Along with the fall in the price of Ether (ETH) and the weakening of the network hashrate, there is a rapid decline in processing fees.
Computing power on the ETH blockchain at the end of last week plummeted to 449,228 terahesh per second (TH / s), the lowest since March 2021.
Ethereum fees are now at their lowest level since December 20 last year.
According to BitinfoCharts, online transaction fees have dropped to $ 2.15, and they continue to fall. The ETH rate on the night of Monday, June 28, fell to $ 1820.
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Network fees correlate with the price of cryptocurrencies, a trend that many analysts have previously paid attention to. For example, in mid-May, when Ether reached $ 4164, blockchain fees were very close to $ 70.
A similar situation is observed in the bitcoin network. The fee for sending funds is now $ 5.1. The BTC rate dropped to $ 32,600.
Ethereum developers promise that as soon as the activation of the ETH 2.0 update takes place, network fees will begin to decline regardless of the dynamics of the demand for operations. However, the integration of this solution may take a long time, although the developers promise to speed up this process.