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If you've completed just one Ethereum (ETH) transaction in the past few weeks, you may have noticed how saturated the network is and the high transaction costs. This past fortnight, the costs on Ethereum have even been lastingly higher than those of the Bitcoin network!
Ethereum in first place for transaction fees
Even if this had happened punctually in the past during peaks of saturation of the ETH network, the transaction fees had never been established so long at such high values.
At the time of this writing, the minimum recommended cost for gas (visible on ethgasstation.info ) is 30 Gwei (0.000000030 ETH). Multiplied by the minimum limit gas from 21,000 to perform any transaction base on the network, we have minimum for 0.00063 ETH transaction fees.
This still represents $ 0.15 at the current price to hope to see his transaction validated on the blockchain. And slowly , moreover! Because if you want a validation speed of the order of the next block, you will have to pay more than $ 0.30 instead .
And we are not even talking about transactions relating to smart contracts , which often require gas limits 4 times greater (and therefore 4 times more fees!). This brings the average transaction fee around $ 0.60 . Suffice to say that all these fees are at the very least “ dissuasive ”, for micro-transactions of a few dollars or less.
Source: bitinfocharts.com
When Bitcoin becomes cheaper to use than Ethereum
This sharp increase in fees on ETH, which lasts over time, clearly exceeds those on Bitcoin now.
To the point that the founder of EthHub, Eric Conner , yet known to be pro-Ethereum, recognized it this Monday on his Twitter account :
"For 16 consecutive days, Ethereum users paid more to use the network than Bitcoin users . "
Source: Twitter account @econoar
Even if we except the two transactions with the (very) abnormally high fees of June 10 and 11 last - which alone create the above peak - the fees on Ethereum are higher than those on Bitcoin since June 6,
The situation, already very tense, could quickly become untenable if a peak in use were to see the light of day on this already saturated ETH network. The passage in proof of stake (PoS) could undoubtedly improve the situation… But it will be necessary to wait at least a few months before seeing an Ethereum 2.0 operational.
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