The Ethereum blockchain continues to serve as a foundational pillar of decentralized innovation, processing thousands of transactions every hour. One notable example is Ethereum Block 16,007,311, mined on November 19, 2022. This block offers valuable insight into network activity, miner rewards, transaction volume, and gas utilization during a pivotal period in Ethereum’s evolution—shortly after the historic Merge that transitioned the network from proof-of-work to proof-of-stake.
In this deep dive, we'll explore the technical and economic details of this specific block, including its transaction throughput, miner earnings, gas usage, and overall impact on the Ethereum ecosystem.
Block Overview and Key Metrics
Ethereum Block 16,007,311 was successfully mined at 11:21:47 UTC on November 19, 2022. It contained 270 transactions and 88 internal transactions, reflecting significant user activity within that timeframe. A total of 19.0048 ETH (valued at approximately $23,288.12 at the time) was transferred across these transactions, with an average transaction value of **0.0704 ETH** ($86.25).
Despite the transition to proof-of-stake, this block still reflects the final remnants of Ethereum’s proof-of-work era, where miners received block rewards. The miner—identified by the address 0xf2f5c73fa04406b1995e397b55c24ab1f3ea726c—earned a total reward of 2.00 ETH ($2,450.76), consisting entirely of the base block reward. Additionally, they collected **0.2967 ETH** ($363.57) in transaction fees.
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Technical Specifications of the Block
Understanding the technical backbone of a block helps assess network health and performance. Here are the core specifications for Block 16,007,311:
- Block Hash:
0x0fd-a6512 - Parent Hash:
0xfb5-eea65 - State Root:
0x68a-9b504 - Nonce:
0 - Block Size: 71,598 bytes
- Gas Used: 19,043,030 (63.48% of the 30,000,000 gas limit)
- Total Difficulty: 5.875 × 10²²
- Uncles Included: 0
- Uncle Reward: 0 ETH
The absence of uncle blocks indicates a smooth mining process without orphaned chains. The moderate gas usage suggests the network was operating efficiently without congestion during this period.
The depth of 6,838,094 confirms this block's position deep within the Ethereum chain, ensuring high immutability and security. With a capacity utilization of 4.55%, the block was far from full, allowing for smooth transaction inclusion.
Transaction Analysis and Economic Impact
This block processed 270 external transactions, moving nearly 19 ETH in value. The median transaction value was 0.05673 ETH, lower than the average, indicating a few large transfers skewed the mean upward.
At the time of mining, ETH was valued at roughly $1,225 per ETH**, based on the reported USD values. However, as of current valuations (fluctuating around $2,550), the same amount of ETH would be worth approximately $48,433.78**, highlighting the asset's appreciation over time.
Transaction fees played a crucial role in compensating validators—even in the tail end of proof-of-work. The total fee reward of 0.29666 ETH ($363.52 at the time) was distributed to the miner, demonstrating how user activity directly supports network security through incentivization.
Frequently Asked Questions (FAQ)
What is a blockchain explorer?
A blockchain explorer is a tool that allows users to view real-time and historical data about blocks, transactions, addresses, and network metrics on a blockchain. Think of it as a search engine for blockchain data.
Why was the miner rewarded 2.00 ETH?
This block was mined just after Ethereum’s Merge but before full transition finality in certain systems. The 2.00 ETH reward reflects the legacy proof-of-work block reward structure still active in some data feeds at the time.
What does “gas used” mean?
Gas measures computational effort required to execute operations on Ethereum. The more complex the transaction (e.g., smart contract interactions), the more gas it consumes. In this block, about 63% of the maximum gas limit was used.
How is transaction value calculated?
Transaction value refers to the amount of ETH sent from one address to another. Internal value includes ether transferred via smart contract executions, which aren't direct user-to-user sends but still represent economic movement.
What is an uncle block?
An uncle block is a valid block that wasn’t included in the main chain due to network latency but is still acknowledged for consensus stability. This block had no uncles, indicating clean chain progression.
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Network Context and Historical Significance
Block 16,007,311 emerged during a transitional phase for Ethereum. The Merge—completed in September 2022—had shifted consensus to proof-of-stake, drastically reducing energy consumption and redefining validator rewards.
However, many explorers and data platforms continued displaying legacy metrics like "mining rewards" for compatibility and historical consistency. While actual mining ceased post-Merge, this block's data reflects earlier system designs still visible in archival tools.
The inclusion of 88 internal transactions suggests active smart contract usage—possibly from DeFi protocols, NFT marketplaces, or automated trading bots—emphasizing Ethereum’s role as a platform for decentralized applications.
Core Keywords and SEO Optimization
This analysis naturally integrates key terms relevant to blockchain research and user search intent:
- Ethereum block explorer
- ETH transaction details
- blockchain mining rewards
- gas usage Ethereum
- block hash lookup
- transaction fee analysis
- Ethereum network metrics
- block confirmation depth
These keywords support discoverability while maintaining natural readability across technical and general audiences.
Final Thoughts and Future Monitoring
Studying individual blocks like Ethereum Block 16,007,311 provides granular insight into network behavior, economic flows, and technological efficiency. While one block may seem insignificant in isolation, aggregated data from such entries powers advanced analytics, security audits, and market intelligence.
As Ethereum continues evolving with upgrades like EIP-4844 (Proto-Danksharding) and further scalability enhancements, understanding foundational elements like block structure and transaction dynamics becomes even more critical for developers, investors, and enthusiasts alike.
Whether you're auditing smart contracts, analyzing whale movements, or simply exploring how decentralized networks operate, tools that decode block-level data are indispensable in today’s crypto landscape.