The Ethereum (ETH) average transaction fee has dropped to $0.20, its lowest level since 2020. Also, Ethereum Hashrate dropped by about 20% from its all-time high (ATH) to 811 TH/S.
Between January 2021 and May 2022, Ethereum The average gas fee required by its network was around $40, and on May 1, 2022, $196,638 with the highest average daily transaction cost recorded. But the price drop in the crypto markets, the upcoming Ethereum 2.0 merger and on the network decrease in transaction demandRecently, Ethereum transaction fee is at the lowest level in the last 2 years. $0.20 decreased as much.
daily on saturday NFT as well as sales to one-year lows revealed that he had fallen. The NFT ecosystem recorded its worst performance of the year in June, with total daily sales dropping to nearly 19,000 and estimated value 13.8 million dollars it happened.
Low transaction fees and the upcoming Ethereum Merge update are reducing profitability and forcing miners to shut down their devices. Ethereum Hashrate approx. 20% off a drop with 811 TH/S decreased to levels.
What is the Ethereum Merge update and why is it affecting miners?
Ethereum Blockchain network is already like Bitcoin Proof of Work has a consensus structure. However, although this consensus structure offers a very strong defense and determination, it is not seen as a very efficient method today. Therefore, in order to both reduce transaction fees and increase transaction efficiency, the Ethereum Foundation network Proof of Stake trying to move the mechanism. At this point, “Ethereum Merge” refers to the upcoming merger between Ethereum’s mainnet and the token proof of stake system. ‘Merge’ denotes the end of proof-of-work (PoW) for Ethereum in favor of a proof-of-stake (PoS) mechanism.