1.How do we calculate the total gas cost for a transaction?
Depends on the tx we can check the price list.
2.What is gas limit?
The price of upper gas limit you’re willing to pay for tx.
3.What happens if we specify a gas limit that is too low?
Tx error.
4.What happens if we specify a gas limit that is too high and therefore not consumed fully?
We get it refunded.
1.What is a gwei?
It’s one billion of wei that is one ethereum unit.
All transactions, from simple transfers to ICO smart contracts, require some amount of operations to perform. Each of these operations has an associated cost in gas. Thus, simple transactions like transfers will require less gas to perform than more intense smart contracts. The cumulative sum of all the operations is the total gas cost for the transaction.
The maximum amount of gas you are willing to spend on the transaction.
Your transaction will start to be executed, but will eventually run out of gas and be stopped. When this happens, you will not get back ether spend on the gas used, but since the transaction did not complete, the blockchain does not reflect a transfer, so the main funds essentially never left the wallet.
Blocks have a gas limit that specifies the maximum amount of gas all transactions in the block can consume. Miners only get paid for the actual gas consumed by a transaction, so putting a high value for the gas limit fills up the block gas limit, but isn’t computationally-dense enough for miners to want.
Wei is the smallest unit of ether, and gwei is simply 1000000000 wei.
Gas
1. How do we calculate the total gas cost for a transaction? The cumulative sum of all the operations is the total gas cost for the transaction.
2. What is gas limit? Gas Limit corresponds the the MAXIMUM amount of gas you are willing to spend on the transaction.
3. What happens if we specify a gas limit that is too low? Providing too little gas will result in a failed transaction, the fees are kept by the miner
4. What happens if we specify a gas limit that is too high and therefore not consumed fully? Extra, unspent gas is refunded automatically
5. What is a gwei? Wei is the smallest unit of ether, and gwei is simply 1000000000 wei.
How do we calculate the total gas cost for a transaction?
We multiple the gas limit by the gaz price. Both are given by the user, with the network defining minimum and maximum values.
What is gas limit?
It is the maximum amount og gaz unit we are willling to spend on a given transaction.
What happens if we specify a gas limit that is too low?
The gaz is burnt and the operation is cancelled.
What happens if we specify a gas limit that is too high and therefore not consumed fully?
We get refunded.
What is a gwei?
1 billion wei. It is a fraction of an ether.
How do we calculate the total gas cost for a transaction?
Different transactions require different gas fees, but the gas price is the amount of ether you are willing to spend on every unit of gas.
What is gas limit?
The maximum amount of gas a user is willing to pay when sending a transaction, or performing a smart contract function
What happens if we specify a gas limit that is too low?
Your gas fee will go to the miners, your transaction won’t be executed and your funds don’t leave your wallet.
What happens if we specify a gas limit that is too high and therefore not consumed fully?
Extra, unspent gas is refunded automatically
What is a gwei?
Gwei is short for gigawei, or 1,000,000,000 wei. … 1 ether = 1,000,000,000 gwei its like a satoshi. A unit of messure.
How do we calculate the total gas cost for a transaction?
The cumulative sum of all the operations = the total gas cost for the transaction.
What is gas limit?
The maximum amount of gas allotted to a transaction.
What happens if we specify a gas limit that is too low?
The transaction will appear as not going through, but the fees that are allotted will be taken.
What happens if we specify a gas limit that is too high and therefore not consumed fully?
The amount not consumed is automatically refunded.
What is a gwei?
A measurement of gas price equivalent to 1,000,000,000 wei, which is in turn the smallest division of an Ether.
The cumulative sum of all the operations is the total gas cost for the transaction.
The minimum are 21000 gas for simple transfers and the maximum 4700000 gas or the limit on what your willing to spend.
If the gas limits are to low and you are just sending a simple transaction then your transaction could get stuck but is easy to create a new transaction with the same nonce and a higher gas fee. If you are trying to interact with a smart contract or swap a token you could fail a transaction losing all the funds associated to the miners.
The high gas limit won’t incentivize the miners to process the transaction, since their gain is only in proportion to the actual gas that is consumed by the transaction.
Gas price is an amount of gwei. Wei is the smallest unit of ether, and gwei is simply 1000000000 wei.
How do we calculate the total gas cost for a transaction?
Any operation have a gas fee, therefore the cumulative sum of all the operations is the total gas cost for the transaction.
This corresponds the the maximum amount of gas you are willing to spend on the transaction.
Your transaction will start to be executed, but will eventually run out of gas and be stopped. The gas or fees that you put in will not be refund.
unspent gas is refunded automatically
The units of calculation of ETH. Wei is the smallest unit of ether, and gwei is simply 1000000000 wei.
1.- Depending on the operations performed by the contract or transaction the gas cost can change. Each ethereum Operation has a gas cost.
2.- Gas limit is the amount of gas you have assigned for an ethereum function call or transaction to happen.
3.- If the gas is too low, the transaction does not conclude but the gas is burned either way.
4.- If the gas is too high, it may be rejected and not accepted into a block, additionally the not used gas returns to the user or address that initiated the transaction.
5.- Gwei = 1e6 wei
1/ gas limit X price of gas unit
2/ the maximum of gas used in the transactions of this block
3/ transaction will start running, but if limit is reached before transactions achievement, those won’t be processed, and gas fee won’t be refunded
4/ extra consumption won’t be refunded to you, if transaction is completed.
5/ = 10^^9 wei, wei being the mini unit in Ether.
By adding up the sum of gas costs for all of the different operations in a transaction.
Maximum amount of gas that we are willing to spend on a transaction.
This situation happened with me, the transaction was run out of Gas, then stopped, I lost miners fees, it was something like 25 USD, funds were returned, only miners fees were deducted from my wallet.
When we specify a lot of gas and it was used, the excess will be refunded automatically.
1000000000 wei.
