Ethereum (ETH), widely recognized for its high transaction fees within the blockchain ecosystem, has seen a significant decline in costs since January 10. The average fee plummeted to $14.17**, while the median fee reached **$5.67—marking the lowest levels since September 2021.
Key Trends in Ethereum Fees
Average Fee Decline:
- January's average transaction fee was $53.03**, down sharply from May 2021's peak of **$70.83.
- Within a month, fees dropped by 73.3%, reflecting reduced network congestion.
Median Fee Drop:
- The median fee fell 81.02% from January's $29.88** to February's **$5.67.
- Over six months, the lowest median fee ($6.26) occurred in September 2021.
Network Activity Slowdown
- Transaction Volume: Ethereum processed 14.57 million transactions on February 1—a 60.44% decrease from January's 36.85 million.
- Historical Context: This is the first 30-day period with such a dramatic decline in activity since 2019.
👉 Explore Ethereum's latest fee trends
Behind the Scenes
- In November 2021, co-founder Vitalik Buterin proposed capping transactions per block to lower gas costs.
- A solo miner on 2Miners earned 168 ETH (~$540,000) for validating a block—far exceeding the standard 4 ETH reward.
FAQs
Q: Why are Ethereum fees falling?
A: Reduced demand for block space and optimized network usage post-EIP-1559.
Q: Will fees stay low?
A: Fluctuations depend on adoption spikes (e.g., NFT drops) and Layer 2 scaling progress.
Q: How do miners benefit now?
A: While average rewards are down, solo miners can still hit large payouts.
👉 Dive deeper into Ethereum mining
Note: Digital assets involve risk. This content is informational only and complies with global regulations.