How gas fees works and calculated?

If I talk about blockchain then transactions are processed there and verified there in the form of blocks and it all occurs by the solution of mathematical equations by miners and the equation which is first solved get a chance to first as into the block and first receive in reward form in the form of token which is newly mind and fees for making the transaction is paid by users.

Amount of gas fees is not fixed for each and every kind of transaction and if your transaction is complex then definitely it would require more gas fees with that transaction which is not complex and very easy to validate. If I given example then when you send cryptocurrency from one address to another address then this is very simple task so gas fees for it would be low but if you are interacting with a small contract then you all know that it is a little bit tough to do this that's why in this case fees that would be charged by a user would be of greater extent.

There are many times in which there could be load at blockchain because you never know that at which time there is less load at blockchain and at which time there is more load at blockchain and more people are active and going to make their transactions so if there are many transactions of different people pending then definitely it means that network is congested so in this case miners always give priority to those transactions which are paid with high amount of gas fees so if you want that your transaction should be validate first and should be processed in a quick way and if you have any kind of emergency then you could pay more high fees so it all depends upon your personal choice personal need and personal requirement that what you want to do.

Gwei is one of the most significant fraction in cryptocurrency that is used and gas piece is represented in a unit like this so you can suppose that if the gas fees of a particular transaction is around 10 Gwei it means that there is a need to pay 10 billionthcurrency for each unit of gas which is consumed in the process of your transaction making and transaction validation. For the determination of gas fees for making your transaction it up to you that what you want to use but you can use wallet or blockchain explorer that can give you an estimate of the gas fees which you have to pay. These estimate are the predictions that made on the basis of transaction which is processed recently.Gas fees can also fluctuate according to the conditions of market so it is always important to first check its estimate before making any transaction.

There are different formulas that you can follow for the purpose of calculating gas fees so I am breaking them down into following points below but I am going to share the formulas to calculating gas fees, gas price, gas limit, base fees and total gas which is consumed in a transaction.

• Gas fees is calculated first of all by multiplying the gas price with gas limit so expression could be written as below

  **Gas Fee = Gas Price×Gas Limit**

• Gas price can be calculated by adding the base fees into the priority fees and tip fees. So for this purpose we can write the expression like this;

Gas Price = Base Fee + Priority Fee + Tip Fee

We can calculate the gas limit by the following expression because Gas limit is just equal to the total gas which is consumed in a transaction so for calculating gas limit and total gas consumed in a transaction formula is same but still the expression is below

     **Gas Limit = Total Gas Consumed by the Transaction**

For calculating the base fees we can multiply block base fees with the gas which is used in a transaction so the expression could be written as below

     **Base Fee = Block Base Fee×Gas Used**

For calculating total gas which is consumed we have to add gas used in the transaction with gas used by contracts so the expression could be written as follows.

       **Total Gas Consumed = Gas Used by the Transaction + Gas Used by the Contracts**