2022 hasn’t been good for cryptocurrencies yet. Since the beginning of the year, the price of digital currency has been coming down. In the meantime, some shocking figures are coming out about Ethereum transactions. According to a transaction explorer website, more than 12 million Ethereum transactions have failed in the last month i.e. In May. Earlier, that is, this number is 2 million more than the number of transactions that failed in April. These transactions, which failed in May, account for 2 percent of the total transactions that have failed in Ethereum’s history so far.

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

High fees in transactions of Ethereum have long been an issue for investors. It is known as gas which has increased to 474.57 gwei in the past few days. The computational cost of transactions 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, 83 thousand transactions failed in the first 3 days of the beginning of the month. Earlier, 10 lakh transactions had failed in March and April. These failed transactions do not refund the money incurred in gas fees 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). If the transaction fails, the sender suffers a huge loss in the form of fees charged on it. Currently, falling cryptocurrency prices and transactions that fail with Ethereum indicate that investors are incurring double losses. At present, the price of ether is running at 1 lakh 57 thousand rupees. In the last 24 hours, its price has dropped by 2.82 percent.