In this post, we compare current and historical gas prices on the Ethereum network.
Written by: Mike Martin | Updated January 22, 2024
Reviewed by: Ryan Grace
Fact checked by: Laurence Willows
Current Gas Estimator
Today’s ETH Gas For Popular Transactions
24-Hour ETH Gas Prices
14-Day ETH Gas Prices
90-Day ETH Gas Prices
What Are Ethereum Gas Fees?
Gas fees are the fees paid to validators on the Ethereum blockchain network. In order to become an eligible ‘validator’ one must first stake cryptocurrency. The network chooses one staked coin at random from the pool of total staked coins to do the math required to validate the current block.
The more coins that are staked, the greater the odds a participant has of being chosen to validate the next block. These crypto participants are rewarded in crypto for their work.
In order to have a transaction verified and added to the Ethereum network, that transaction must first be validated. Different tasks require different amounts of gas. For example, a simple transfer of cryptocurrency may only cost a dollar, while deploying a smart contract to support a decentralized application (dApp) may cost thousands of dollars.
Ether Denominations
Generally speaking, gas fees are denominated in ‘GWEI’. This unit of measurement represents one billionth of one ether (ETH).
Mike Martin
Mike Martin serves as the Head of Content for tastycrypto. Before joining tastycrypto, Michael worked in the active trader divisions of thinkorswim, TD Ameritrade, and Charles Schwab. He also served as a writer and editor for projectfinance.
Michael has been active in the crypto community since 2017. He holds certifications from Duke University in decentralized finance (DeFi) and blockchain technology.
Contact: Mike@tastycrypto.com
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