The daily fees for Ethereum transactions reached $ 564 thousand due to network congestion

Amid the collapse of the cryptocurrency market in the Ethereum network, there was a jump in the number of transactions and their value, which led to a huge amount of commission paid.

According to The Block, on March 12, the amount of fees paid for processing transactions amounted to about $ 564 thousand in the equivalent of ETH, which is the highest figure for the last 12 months.

Due to network congestion, users began to pay higher fees than usual in order for their payments to be prioritized and included first in the next block. Fee forgas jumped more than six times, from 12 to 100 Gwei.

At the same time, the amount of commissions paid on the Ethereum network almost doubled the amount of Bitcoin fees, which for the same period amounted to $ 298 thousand.

In recent days, ETH has been the leader in the marketsliquidation on exchanges. Therefore, in addition to the cryptocurrency network, trading platforms, whose payment channels cannot withstand such loads, also suffer from increased user activity.

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