eth gas extension

University of Zurich, Department of Economics, Working Paper No. 373, 2020 We know that this transaction requires 21,000 units.The gas fee for standard speed at the moment of writing is 40 gwei.Gas units (limit) * Gas price per unit (in gwei) = Gas fee21,000 * 40 = 840,000 gwei840,000 gwei is 0.00084 ETH, which is at the current prices 2.67 USD (1 ETH = $3179). The binary search nature of this algorithm allows it to quickly converge on the optimal gas limit. By successively narrowing down the range of possible gas limits, the algorithm reduces the number of computations required to find the correct gas estimation from O(N) to O(logN), N being the maximum amount of gas a transaction can have in a block. For  https://bitcoinmisr.com/ , a standard gas limit is 21,000. So for example, let’s consider a hypothetical generic transaction sent when the gas price is 100 gwei. We can compute this transaction’s cost by multiplying 21,000 (gas limit) x 100 (gas price) x 0.000000001 (gwei denomination), with the result being 0.0021 ETH. Relatedly, gas limits for ERC20 token transfers can range from 25,000 to as high as 500,000.