Table of Contents
Toggle
Ethereum Gas Price Plunges
Bitcoin Miner Revenue at Low Point as Well
According to data from The Block, the median gas price on the Ethereum mainnet fell below 3 gwei on Saturday for the first time since 2020.
There are two main reasons for this phenomenon. The first reason is that most of the transaction activity in the Ethereum ecosystem has migrated from the Ethereum mainnet to multiple L2 networks, significantly reducing on-chain transaction demand compared to the past. Another reason is that the introduction of “blobs” after the Ethereum mainnet implemented the Dencun upgrade on March 13 has indeed reduced the cost of sending transactions on Layer 2 networks, leading to a steady decline in the median gas price since then.
Just a year ago, the median gas price for Ethereum was about 15 to 20 gwei, a significant difference from the low point on Saturday. According to user @hildobby’s dashboard data on Dune Analytics, the highest gas price in 2024 occurred on March 5. On that day, the median gas price reached 83 gwei.
Due to the significant decrease in gas price, Ethereum’s burn rate has also dropped to its lowest level in 12 months. According to data from ultrasound.money, due to the low burn rate, Ethereum is currently experiencing slight currency inflation, with a seven-day average supply growth rate of 0.56% per year.
At the same time, influenced by the halving of block rewards and the decline in the frenzy of NFTs, Bitcoin miner revenue has reached its lowest level in the past two months.
In addition to the halving, another possible reason for the low profit margin is the smaller number of new wallets entering the Bitcoin ecosystem; the seven-day average of new Bitcoin wallet additions is currently at its lowest level since 2018, the first time in six years.
Successful Conclusion of CoinEx Taiwan’s 7th Anniversary Celebration, Embracing the Arrival of the Web3 Era Hand in Hand with Users
Since its establishment in 2017, CoinEx has been a professional cryptocurrency trading pla…