Ethereum fees remain at historically elevated levels, as miners scramble to add capacity and profit from record-breaking network activity levels.
Average transaction fees on the Ethereum network have more than doubled since last week, rising to $11.61 on September 17 and maintaining a streak of prices above $2 that’s now lasted for more than a month, far longer than any previous stretch at those levels.
The Ethereum blockchain hash rate—the amount of computational power that supports the network—has also increased to levels unseen since 2018 as miners add capacity to their operations, signaling market activity on both the supply and demand sides that have (almost) never been higher.