Ethereum network fees hit one-year low

A regular ETH transfer will cost the user $0,17–$0,2

03.07.2022 - 07:30

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What’s new? On July 2, Ethereum network fees dropped to their lowest level for the year. According to the Etherscan platform, a regular ETH transfer costs $0,17-$0,2. For transactions with ERC-20 tokens, a user will pay $0,61, while for NFT transactions on the OpenSea marketplace will pay $1,43. Deposits and withdrawals on the Tornado Cash mixer cost $13. Previously, similar figures were seen on the network in early July 2021. As of July 2, 13:10 UTC, ETH is trading at $1056, having gained 0,6% per day, according to Binance.

Source: Bitinfocharts.com

What is going on with Ethereum? Blockchain developers are focused on the upcoming transition from the Proof of Work (PoW) consensus algorithm to the Proof of Stake (PoS). On June 8, the merger of blockchains on PoW and PoS in the Ropsten testnet was completed in preparation for the release of Ethereum 2.0. The transition to the mainnet is scheduled for August 2022.

The developers announced that the Ropsten, Rinkeby, and Kiln testnets would be closed after the transition to PoS. On June 29, the Grey Glacier upgrade was launched, which increased the difficulty of mining on the network.

For more details on how to earn in Ethereum after the algorithm change, see GetBlock Magazine’s article.

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