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Everything you need to know about Ethereum fees (GWEI)

By Bullcoins.info Sep 27, 2023

What is GWEI?

Gwei is the symbol for the smallest denomination of Ether, a unit of Gwei is defined as one-billionth of Ether so 1 Gwei equals 0.000000001 or 10-9 ETH. Conversely, 1 ETH equals one billion (109) Gwei. Fun fact: Its nickname is “shannon,” named after Claude Shannon, the scientist and cryptographer known as “the founder of information theory.”

How to pay less gas fees on the Ethereum network ?

The higher the price of Ethereum is , the gwei fees will likely follow. One of the best ways to save on Ether gas-cost is to send transactions when the network isn’t congested, if you would like to get the lowest possible prices eg: you are sending large transactions and don’t want to pay huge fees.

The following table shows the average GWEI cost during different times of the day. The lowest prices are thus in the morning and late at night when most users aren’t online.

6AM GMT11AM GMT15PM GMT18PM GMT22PM GMT02AM GMT
7 Gwei13 Gwei15 Gwei20 Gwei14 Gwei8 Gwei

These numbers can be lower and higher depending on the trading volume and overall price. Ethereum network uses miners to confirm transactions on the blockchain, thus the fees will be as low as the miners are willing to work for.

Setting manual TX fees

Setting the Ethereum miners fee manually from a wallet can work if its not too low. If there current network fees are around 20 Gwei, setting the fee manually to 18 Gwei will probably get the TX processed in 2-3 minutes longer than the higher ones. If you set the fee to 9 Gwei when the network is asking for 19-20 then the TX will be processed when the fees are lower.

Setting a very low transaction fee might result in the TX never being accepted, so don’t get too crazy with it like entering 1 Gwei into the manual TX dashboard. If you do miss the acceptable range however, don’t worry, you can still cancel any pending transactions in all the trusted wallets such as: Metamask, Trust Wallet or MyEtherWallet.

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