The Miner Rhythm of the Crypto World

This way people are incentivized to keep smart contracts small so they are cheaper to run. A compiled smart contract sample has data and gas value:

Gas, therefore, provides a way to define the fees that miners are charged for performing actions on the blockchain. However, it is different from Bitcoin, which only charges the number of kilobytes in a transaction. When it comes to the actual payment of transaction fees, ether is paid to the miner who created the block.

Therefore, Ethereum transactions are charged. If the fee is too low, miners are reluctant to execute transactions. When gas is consumed, it is paid to the miner and cannot be recovered. If the transaction fee is set high, the miner will be more profitable and the transaction will be prioritized. But in general, miners are only charged for the work they do, and they will refund any excess gas if it is not used.

Miners can decide if they need to change their gas usage based on different gas prices. This overcomes the variability of transaction fees in Bitcoin. In Ethereum, just like Bitcoin, there is a block limit, and if you overflow into another block, you end up paying more.

The gas price of each transaction is intended to overcome denial of service and infinite loops, using 0.00001 ether or 1 gas to execute a line of code. If there is not enough ether, the transaction will not be executed. It is also intended to encourage code designers to improve efficiency rather than wasting bandwidth and CPU utilization.

Therefore, in the crypto world, even miners control some of the rhythm.