- The total gas cost of transactions is the cumulative sum of all operation required to perform said transaction.
- Gas limit is the maximum amount of gas you are willing to spend on a transaction.
- If you specify a gas limit that is too low, your transaction will be attempted, but will ultimately fail. Any gas used in the attempt will be consumed.
- If you specify a gas limit that is too high your transaction may not be processed as it exceeds the block gas limit and isn’t computationally dense enough for miners to want it.
- Gwei is a unit measurement of ether. 1000000000 wei.
1 Like
-
Total gas cost for a transaction is calculated by adding up the sum of gas costs for all of the different operations in a transaction.
-
Gas limit refers to “the maximum amount of gas you are willing to spend on a transaction.”
-
If a gas limit that is too low is specified the transaction will be stopped by the network. Your funds that you wanted to send will have never left your wallet. The ether that was used on gas up until the point of the transaction was stopped however will be lost and go to the miner. If you want to send the transaction again you can, but you should up the gas limit so your transaction actually goes through and is added to the next block.
-
“Extra, unspent gas is refunded automatically.” However, you should not specify a gas limit that is too high because the blocks have a gas limit in and of themselves. If you exceed this block gas limit the transaction will not be able to be processed, and at a certain point the miners will actually not even want to add the transaction to the block because it would disrupt the density of transactions within it.
-
1 gwei is equal to 1 billion wei. Wei is the smallest unit of ether. Gwei and wei are units of measurement, which when used help to determine the amount of gas that must be used in a transaction.
1 Like
3. What happens if we specify a gas limit that is too low?
Quite close sir, when the gas limit is too low, the transaction will not be performed, that’s true, but the gas consumed will be lost (payed to the miners that try to execute the transaction).
Hope this gives you a clear view of the subject, keep learning! 
If you have any doubt, please let us know so we can help you!
Carlos Z.
1 Like
Excellent answer sir! really well documented! keep it like that please! 
Carlos Z.
1 Like
-
How do we calculate the total gas cost for a transaction?
Summary of all gas for all operations -
What is gas limit?
Maximum amount of gas acceptable -
What happens if we specify a gas limit that is too low?
Operation starts but never finishes thus gas spent without completion of project -
What happens if we specify a gas limit that is too high and therefore not consumed fully?
Remainder is refunded -
What is a gwei?
1B wei which is the smallest unit of ether used to price gas
1 Like
- The total gas cost for a transaction is based on the complexity of operations in the transaction multiplied by the gas price. Usually it will be gas limit * gas price and any remaining gas will be refunded.
- It is the maximum amount of gas that can be used to execute a transaction.
- There is a rick that the transaction will fail. If this happens, all gas if kept by the miner.
- Remaining gas funds are refunded.
- The name for one billion (thousand millions) wei. Wei being the smallest unit of account for Ether.
1 Like
Oh yes, thank you for the correction. Now I know.
1 Like
1)each operation of a transaction costs. the cumulative sum of all operations equals the total (gas) costs
2)the maximum amount a m prepared to pay for the transaction
3) the transaction will fail and the miner keeps the fee for himself; it works a bit like an excursion with my car. I have 10 liters of petrol in my tank but for the trip i would need 20. so in the middle of it, i get stuck, and the petrol is gone too 
4)it will be refunded to me automatically
5)gas price is calculated in eth-currency; 1,000,000,000 Gwei = 1 ETH
1 Like
A: The cumulative sum of all the operations is the total gas cost for the transaction.
A: Maximum amount of gas you are willing to spend on the transaction Different types of transactions will require different amounts of gas to complete
Providing too little gas will result in a failed transaction, the fees are kept by the miner Extra, unspent gas is refunded automatically
A:Your transaction will start to be executed, but will eventually run out of gas and be stopped. the transaction will not be complete and will be rejected from the network
A: ether miners have the option to increase or decrease the gas limit of blocks so that they are propagated quickly. You cannot exceed this amount if you wish for your transaction to be processed. Also, miners only get paid for the actual gas consumed by a transaction
A: the lowest unit on ether is a wei and a gwei is 1000000000
1 Like
1- It’s calculated based on the types of operations because some can be very expensive while the rest can is very cheap.
2- the maximum amount of gas you are willing to spend on the transaction.
3- Your transaction will start to be executed, but will eventually run out of gas and be stopped.
4- The extra will be refunded automatically.
5- gwei is a fractional part of ether. It represents 1000000000 wei.
1 Like
-
Each command in a transaction has a specified cost. You add them up but there is also a min gas spend of 21,000.
-
Gas limit is the max gas you wish to spend on a transaction.
-
Transaction will stop when it runs out of gas and not complete. Any gas spent to that point will be kept by the miner who has done the work but as the transaction did not go onto the blockchain, the ether stays were it was.
-
Any gas not used will be refunded
-
gwei is what gas is measured in. And gwei is 1Mth of a wei (which is the smallest unit of Ether)
1 Like
- by its code complexity
- the maximum amount of gas to use in one’s transaction
- might cause a failure of transaction, while the miners will kept the fees, but the ether never leave the user wallet
- it will be useless because miners only received what they supposed to, but extra gas will be refunded automatically
- gwei is the measure of gas in the smallest denomination of ether
1 Like
- The cumulative sum of all the operations is the total gas cost for the transaction.
- When on a site like MyEtherWallet, you’re going to see a field called Gas Limit. This limit corresponds to the MAXIMUM amount of gas you are willing to spend on the transaction.
" Important to note:
- Different types of transactions will require different amounts of gas to complete
- Providing too little gas will result in a failed transaction, the miner keeps the fees
- Extra, unspent gas is refunded automatically."
-
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 mostly never left the wallet.
-
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.
-
Gas price is usually some amount of gwei. Wei is the smallest unit of ether, and gwei is simply 1000000000 Wei.
1 Like
-
How do we calculate the total gas cost for a transaction?
Sum of all operations. Each operations has a predetermined cost to use. The more complex the more Gas required for the transaction to be performed. -
What is gas limit?
The maximum number of gas you’re willing to spend on a transaction -
What happens if we specify a gas limit that is too low?
The transaction will start executing and not complete because you ran out of gas. -
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?
Unit of measure wei being the smallest unit 1 and gwei being 1,000,000,000 units.
1 Like
-
How do we calculate the total gas cost for a transaction?
You add op the amount of gas of every step commanded to the EVM -
What is gas limit?
The maximum amount that you are willing to pay, just keep in mind that the minimum requirement is 21000 gas -
What happens if we specify a gas limit that is too low?
The procedure will stop somewhere in the middle and cancel the transaction while keeping your gas. -
What happens if we specify a gas limit that is too high and therefore not consumed fully?
You will get refunded but if you go too crazy with the pricing, it is no longer efficient for miners to include you in their block due to the block size which can result in a long stay in the mempool. -
What is a gwei?
A smaller denomination of an ether unit.
1 Like
-
It is calculated based on the operations. Each line of code has a specific gas price associated with it. This is then accumulated together in the operation read by the EVM.
-
Gas limit is the maximum amount that the sender/user is willing to pay for the operation.
-
If the gas limit is too low, the transaction will start to burn gas but eventually run out of gas and then stop being executed. The used gas is not being refunded, it goes to the miner in case of this happening.
-
Nothing will happen, the gas not filled will just return back into your wallet.
-
1 Gwei is a billion wei, and 1 wei is the smallest unit of ether.
1 Like
1 How do we calculate the total gas cost for a transaction?
We calculate total gas cost as Gas limit * Gas price.
2 What is gas limit?
A standard minimum fee that the blockchain requires in order for any transaction to be performed.
3 What happens if we specify a gas limit that is too low?
A transaction will begin to execute and stop once Gas runs out. The fee is lost but balance remain in the wallet as it never was recorded on the blockchain.
4 What happens if we specify a gas limit that is too high and therefore not consumed fully?
Too high a GAS limit is not possible. The required and requested amount has to be adhered to. Also miners only get paid fees for the actual GAS used.
5 What is a gwei?
Gwei is the amount of Eth you are willing to spend on each unit of GAS to perform a transaction.
1 Like
the sum of the costs per operation
your cap price you are proposing to pay
it will not be adopted
refunded
the fractional unit of ether (like satoshi for BTC)
1 Like
-
The cumulative sum of all the operations is the total gas cost for the transaction.
-
The minimum gas limit for transaction is 21000 plus it depends on how much you are willing to pay for transactions.
-
The transactions will start but will eventually be stopped. Since the transactions failed, the main funds essentially left the wallet.
-
The extra, unspent gas is refunded automatically.
-
Gas price is usually some amount of gwei. Wei is the smallest unit of ether, and gwei is 1000000000 wei.
1 Like
-
The total gas cost for a transaction is the cumulative sum of all the operations.
-
Gas limit is the maximum amount of gas you want to spend on a transaction.
-
The transaction will not go through. You will not receive back the gas you already spent, but the main funds you’re spending in a transaction never leave your wallet.
-
It fills up the block gas limit, but the miners won’t get the gas as rewards.
-
Gwei is 1000000000 wei, when wei is the smallest fractional unit of ether.
1 Like