Editor's Note: This article comes fromZhikuang University (ID: gh_37c9e0eaf00a), reprinted by Odaily with authorization.

Editor's Note: This article comes from

Zhikuang University (ID: gh_37c9e0eaf00a)

Zhikuang University (ID: gh_37c9e0eaf00a)

, reprinted by Odaily with authorization.

https://fees.wtf

The Ethereum wallet may be the most frequently used cryptocurrency wallet, especially the DeFi liquidity mining boom some time ago, so that many users who have never used wallets before also put coins into their wallets to provide liquidity .

https://fees.wtf/?address=0xD58189F5E858A6F67319E33Fa1107eb7e679989f

Now, the boom in liquid mining has faded, and the average gas price of the Ethereum network has returned from the previous peak of 709 Gwei to the current 50 Gwei, but driven by BTC, the price of ETH is still challenging the new high of the year . The price of ETH has risen, and from the perspective of the legal currency standard, the miner's fee required for transfer has become more expensive.

Do you know how much ETH miner fees have been spent on one of your wallet addresses?

The following URL can help you check:

For example, to query how much miner fees have been spent on the address "0xD58189F5E858A6F67319E33Fa1107eb7e679989f", you can directly add this "address" to the above URL for query in the following format:

Through the query, we can know that this wallet address has spent a total of 0.484 ETH in miners' fees. According to the current price, the value is $213.92, which is not a small expense.

Before answering this question, let's first understand three concepts in the Ethereum network: Gas, Gas Price, and Gas Limit.

Ethereum itself is a decentralized virtual machine, which together is equivalent to a world-class computer network. On the Ethereum network, every calculation, every byte of storage, and any operation on the chain (wallet transfer, calling contracts, writing data, etc.) requires the participation of computers on the entire network.https://github.com/ethereum/go-ethereum/blob/master/params/protocol_params.go

There is no free lunch in the world. The above-mentioned operations need to consume corresponding network resources, so corresponding fees must be paid to miners. In the Ethereum network, this fee is called "Gas fee (fuel fee)", and it is more commonly called "miner's fee" and "handling fee". It should be noted here that Gas is not a new token, but a unit of measurement.

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Gas Price refers to the unit price you are willing to pay for each unit of Gas consumed. The unit of Gas Price is usually expressed in Gwei, 1 Gwei = 0.000000001 ETH.

Gas Limit refers to the upper limit of the amount of Gas you are willing to pay for this operation. By default, the Gas Limit is 21000 Gas. Under normal circumstances, we do not need to adjust the value of the Gas Limit, but when it comes to more complex operations, such as "lettering" on the Ethereum blockchain, we need to adjust the upper limit of the Gas Limit, otherwise the work will be over before the work is done. The amount of Gas has been consumed.

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Picture: During the "Love on Qixi Festival, You Are on the Chain" activity of Zhikuang University, the actual amount of Gas consumed by a certain on-chain content was 22,632 Gas, so the Gas Limit was adjusted to 42,000 Gas in advance.

Then why does the Ethereum system set the Gas Limit parameter? On the one hand, it is to prevent some programs with bugs from falling into an infinite loop (it will automatically stop after the amount of Gas is consumed), and on the other hand, it is to prevent a certain operation from exhausting all the ETH on the account.

After understanding these three concepts, let’s take a look at the calculation formula of Ethereum’s gas fee:

Miner's Fee = Actual Gas Quantity * Gas ​​Price

Among them, the "actual amount of Gas consumed" is less than or equal to the Gas Limit, which is easy to understand.

https://gasnow.sparkpool.com

As mentioned above, the Ethereum system stipulates how much Gas needs to be consumed for each operation step, so we cannot adjust the "actual amount of Gas consumed", what we can adjust is the "Gas Price".

Ethereum miners, like Bitcoin miners, are profit-seeking, and whoever gives the highest Gas Price will give priority to package confirmation. Therefore, in the event of a particularly urgent situation that needs to be confirmed immediately, we need to give a higher Gas Price so that the miners can package and confirm for us as soon as possible; while in non-urgent situations, we can lower the Gas Price , to save unnecessary miner fees.

Now, many wallets are very "smart", and tell you the recommended value of Gas Price through the analysis of the current network congestion. Of course, you can also manually adjust the Gas Price yourself, and the wallet will tell you how long it is expected to take to be packaged by the miners after the adjustment.

In addition to the Gas Price value recommended by the wallet, you can also refer to the value given by the Gas Now website:

As shown in the picture above, at the moment of the screenshot, if you want to be confirmed by the miners within 15 seconds (that is, the next block), you can set the Gas Price to 32 Gwei. If you are not in a hurry, you can choose the "slow" mode and set it to 16 Gwei. Normally, it is enough to choose the gas fee recommended by the "Normal" mode.

Gas Now is currently the largest Ethereum mining pool - Spark Mining Pool. According to the recommended value given by the Gas Price distribution of real-time transactions in the mining pool node transaction pool, its data is more real-time, accurate and more valuable. Recently, imToken, Math Wallet, MYKEY, TokenPocket, Trust Wallet and other wallets have announced the use of Gas Now services.