Big loss to Ethereum investors, more than 12 lakh transactions failed in May

HIGHLIGHTS :

• Of the failed transactions, 5 transactions were equal to 3 ethereum
• Their price was 6 thousand dollars (about 4 lakh 65 thousand) rupees.
• In case of failure, the sender suffers a big loss in the form of fees levied on it.

There can be many reasons for the failure of transactions, in some cases the wrong sender has signed the transaction and, even if someone is trying to send negative funds, the transaction may fail.

Ethereum is the second-largest cryptocurrency in the world and is also the first choice of investors after bitcoin. 2022 hasn’t been good for cryptocurrencies so far. The price of digital currency has been coming down since the beginning of the year. Meanwhile, some startling statistics are emerging regarding Ethereum transactions. According to a transaction tracker website, 1.2 million Ethereum transactions failed in the last month i.e. May. Earlier, ie, this number is 2 lakh more than the number of failed transactions in April. These failed transactions in May account for 2 percent of the total failed transactions in Ethereum’s history so far.

Of the failed transactions, 5 transactions were equal to 3 ethereum

Data from the cryptocurrency transaction tracker website Blockchair shows that between May 1 and May 31, a total of 12 lakh 28 thousand 131 transactions of Ethereum failed. There can be many reasons for the failure of a transaction. In some of these cases, the wrong sender may have signed the transaction. And, even if someone is trying to send negative funds, the transaction may fail. Apart from this, even if the sender does not have the funds for the full fee charged at the time of sending the fund, then the transaction may fail.

The high fees charged for Ethereum transactions have been an issue for investors for a long time. This is known as gas which has increased to 474.57 gwei in the past. The computational cost of a transaction on the Ethereum network is measured in gas. The minimum transaction fee for this is 21000 gas.

The website’s data shows that out of more than 12 lakh failed transactions,

Out of it, 83 thousand failed in the first 3 days of the beginning of the month. Earlier in March and April, 10 lakh transactions failed. These failed transactions do not refund the gas charges to the sender.

Of the failed transactions, 5 transactions were equal to 3 Ethereum. That is, their price was 6 thousand dollars (about 4 lakh 65 thousand) rupees. In case of failure of the transaction, the sender suffers a huge loss in the form of fees levied thereon. Currently falling cryptocurrency prices and failing transactions with Ethereum suggest that investors are incurring double losses. Currently, the price of Ether is running at Rs 1 lakh 57 thousand. Its price has declined by 2.82 percent in the last 24 hours.

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Megha Gupta

Megha Gupta is one of the leading writers of techzimo.com. She is working on Tech Zimo for the last 4 years, Apart from a writing job, she is a professional lecturer in a technology university, Know more about her here on Facebook.