Gas Price has an obvious impact on how long it takes for the transaction to be mined, but does the Gas Limit have any bearing on transaction time?
Based on my understanding it shouldn't, as Gas Limit just determines how much you're willing to pay to complete the transaction, but would miners prioritize transactions with a higher limit if the Gas Price of both transactions were the same?
If that is in fact the case, would it not be generally faster to set an absurdly high Gas Limit for all of your transactions if you were wanting the fastest transaction, so long as you are actually willing to pay the entire Gas Limit if a transaction were to consume it?
This was posted here after being asked in the MyEtherWallet Support Slack (conversation below):
limitless76 [6:09 PM] Does changing the Gas Limit have any bearing at all on the speed of the transaction? I know increasing the Gas Price will speed it up, but my understanding is the Gas Limit simply determines how much Gas you're willing to pay to process the transaction, so it should not affect speed, is that right?
tayvano [6:10 PM] @limitless76 not really. Gas price is the primary. Miners will go after bigger fees which is limit * price
tayvano [6:10] So technically limit does play a role
tayvano [6:11] However excess gas limit is returned to you so sending a standard tx with a higher limit isn't going to actually net the miners more
tayvano [6:11] That would be an excellent question for Ethereum stack exchange tho. I really recommend you ask there as I would love to have someone pull all the details