What does new fee system do when maxPriorityFeePerGas and maxFeePerGas are set to same value, for example 1000 gwei?

Let's say at the time of transaction total gas base fee is 300, does it mean that I will give miners 700 gwei and pay 300 gwei as a normal fee? Will such transaction with these values even succeed?

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When you send a legacy (type-0 transaction), the legacy gasPrice is used for both maxFeePerGas and maxPriorityFeePerGas. In this case, if you send a transaction with both values set to 1000 Gwei and the base fee is only 300 Gwei, the remaining 700 Gwei will go to the miner like you said.

In most situations using such a high priority fee is unnecessary however, and using a max fee of 1000 Gwei but a max priority fee of 3 Gwei (for example) should work as well, and will result in lower transaction fees (since only 3 Gwei will go to the miner).

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