Gas, Gas Limit, and Gas Price in Ethereum

WhiteBIT
Published 05 October 2021

🧐 Let’s figure it out 🧐

ETH is the internal cryptocurrency of the Ethereum network, which can be divided into several units: Finney, Szabo, Gwei, Mwei, Kwei, and Wei.

Every transaction is charged with fees that go directly to the miners.

☑️ Gas is a unit of calculation that indicates the amount of the transaction fees.

☑️ Gas Limit is the maximum amount of Gas that a user is ready to pay for the transaction (a minimum of 21,000).

☑️ Gas Price is the amount of Gwai that a user can spend on each unit of Gas.

The amount of the Gas Price determines the priority of the transaction, as well as the amount of the fees. 

WhiteBIT Team