average gasoline price Ethereum ETH
-2.46%
On Saturday, the mainnet fell just below 3gwei, a level not seen since 2020. This is an important signal that Ethereum’s layer 2 network can actually help alleviate the costs of sending transactions to the world’s second most valuable network. Blockchain.
Just a year ago, the average price of gasoline was about 15-20 gwei, a significant increase compared to Saturday’s price. According to @hildobby’s Dune Analytics dashboard, the highest gas prices in 2024 occurred in March, with the highest daily average gas price of 83 gwei occurring on March 5.
However, the median price of gas has steadily declined since the Dencun upgrade was released to Ethereum on March 13, introducing “blobs” to Ethereum and reducing the cost of sending transactions on the Layer 2 network.
Low gas prices have pushed Ethereum’s burn rate to its lowest level in 12 months, according to data from The Block. According to Ultrasonic.money, Ethereum is currently experiencing some inflation due to its low burn rate, with a 7-day average supply growth rate of 0.56% per year.
Bitcoin miners are also seeing low returns
attache Bitcoin 
BTC
-0.98%
’s most recent block rewards According to The Block’s data dashboard, the April 20 halving event brought the amount of revenue miners received per terahash per second (TH/s) to its lowest point in two months.
One of the reasons for the low profitability, other than the halving, could be the low number of new wallets entering the Bitcoin ecosystem. The seven-day average of new Bitcoin wallets is currently at its lowest level since 2018, six years ago.
However, mining companies like CleanSpark are still performing well, and CleanSpark has outperformed the price of Bitcoin so far this year. Bitfarms and Core Scientific also outperformed the price of Bitcoin, according to data from The Block, but smaller mining companies struggled.
Former U.S. President Donald Trump met with representatives of the U.S. Bitcoin mining industry and expressed support for miners if he wins the upcoming presidential election in November.
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