With the latest crypto crash, transaction fees and Bitcoin miner revenues on the Ethereum network have fallen to historic lows.
This decline in the cryptocurrency market also negatively affected transaction volumes. In the last two days, BTC whales' trading volume decreased by 42 percent. A similar situation occurred in the Ethereum network; Declining interest and general market concerns have created new lows for Ether and Bitcoin.
According to data, as of June 22, transaction fees on the Ethereum network dropped below 3 gwei. This unit of charge, known as the "gas price", is a unit of measurement where 1 gwei equals 0.000000001 Ether. A similar decline was seen in Bitcoin miner revenues.
Ethereum transaction fees and Bitcoin miner revenues hit rock bottom
The decline in interest in the Ethereum network has also reduced transaction fees. Fees paid for transactions on the Ethereum network fell below 3 gwei on Saturday, the lowest level since 2020.
Transaction fees on the Ethereum network last year were generally between 15 and 20 gwei. According to the data table prepared by Dune Analytics, the highest daily transaction fee rose to 83 gwei on March 5. March was recorded as a period in which the cryptocurrency market received intense interest and many blockchains traded at record levels.
Layer-2 networks, which were introduced to the Ethereum network with the "blob" upgrade on March 13, experienced a decrease in transaction sending costs and improved stability of the network.
The recent price drop has also eased the load on the network. The decreasing number of traders had a positive impact on transaction fees.
On the other hand, there was also a remarkable decline in Bitcoin miner revenues. According to data from The Block, Bitcoin miners' income per TH/s has fallen to the lowest level in the last two months.
This decline in mining revenues can also be attributed to the entry of new wallets into the Bitcoin ecosystem. The seven-day average number of newly opened Bitcoin wallets is at its lowest level since 2018.
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