Ethereum
$268.46 0.62%
ETH · 23w

Calls Rise For Blocksize Increase as Ethereum Fees Near 10 Cent

Etherans are calling on miners to increase ethereum’s version of the blocksize, the gas limit, amid congestion on the network following increased demand.

Fees have risen to $0.075 for a simple transaction that takes less than two minutes, according to EthGasStation, and as high as $0.58.

Smart contract based transactions, like opening or closing a position on MakerDAO’s Dai, can cost more.

In addition token transfers are more expensive than simple transfers, with Tether apparently taking up half of the available gas.

Top gas users, Sep 2019

The very first one leads to Tether’s address , with it unclear why this is suddenly taking up so much space, but eth based USDT have risen from $1.2 billion in July to now $1.6 billion.

In addition Binance moved to accept only eth based USDT. So if one wants to arbitrage say from Huobi to Binance, then they’ll have to go through eth.

Meaning half of ethereum’s decentralized and global blockchain now serves solely cash like digital dollar fiat, giving miners about 400 eth in fees with 800 eth paid in total by all network users, or circa 7% of the entire miners’ reward at around ◊13,000 a day.

Eth miner stats, Sep 2019

The somewhat decent rate of daily fees at about $150,000 may be one reason why some miners would rather increase them further than lower them.

Ethermine in particular seems to charge the highest rate from known miners. They are voting down the gas limit, together with Nanopool, so preventing the 50% of miners’ vote to increase it.

Ethermine appears to be a big supporter of ProgPoW, a controversial algorithmic change of ethereum’s network, presumably on the basis it would kick asics miners out and they would earn more.

Meaning it may be they’re voting down the gas limit purely in the hope of getting more money, as tech wise orphan (uncle) rates are considerably down:

Eth orphans, Sep 2019

We can see a gradual decrease over two years and n...

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