Ethereum Holders – Breathe a sigh of relief as Gas Crisis is calming down

Ethereum Blockchain Congestion
Breathe a sigh of relief as Gas Crisis is calming down

Ethereum gas, a fee that the users pay to miners to secure their transaction shot up on July 2nd due to Ethereum blockchain congestion. The users had to spend 5,862 ether (worth around $2.7 million on that day) on Ethereum gas. It was the highest amount spent on Ethereum fees in one day. Reports suggest the linking of a controversial Chinese-exchange FCoin new voting system that incentivizes a Sybil attack has caused the congestion. Luckily, now the price is improving as according to data from Blockchair.

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