Estimated gas price on the Ethereum network has increased substantially, an issue that seems to be affecting Geth and Parity nodes. To guard against prohibitively high gas prices, users have been advised to manually lower their gas estimates.
Crypto never sleeps. That’s why, on Saturday night, ETHNews spoke with Griff Green, founder of Giveth and co-founder of the White Hat Group. Green warned that estimated gas prices on the Ethereum network have dramatically risen, an issue that has been noted by others including Bittrex.
“There are some really weird transactions in the transaction pool that are pushing up the estimated gas price for everyone,” Green said. “As the estimated gas price rises, everyone keeps using it. And basically, it’s just slowly rising out of control,” he explained.
At the time of writing (blocks 4,866,737 through 4,866,739), average gas prices were 119.93 Gwei, 128.33 Gwei, and 128.77 Gwei respectively.
For the sake of comparison, two days ago, for blocks 4,854,277 to 4,854,279, average gas prices were 32.53 Gwei, 33.79 Gwei, and 32.39 Gwei respectively.
According to Green, some transactions seem to be stuck in the pending transaction pool and these appear to be artificially increasing the estimated gas price. Below is a small sampling. Note how long some of these transactions have been in the pending pool, and their exorbitantly high gas prices.
A glance at Etherscan data reveals that the average gas price has in fact spiked in the last few days.
Bittrex, for one, might have been wise to the issue early on, posting on Thursday that Ether assets were “offline” due to a “performance issue” with Geth. Late Friday night, the exchange decided to suspend “new ETH and asset deposit addresses from being created.”
For now, Green suggested that users manually lower their estimated gas prices to alleviate the issue.
ETHNews will update this story as more information becomes available.
Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.
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