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ETHwriter: ETH Gas Fees Fell Way Down - Are They Here to Stay?

By Thomas Wolf | Thomas Wolf's Den | 20 Oct 2020

Last updated: 10-25-2020 @ 3:30 AM CTZ

Everyone has been wondering when ETH gas prices would fall – that day has come, but will the prices remain low for the implementation of Ethereum 2.0?

“Come what may, all bad fortune is to be conquered by endurance.” ~Virgil

I am delighted to present the news that Ethereum gas fees have finally come crashing down to a reasonable level.  I doubt many people, if any, are particularly fond of any transaction fees, but this news may open the floodgates for Ethereum 2.0 coin to take off like a bat out of hell.

As a result, many of its native tokens such as Basic Attention Token (BAT) and all other ERC-20 tokens such as Maker (MKR) and Loopring (LRC) & even the stable US Dollar Coin (USDC - Official Stablecoin for Coinbase) are becoming far more usable - for the moment.  I was finally able to withdraw funds from multiple wallets with BAT & ERC-20 holdings.

Speaking of uncertainty, Ethereum is in a nice pump at the moment, and if the gas prices hold, I do not see why it would stop anytime soon – but that begs the question of the hour… will they hold?

A current view of ETH gas fees over the last week at roughly 7 PM Central Time Zone on 10/18/2020 in the USA, or roughly 0:00 UTC:
The Ethereum gas fees are determined by the productivity of Ethereum miners and the current block file size.  The block file sizes in Ethereum, unlike Bitcoin, can vary greatly.  It is a  collective effort of all Ethereum users and miners that determine the gas prices in Gwei, which is one-billionth of an Ethereum coin, scaled to the size of the transaction and known as a gas limit at a given amount in order to receive funds quickly, on an average timeline, or a slower one while paying more for speed and less while remaining patient.

When ETH mining productivity is low and demand for transactions (particularly large ones) is high, the miners have a hard time keeping up, which results in higher gas prices.  Consequently, miners aim to mine at the most efficiently paying level, which is in the higher gas price range.  When gas fees become too outrageous, due to mining Ethereum’s costs, most miners cannot take the hardware and electricity overhead hit of mining blocks with low transaction fees as it takes longer for less pay.   As a result, low transactions can take ages to show up, or not at all due to failed transactions that need to be canceled – if they even can be.

For the sake of convenience, I’ve included an introduction video which explains what Ethereum and gas fees are (among other information) - and what the future of may look like for Ethereum 2.0 by Crypto Casey:

The solution to Ethereum gas fees has yet to be solved.  I propose a hard fork with Nano, which is a feeless, decentralized, scalable cryptocurrency that uses a tiny amount of electricity compared to what Bitcoin and Ethereum require to mine from your device’s GPU (graphics card) and, or CPU (processor).  This type of PoW algorithm entirely eliminates transaction fees while maintaining near-instant transaction speeds faster than Ethereum can currently compete with – even with an outrageous gas fee.  Unfortunately, Nano lacks social support in this area, which is unfortunate because it’s environmentally friendly.

My conclusion is that it entirely depends on how the market responds to the new gas prices; given Ethereum’s popularity as the #2 cryptocurrency with a massive following, I believe we will see a flux of ETH-related transactions, which could again raise gas prices.  However, suppose this is done on a reasonable timeline. In that case, we can expect to see equilibrium between gas prices and ETH miner production capability – a current best-case scenario for Ethereum and the upcoming implementation of Ethereum 2.0.

Just in the amount of time it has taken to write this article, the gas prices have gone up in response to increased transactions within the marketplace:
In the time it took to republish this article (a little over a day), the gas prices went up considerably more:

After a few days (Updated 10-23-2020 @ 8:47 AM CTZ), the prices have gone into a mid-range after the market pumped to $419 USD per ETH:

I am happy to see ETH gas fees drop low again tonight (10-25-2020) @ 3:25 AM:
ethgas new

This news is an exciting prospect for anyone who holds Ethereum or ETH based tokens, such as myself.  I am a big supporter of Basic Attention Token, the Brave browser, and I have a reasonably large amount of holdings in BAT – currently, more than any other cryptocurrency.  While I don’t expect an immediate pump from BAT, if the gas prices hold reasonably low, I expect to see a massive rebound effect in the coming days or weeks, with the same being true for other ERC-20 tokens.

Many other writers who publish on the Publish0x platform and I have boycotted withdrawing our funds until the prices come back down as it costs them an outrageous amount of money in gas fees to pay their writers and readers.  If they stay down, I will see my first payout here in over six weeks, and even longer for others.

I'd really like to be able to withdraw my funds the first week of November, but if the prices go back up - it may be time for Publish0x to consider an alternative as authors cannot be expected to write without pay to do the right thing on a long-term basis.  Not everyone is an Ethereum bull; and it is ultimately our decision to say when enough is enough on gas fees.

I've definitely had enough with ETH gas fees, especially after this recent turn of events - but I love the Publish0x community, so it's an area of conflicted feelings and financial needs.

Questions and comments are always welcome.  I’d love to hear your thoughts on this matter!

As always, stay smart & stay safe.

-Thomas Wolf


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Thomas Wolf
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Technical Researcher, Writer & Editor. Cryptocurrency & Blockchain Technology Advocate, STEM Student, Self-Taught Techie, PC Gamer, Nature Enthusiast, DIY Specialist, and Market Trader.

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