fees = ceil(gasLimit * gasPrices). Transactions incur gas costs for all state reads/writes, signature verification, as well as costs proportional to the transaction size (this is known as
gas needed). Node operators set minimum gas prices when starting their nodes. If a minimum gas price is not set,
gas-prices. This signals how much they are willing to pay for nodes to execute their transaction.
min-gas-prices(as a reminder, gas-prices can be calculated from the following equation:
fees = gas * gas-prices).
min-gas-pricesis a parameter local to each full-node and used to discard transactions that do not provide a minimum amount of fees. This ensures that the blockchain is not spammed with garbage transactions.
Gas * Gas Price.
Gas Needed * Minimum Gas Price.
gasrequirements for a
1nhashHash transfer transaction from our account:
gas-pricetoo low and see the affect on our account
gas-priceto a value equal to the
min-gas-pricesfor the nodes but set our
gaslower than the gas estimate:
gas_wantedis lower than the
gas_usedand as a result, the transaction returned an error. Also notice that the
gas_usedprice fluctuated from our original
gas estimate- required gas prices will fluctuate.
1,500(fee) = 60,000 (gas) * 0.025 (gas-price)