NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
    NFT Evening NFT Evening
    News

    Home » News » Cheapest ETH Gas Fees: When are Ethereum Gas Prices at their Lowest?

    Cheapest ETH Gas Fees: When are Ethereum Gas Prices at their Lowest?

    By TheoOctober 14, 2021Updated:September 21, 20223 Mins Read

    Just like how shoppers gravitate towards discounts, NFT Collectors are always on the lookout for the cheapest gas fees.

    Is it possible to plan out your NFT haul and time it when Ethereums gas fees are lowest? The short answer is YES. Gas fees follow the overall market activity, so targeting days and hours when traffic is low would translate to lower gas fees.

    Ethereum Gas Fees
    Just like flash sales, is it possible to identify periods when Ethereum Gas Fees are the lowest? Our answer: ABSOLUTELY. Credit: Quantstamp

    Before we proceed, let’s have a short recap. Basically, gas fees represent the amount of computational effort required from miners in order to process and validate a blockchain transaction such as minting an NFT. Ethereum remains to be the biggest and go-to network for NFT and DeFi Projects. Thus, it is notorious for high gas fees, especially during high-profile Drops.

    We have a full-length guide about NFT gas fees if you want a thorough discussion.

    When are the Ethereum gas fees the lowest?

    The key to enjoying the cheapest gas fees is identifying certain days and time frames in which the network gets fewer transactions. So the research of Flipside Crypto mapping out Ethereum transactions by the hour provides the insight we need.

    According to the chart, the highest transaction fees on Ethereum are between 2 and 6 pm UTC. So avoiding these timeframes automatically allows you to save on gas gees. In parallel, if you want to pay the cheapest Ethereum gas fees, you should perform transactions early in the morning, between 1 and 3 am UTC or late at night, between 9 and 11 pm UTC.

    The logic is simple: low network traffic = low gas fees. Credit: Flipside Crypto

    Another consideration is the geographical concentration of the transactions. That is, most transactions are performed in the US, Europe and Asia. Since fewer people work on the weekends, gas fees tend to be lower as well. So another strategy you can employ to avoid the workweek.

    Finally, gas fees depend on the ETH price and the level of congestion of the network. Given this, you need to consider the price action of ETH and the overall network activity before transacting.

    Any plans to Change this Status Quo?

    Admittedly, the strategies above are a bit manual and tedious. So it’s good that Ethereum has a long-term and more concrete strategy to lower network fees.

    The Ethereum Foundation is bidding goodbye to the consensus protocol: Proof-of-work (PoW). Ethereum 2.0 will be employing the proof-of-stake (PoS) mechanism. The development is in full swing and the team expects to complete and roll it out by 2022.

    This migration will be a game-changer. To illustrate, networks that use PoW like Ethereum approve the most expensive transactions faster than smaller ones resulting in high gas fees. In contrast, PoS is built like a clock. Thus, it records all transactions in real-time, making sure they are processed in order while speeding up the entire network.

    Additionally, Ethereum supporters and investors will eventually replace miners because the new version will allow them to stake their tokens.

    You can take a look at the price for gas fees on Ethereum by the time of the day. You can also check the gas price in gwei in real-time here.

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    Ethereum NFTNft gas fees
    Previous ArticleWillie D, NFT Content Manager: Geto Boys’ Rapper Takes Saitama Role
    Next Article Celebrity NFT lovers are pumping the prices of their favourite projects
    Theo
    • LinkedIn

    Theo is NFTevening co-founder. He has been in the digital marketing & Media industry for the past 7 years and is involved in several big publishing companies - Reaching 35Millions users monthly across 20 different countries. He is a nostalgic gamer, a Witcher-fan and a huge NFT-enthusiast !

    More great NFT Evening content:

    NFT Market Makes a Comeback with $945 Million in January Sales

    February 6, 2023

    World of Women’s Artfest Starts Today With ‘Artfest Winter’

    February 6, 2023

    Alo Yoga Offers Free ‘Digital Twin’ NFTs for Aspen Collection Buyers

    February 6, 2023

    Are These NFT Twitter Accounts Liking Your Posts? It’s a scam!

    February 6, 2023

    NFTs Driving Change: How Rejell Is Advocating Climate Action With Its First NFT Drop

    February 5, 2023

    Logan Paul Hit With Lawsuit Over Alleged CryptoZoo Rug Pull

    February 4, 2023

    Oscar Award Winning Filmmakers Turn To NFTs For Funding

    February 4, 2023

    Dookey Dash: How to Make a High Score on the BAYC Game

    February 3, 2023
    Latest NFT News

    NFT Market Makes a Comeback with $945 Million in January Sales

    February 6, 2023

    World of Women’s Artfest Starts Today With ‘Artfest Winter’

    February 6, 2023

    Alo Yoga Offers Free ‘Digital Twin’ NFTs for Aspen Collection Buyers

    February 6, 2023

    Takashi Murakami x Hublot Drop NFTs Linked To Physical Watches

    February 6, 2023

    Louis Vuitton x Yayoi Kusama To Drop 10,000 NFTs

    February 6, 2023

    Are These NFT Twitter Accounts Liking Your Posts? It’s a scam!

    February 6, 2023

    NFTs Driving Change: How Rejell Is Advocating Climate Action With Its First NFT Drop

    February 5, 2023

    Logan Paul Hit With Lawsuit Over Alleged CryptoZoo Rug Pull

    February 4, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Collaboration and Press Releases
    • Job Opportunities
    • About Us
    • Contact Us
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.