Gwei is a fundamental unit of measure on the Ethereum blockchain, primarily used to calculate gas fees for transactions.
Understanding and Calculating Gwei
Gwei is a fundamental unit of measure on the Ethereum blockchain, primarily used to calculate gas fees for transactions. This guide provides a concise yet comprehensive explanation of what Gwei is and how to calculate it for Ethereum transactions.
You can track the current and historical gas price on gwei on etherscan.
What is Gwei?
- Definition: Gwei, short for gigawei, is a denomination of the cryptocurrency Ether (ETH), used on the Ethereum network.
- Value: 1 Gwei = 0.000000001 ETH (10^-9 ETH).
- Purpose: It is used to measure and pay gas fees, which are the costs for performing operations on the Ethereum blockchain.
Other relevant metrics units include:
Read the entire blog post here: https://blog.crossmint.com/what-is-gwei/
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