diff --git a/pkgs/development/python-modules/web3/default.nix b/pkgs/development/python-modules/web3/default.nix
index 1ec9324c3392..630ad19b2953 100644
--- a/pkgs/development/python-modules/web3/default.nix
+++ b/pkgs/development/python-modules/web3/default.nix
@@ -39,14 +39,14 @@
 
 buildPythonPackage rec {
   pname = "web3";
-  version = "7.8.0";
+  version = "7.12.1";
   pyproject = true;
 
   src = fetchFromGitHub {
     owner = "ethereum";
     repo = "web3.py";
     tag = "v${version}";
-    hash = "sha256-Rk12QZK47oF0ri1+kCquW4vaqPPPO5UPYOhq4StR1+U=";
+    hash = "sha256-5fmZJun8yRm+BSKPfe9Fsmp7IWpFhwHD3+iBtkKmr1w=";
   };
 
   build-system = [ setuptools ];