest average ($14.17) and median ($5.67) for the period January 10-to-date achieved since September 2021.
Accordingly, as Blockchain data shows, the average ETH transaction fee in January was $53.03. That's a whopping drop from the record high of $70.83 in May 2021. The average value has decreased by almost 73.3% within one month alone, as can be seen from the diagram below.
Likewise, the median transaction fee is down a whopping 81.02% relative to January's $29.88. The lowest median value of the last six months was recorded in September 2021 at 6.26 US dollars.
Interestingly, the number of transactions on the Ethereum network is also noticeably declining, and is now back to where it was at the beginning of 2019 for the first time. As of February 1, the number of transactions has fallen from 14,574,808 to 36,851,128, which is within a month is a whopping 60.44% drop. The Ethereum network has never seen such a decline in just 30 days
These developments are all the more astonishing since co-founder Vitalik Buterin only proposed limiting transaction data in November 2021 in order to counteract the escalating transaction fees.
An example of this was recently provided by an ETH miner who was able to validate a block all by himself and in return was able to collect the impressive sum of 540,000 US dollars.
As Cointelegraph reported, the miner was paid a hefty reward of 168 ETH for mining the block in question. The average block reward is actually just under 4 ETH.
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