The Ethereum Network is Currently Experiencing its Lowest Level of ETH Burning This Year

The Ethereum network is currently experiencing its lowest level of ETH burning this year. Data suggests that the base fee briefly tumbled to a multi-year low of almost 0.8 Gwei.

Block height on Ethereum is now increasing at a rate of 1 per minute following the latest Geth v1.12.4 update.

This development comes as the Ethereum network continues to experience low gas fees and a high level of congestion. The rising block height is expected to alleviate some of the pressure on the network and improve transaction processing times.

According to data from Blockscan, the average gas price on the Ethereum network stood at 10.01 Gwei on August 11th, while the average transaction fee amounted to $0.21. The network's total hashrate also reached a record high of 1.04 PH/s.

Meanwhile, the total amount of ETH burned over the past 24 hours reached 100 ETH, while the net ETH issuance surged to 2,200 ETH due to the low gas prices. This resulted in a high inflation rate of 0.008 ETH.

As previously reported by ‘Ultra sound Money,’ the lowest ETH burn rate this year was recorded on August 10th, with only 210 ETH burned. This figure is significantly lower than the highest daily ETH burn observed on August 5th, which reached 5,000 ETH.

With the recent increase in block height and the ongoing efforts to reduce gas fees and network congestion, users can expect faster and more efficient transaction processing on the Ethereum network in the coming days and weeks.

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