Ethereum Fees Race Towards $10 Per Transaction

ethereum fees aug 2020

The ethereum blockchain has become very expensive with network fees reaching all time high and by far, giving miners some $7 million a day, 7x more than for bitcoin miners. Average transaction fees are now nearly double that of the very peak in January 2018, standing at $5.67 per transaction on average. That was for yesterday, today they’ve increased further from 200 gwei to 300 gwei per simple transaction. While simple transactions may still be cheap at $3 or $4, contract transactions are becoming very expensive with an etherean claiming he was asked to pay $600 in eth fees. 4Chan has a screenshot, which unfortunately we didn’t save, of being asked to pay 0.3 eth in gas fees, about $120. When we tried to testrun Yam, we were asked to pay about $9 just to give the contract permission. We didn’t go ahead with it because by the time we…

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