What is gas limit and gas price?
Every action in CryptoKitties goes to the ethereum network where miners execute the transaction. The price you pay for their services is the “Tx fee” (transaction fee). It is made up of two parts: Gas Price and Gas Limit.
- Gas Price (GWEI) is what you offer to pay the miners for each operation they do to execute the smart contract.
- Gas Limit is how many operations you allow them to do before they “run out of gas” and drop the transaction.
- Gas Price (GWEI) is a very small amount of ether. You convert it by moving the decimal 9 places to the left: 25 GWEI = 0.000000025 ETH.
- Gas Limit is how much gas you will allow the miners to use. For CryptoKitties, a good amount is 250,000.
- Gas Limit * Gas Price = Maximum Tx Fee
Ex. 250,000 * 25 GWEI = (250000*0.000000025) = 0.00625 ETH
What gas price should I use?
To determine what gas price to use, visit ethgasstation.info. Use “Gas Price Std” if you want a transaction to be done within a few minutes. Use “Gas Price SafeLow” if you don’t mind it taking an hour or more. You can also use the slider to approximate time.
If I want to buy a kitty and I’m afraid someone else might snatch it up, I pay a slightly higher gas price to get the transaction completed quickly. If I’m just breeding a few of my cats, I can set the gas price a little lower to save some money.
Your actual transaction fee will be lower than what you set as your max. (But if you set your limits too low, your transaction will fail and you’ll still have to pay the fee for the operations completed.)