• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
ethereum

Ethereum Transaction Fees Are Still High — and Some Users Want Solutions ASAP

Nick Chong
by Nick Chong
5 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

During the bull run of 2017, the top blockchains, Bitcoin and Ethereum, were subject to extremely high transaction fees.

At one time, it cost $50 to send BTC from wallet to wallet in a reasonable amount of time. And it once cost a handful of dollars to, say, create a “CryptoKitty” on the Ethereum blockchain.

While both networks have seen technical improvements since then, fees have still been subject to rocketing higher, as has been seen over the past few weeks.

Fixing Ethereum’s High Transaction Fees

Early in May, analysts started to notice that spending Ethereum was starting to become expensive.

One data analyst in the space noted that by May 15th, the cost of gas on Ethereum reached 41 Gwei — up by 300% from just weeks earlier and over 1,000% that seen at the start of 2020.

https://twitter.com/ceterispar1bus/status/1261242250312462336

This has persisted, with the cost of gas trending around 25-30 Gwei as of the time of this article’s writing. As Su Zhu, CIO of Three Arrows Capital, wrote in a recent tweet: “[I] have spent more money for gas on ethereum than gas in real life for quite a few days now.”

Like with BTC, high transaction fees on Ethereum appear when there is an increase in demand to send the cryptocurrency.

The increase in fees has led to discussions regarding scalability.

Decentralized exchange 1inch.exchange suggested that Ethereum miners should increase the block limit to accommodate more transactions every 14 seconds (every block). Currently, the block size is limited to 10 million, but the exchange suggested up to 100 million.

26.5% of the responders to the poll accompanying the tweet wanted the 100 million block limit option, while 6.2% wanted 50 million and 17.6% wanted 25 million. The rest voted for the “no” option.

Should @Ethereum miner increase block limit size?#DeFi

— 1inch Network (@1inch) June 4, 2020

There are multiple reasons behind this trend in high transaction fees, though it boils down to three core reasons:

  • There is more demand to send coins between exchanges due to the recent volatility.
  • There has been an explosion in the popularity of Ethereum-based Ponzi schemes/scams. One is called “ETH,” and it has spent tens of thousands of dollars on transactions over the past few days alone.
  • Stablecoins have continued to see mass adoption on Ethereum, with there now being $7 billion worth of U.S. dollar value based on the blockchain.

Bitcoin Is Having a Similar Problem To Ethereum

As a pertinent aside, Bitcoin has been having similar “issues” with high transaction fees. According to BitInfo’s charts, the average BTC transaction

Some don’t see this as an immediate problem for the cryptocurrency though, as BTC doesn’t have the same use case as Ethereum. And some see high fees as a byproduct of the chain’s extremely robust (and unmatched) security.

Featured Image from Shutterstock
Price tags: ethusd
Ethereum Transaction Fees Are Still High — and Many Users Want Solutions ASAP
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

Follow

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Full Profile

Related Posts

ethereum_eth_ethusd_optimized

Ethereum Open Interest Holds Firm at $8.4B: Why Traders Aren’t Flinching Despite Price Pressure

8 minutes ago
Ethereum

This Company Plans To Go Public With An Ethereum Treasury — Here’s How Much ETH They Bought

10 hours ago
Ethereum

Ethereum Leads Market Rotation Amid Shifting Liquidity On Binance, Is A Rebound In Sight?

11 hours ago
Bitcoin vs Ethereum

Ethereum Price More Influenced By Off-Chain Markets Than Bitcoin, Data May Suggest

17 hours ago
Ethereum Buys Surge As Jack Ma-Linked Yunfeng Financial Invests $44 Million

Ethereum Buys Surge As Jack Ma-Linked Yunfeng Financial Invests $44 Million

20 hours ago
Ethereum

Spot Ethereum ETFs Shine With Strong Inflows Despite Price Struggles – Details

1 day ago
Please login to join discussion

Premium Sponsors

Press Releases

  • XRP is expected to break through $7. APT Miner helps...

    9 minutes ago
  • miner

    Expectations of a Federal Reserve rate cut and demand for...

    4 hours ago
  • miner

    BlackRock suspends XRP listing, price faces resistance...

    4 hours ago
  • miner

    The September Curse Returns: How Crypto Investors Can...

    4 hours ago
  • Ethereum Price USD: The Latest Innovations of Crypto’s...

    5 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.