How does etherscan calculate gas price?

3 answers

• May 18, 2022 · 3 years ago
  Etherscan calculates the gas price by analyzing the current network conditions on the Ethereum blockchain. It takes into account factors such as the demand for transactions, the available network capacity, and the desired speed of transaction confirmation. Using this information, etherscan provides an estimated gas price that users can use as a reference when setting the gas price for their transactions. It's important to note that the actual gas price paid may vary depending on the user's transaction settings and the network congestion at the time of the transaction.
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• May 18, 2022 · 3 years ago
  When calculating the gas price, etherscan considers the gas limit and the gas used by previous transactions in the network. It also takes into account the gas price recommendations provided by miners. By analyzing these factors, etherscan is able to estimate the gas price that is likely to be accepted by miners and ensure timely transaction confirmation. However, it's worth mentioning that users have the flexibility to set their own gas price based on their urgency and willingness to pay higher fees for faster confirmation.
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• May 18, 2022 · 3 years ago
  As an expert in the field, I can tell you that etherscan is not the only platform that provides gas price calculations. Other popular platforms like GasNow and EthGasStation also offer similar services. These platforms use different algorithms and data sources to estimate the gas price. It's always a good idea to compare the gas price recommendations from multiple sources before setting the gas price for your transaction. This way, you can ensure that you're getting the best possible estimate and avoid overpaying for gas fees.
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