Cryptocurrency Q&A
How do you calculate ETH gas cost?
How do you calculate ETH gas cost?
GinsengBoostPower
Thu Dec 26 2024
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5 answers
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I'm trying to figure out how to calculate the gas cost for an Ethereum transaction. I need to understand the factors involved and the method used to determine the final cost.
5 answers
JamesBrown
Sat Dec 28 2024
Gas fees are determined through a straightforward calculation involving two key components: gas price and gas limit.
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KDramaLegendaryStarlight
Fri Dec 27 2024
The gas limit represents the maximum amount of gas that a user is willing to spend on a transaction. This serves as a safety measure to prevent unexpected high costs.
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Michele
Fri Dec 27 2024
The gas price, on the other hand, refers to the amount of Ethereum's native currency, gwei, that a user is willing to pay per unit of gas. It is essentially the bid for miner's attention.
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ChristopherWilson
Fri Dec 27 2024
To find the total gas fee, one multiplies the gas limit by the gas price. For instance, if the gas limit is set at 20,000 and the gas price is 200 gwei per unit, the total fee would amount to 4,000,000 gwei.
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GeishaWhisper
Fri Dec 27 2024
Converting this figure into Ethereum, 4,000,000 gwei equates to 0.004 ETH. This represents the cost that a user needs to pay for their transaction to be processed.
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