The average Ethereum transaction fee increased by more than 200% from last week to over $ 11. The increase in Ethereum network activity has brought with it record miner earnings and transaction fees. Both supply and demand values are climbing for the Ethereum network.
Developments in the DeFi industry have great effects on the Ethereum network. As DeFi platforms, which mostly use the Ethereum base, continue to gain popularity, variables such as network mobility and transaction fees in Ethereum are running from record to record.
The average transaction fee on the Ethereum network has increased more than 2 times since last week. The transaction fee, which rose to $ 11.61 on September 17, hasn’t fallen below $ 2 for more than a month now. The wages watching like this, “Will it be possible to transact on the Ethereum network only for the rich?” brought to mind questions like.
2 Records in 20 Days in Daily Fee
The high cost of transaction fees paid by users to send or accept cryptocurrencies through smart contracts on the Ethereum network also points to the excess of activity taking place on the Ethereum network. The average daily transaction cost of $ 11.61 recorded last week is actually the second highest average fee of all time. The daily Ethereum transaction fee record was broken very recently. The average daily transaction fee recorded on September 2 showed $ 14.58.
Hash Rate is Increasing
The total mining power that aids transactions for the Ethereum blockchain, which is the infrastructure of many DeFi platforms that are growing in popularity, is also on the rise. With more and more graphics cards (GPUs) to mine blocks in the Ethereum network, more and more miners to the network are increasing its hash power.
More and more people are getting Ethereum mining as they see insane gains of up to $ 1 million per hour. According to blockchain researcher Etherscan, the current hash power has increased by more than 30% compared to July. The current hash values are pretty close to the record that broke in 2018 during the ICO trend.