Miner fee, simply put, is the fee paid to miners for processing transactions on the Ethereum blockchain. Miners pack your transaction into a block and add it to the blockchain, completing the transaction. This process consumes computational resources of the blockchain, hence incurring a cost. The Gas Fee is calculated by multiplying the Gas Limit and the Gas Price.
Gas Fee:
- This is the fee paid to miners.
- Taking Ethereum as an example; when a user makes a transfer on the Ethereum network, the transaction is completed only after a miner packs and adds it to the blockchain. This process consumes computational resources of the blockchain, thus requiring the user to pay a certain fee to the miner.
- Different mainnets use different tokens for payment: for example, ETH is used on the Ethereum network, while OKT is used on OKTC.
About the Calculation Formula of Gas Fee: Gas Fee = Gas Price * Gas Limit
Gwei:
- The price of each unit of Gas.
- Gas price is usually expressed in Gwei, where 1 Gwei = 0.000000001 ETH.
Gas Price:
- Gas Price refers to the amount of Gwei.
- It affects the speed of the user’s transaction. A higher Gas Price motivates miners to prioritize packing the transaction; conversely, a lower Gas Price means a longer waiting time.
Gas Limit:
- The maximum amount of Gas set to be consumed for each transaction or contract call.
- If the amount of Gas used in a transaction is less than or equal to the set Gas Limit, the transaction is executed.
- However, if the total Gas consumption exceeds the Gas Limit, the transaction will fail, but the fee will still be charged.