As of June 11, 2018, the price of 1 ether is about $520 (from https://www.coindesk.com/ethereum-price/). From https://ethgasstation.info/, the average price of 1 gas is 2 Gwei (1 Gwei=10^9 wei) which implies that the average price is 2 times the square root of $520 (about $46). It seems to be very high (an addition operation costs 1 gas). Is there a mistake in the calculations?
3 Answers
1 Ether = 10^9 Gwei
i.e. Price of 1 Gwei = Price of 1 Ether / 10^9
Given Price of 1 Ether = 520 dollars
Price of 1 Gwei = 5.2 * 10^-7 dollars or 0.000052 cents.
Thus if 1 gas = 2 Gwei, then 1 gas = 0.000104 cents.
Not sure why your calculation involved a square root.
answered Jun 11, 2018 at 23:34
Yes. There is a mistake in your calculations. I’m guessing you’re not familiar with the notation used. 1 gwei is a billion (1 000 000 000, also written as 10^9, which is 1 followed by 9 zeroes) wei and there are 10^18 (1 followed by 18 zeroes, or 1 000 000 000 000 000 000) wei in one ether. So if one gas is 2 gwei and 1 ether is $520, then one gas is 2 * 10^9 / 10^18 ether=2 * 1 000 000 000 / 1 000 000 000 000 000 000 ether = 0.000 000 002 ether = 2 * 10^(-9) ether. And that is about $0.000 001. Or about one ten-thousandths of a cent.
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There is a problem here with the definition of 1Gwei. It is
1e9not1e6.– JaimeJun 12, 2018 at 5:45
The cost of 1 unit of gas depends on whatever the gas price is set to.
gasCost = gasPrice * gasAmount
At 2 gwei, and 1 gas, the calculation will look like this:
gasCost = 2*10^9 * 1
gasCost = 2*10^9 wei
gasCost (USD) = ~ 0$
