Ethereum Network Fee Drops to 1 Gwei, Simple Transfers Now Cost Six Cents
The Ethereum network fee has dropped to around 1 Gwei, making it an unusually cheap time for users to transfer funds. As of Tuesday morning, a simple ETH transfer costs about six cents.
According to Etherscan's gas tracker, the base fee is currently sitting at roughly 1.1 Gwei, and a fast confirmation would cost around 1.25 Gwei. This translates to an Ethereum price of $2,711, or 2,392 euros per ETH.
The low network fee is due in part to the migration of activity from the mainnet to layer-2 networks. This has led to a decrease in demand and subsequently lower fees.
For users who have been hesitant to transfer funds due to tax implications, it's worth noting that a move between addresses does not trigger a sale or swap, which would incur taxes. The German Federal Ministry of Finance circular on individual questions of the income tax treatment of crypto assets states that once a year has passed between acquisition and sale, gains remain tax-free.