What is Gas Price?

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Is the Gas Price fixed for mining?

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If you want to spend less on a transaction, you can do so by lowering the amount you pay per unit of gas. The price you pay for each unit increases or decreases how quickly your transaction will be mined.

During normal times:

  • 40 GWEI Gas Price will almost always get you into the next block.
  • 20 GWEI will usually get you within the next few blocks.
  • 2 GWEI will usually get you within the next few minutes.

During Token Creation Periods, these costs go crazy due to supply / demand:

  • 50 GWEI is the max gas price most new Token Creation Period contracts will accept. Anything above that and your TX will fail. Most is the keyword here—check with the Token Creation Period you wish to invest in before said Token Creation Period begins.
  • 50 GWEI would be the amount you should send in that case.
  • If you are trying to send during an Token Creation Period (but not to the Token Creation) you have 2 choices: wait a bit until the Token Creation Period is over, or increase the gas price over 50 GWEI.

You can adjust the gas price on MyEtherWallet in the footer via the slider. It is capped at 50 GWEI in order to prevent people tying to send to Token Creation Periods from having all their transactions fail because they don’t read anything.

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