Gas Price

The gas price is an approximation to the transaction fee required on the Ethereum network. Oftentimes, gas prices are paid in small denominations of ETH (units known as gwei) to the miners, while processing transactions over the network.

One gwei is given by 10-9 ETH or 0.00000001 ETH. An auction mechanism determines how much gas price the user needs to pay. Miners check the highest gas fee associated with any transaction and process them in descending order.

Gas prices are often subjected to fluctuation, given the congestion within the network. Although, in the majority of the Ethereum wallets, users can find a general reference to the gas fee that is required for processing the transaction.