(1/10) Due to the high cost of spamming the #network, #Ethereum miners are compensated for the energy consumed in verifying #transactions.
But what exactly is this compensation fee? Learn more below ⛽️🧵
medium.com/zignaly/llts08…
But what exactly is this compensation fee? Learn more below ⛽️🧵
medium.com/zignaly/llts08…
(2/10) ⚡️What is ETH Gas Fee? ⚡️
Gas fees are an efficient way to encourage #miners to continue confirming transactions and maintaining network security.
They are still the most despised component of #Ethereum for every user. 💸🔒
Gas fees are an efficient way to encourage #miners to continue confirming transactions and maintaining network security.
They are still the most despised component of #Ethereum for every user. 💸🔒
(3/10) People despise gas taxes not simply because they dislike taxes in general but also because they can be exorbitantly expensive if the #network is overburdened. 💱💲
(4/10) Gas indicates only the consumption of computational costs on the Ethereum network. As a result, it is possible to distinguish the price of #Ethereum virtual machine (VM) operations from the price of genuine Ethereum (ETH) transactions. 🏷🌐
(5/10) The gas restriction on Ethereum should be considered when computing gas expenses.
The current gas limit for #Ethereum is approximately 15 million units, which specifies the amount of gas to be spent in a block. 🧱🔥
The current gas limit for #Ethereum is approximately 15 million units, which specifies the amount of gas to be spent in a block. 🧱🔥
(6/10) A #gas charge calculator for Ethereum would also have a specific gas cap for different transactions, which is vital to keep in mind.
A standard #ETH transfer, for instance, has a gas cap of about 21,000 units. 🖩📤
A standard #ETH transfer, for instance, has a gas cap of about 21,000 units. 🖩📤
(7/10) A new block of #Ethereum is generated every 13 seconds; however, the number of transactions that may fit in one block is limited.
Approximately 12.5 million gas units are included in each block, resulting in everyone vying to get their transaction into the next block🧱🔄
Approximately 12.5 million gas units are included in each block, resulting in everyone vying to get their transaction into the next block🧱🔄
(8/10) You must pay #gasfee if you conduct transactions; however, neither the purchase of gas nor payment in advance is necessary, and gas is included at no extra cost. ❌💸
(9/10) #Miners are rewarded for their efforts. The level of #network security is directly linked to the transaction cost a miner may collect.
The more money they make, the more stable the system becomes. 🏆💰
The more money they make, the more stable the system becomes. 🏆💰
(10/10) The gas charge on the Ethereum network is higher than that of the #Bitcoin network. Moreover, #Ethereum network’s hash rate improves as more miners join a peer-to-peer network. 💪 📈
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