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What is Ethereum gas (how much is Ethereum gas)

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what is Ethereum gas

What is the cost of Ethereum gas? According to the calculation of blockchain network statistics, Ethereum’s gas consumption accounts for the largest proportion in the entire Cryptocurrency industry, accounting for about 60% of the total power consumption of all crypto assets, most of which are mined by miners

What is Ethereum gas? There are mainly two types. One is that Ethereum nodes need to spend a lot of time to process contract transactions; Another type is that ordinary users need to pay a certain gas cost (currently 1Gwei) by setting gas prices or packaging transactions. Generally, the price of encrypted assets such as Ethereum will be relatively high

Since the price of gas is not fixed, the price of gas in Ethereum will also fluctuate. For example, digital currency exchanges such as Bitcoin and Litecoin need to pay a very low handling fee in order to save users’ use costs – the transaction cost per unit of ETH is about $3 If an address has 30 gas transfer requests, this address will be charged 2gwei. Based on the current situation, these two costs are likely to exceed 5 yuan (worth over 20 million yuan). If you want to participate in the transaction, you need to pay a gas fee of 50 yuan. (Reference link)

How much is Ethereum gas

It is reported that according to Etherscan data, how much is Ethereum gas? What is the average cost of Ethereum gas? What is the consumption of Ethereum Gas? At present, the average daily transaction fee of Ethereum is about US $2. If calculated in US dollars, it would require approximately 4 Bitcoins (approximately 64 million US dollars) and 25GWei. (Reference: Ethereum gas cost)

According to Etherscan data, 750000 active blocks were generated on average every day on December 1, 2018, which means that a new block will be generated every 10 minutes and broadcast to everyone in the network, namely miners

Due to the current high price of gas and network congestion, people are increasingly demanding for the use of gas, leading to the soaring price of Ethereum GAS. Therefore, we can draw the conclusion that the higher the value of gas, the more tokens will be excavated; With network congestion, the prices of these tokens have also increased accordingly.

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