etherscan gas fee | BTCC Knowledge

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What is a gas fee?

Gas refers to the fee required to successfully conduct a transaction on the Ethereum blockchain. Gas fees are paid in Ether (ETH) and denominated in Gwei. Learn more about Gas in our Knowledge Base. Etherscan is a Block Explorer and Analytics Platform for Ethereum, a decentralized smart contracts platform.

What is a gas fee on Ethereum?

“Gas” refers to the transaction fee associated with a transaction to be executed successfully on the Ethereum blockchain. Transaction costs on Ethereum are referred to as gas fees. Ethereum’s network can get highly congested.

How much ETH do I need to pay for gas?

Similarly, if we set the gas price at 1 GWEI and the gas limit at 21,000, we will need to have at least 0.000021 ETH(gas price x gas limit / 0.000000001 x 21,000) inside of our wallet to pay for the transaction's gas fee. Do take note that for a normal transaction (sending ETH), a gas limit of 21,000 is often enough.

What is price per gas unit?

Price per Gas unit is how much you're willing to pay for 1 Gas unit. This affects how fast your transaction will be executed. This is called Priority Gas Auctions (PGA), meaning all transactions are bidding in an auction for the miners to put up their transactions in the upcoming blocks.

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