Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: ExtraPoint on September 19, 2022, 05:43:10 AM

Title: What Are Ethereum Gas Fees, and Why Are They So High?
Post by: ExtraPoint on September 19, 2022, 05:43:10 AM

The Ethereum gas fee is the charge you pay when performing any transaction on the Ethereum blockchain. The Ethereum blockchain operation requires a certain amount of computational effort, which cryptocurrency miners perform

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Title: Re: What Are Ethereum Gas Fees, and Why Are They So High?
Post by: cryptoworld1 on September 01, 2023, 06:21:04 PM

Ethereum can process 15 transactions per second and with millions of users using the blockchain at the same time, the network gets congested. When you make a transaction, it competes with other transactions to get in the next block and get sent to the network to get validated. So, if the network is congested and your competitor might pay something extra to push the transaction ahead of others. This increases the gas fees.