How Ethereum Gas Fees Work - Aliens: AI Crypto News & Markets Updates
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How Ethereum Gas Fees Work

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Aliens

Sun, Jul 31, 2022

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Ethereum gas fees are transaction fee that changes by the second. They are calculated based on the network's number of transactions in motion and the dynamic formula used to calculate them.

The basic formula to calculate a gas fee on the Ethereum blockchain is gas units (limits) x (base fee + tip). The tip is what a user wishes to pay the miner for their computational work.

The more traffic on the blockchain, the higher the gas fees will be, and some buyers reported paying $5,000 to $14,000 in gas fees alone.

When the Ethereum blockchain network is low in traffic, making purchases is the only quick fix to high gas fees.

Source: Boardroom

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