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A miner chooses a particular transaction on basis of its GAS price i.e. miner generally doesn't pick a transaction with a lower gas price if he has options of other transactions with more gas price. So, can there is a chance of transaction starvation?

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By transaction starvation, do you mean that some transactions will not get chosen because their gas price is too low? Yes, this is a feature of the Ethereum blockchain (and BTC, and other...). If your gas price is set too low, it will take a very long time to confirm the tx, perhaps never.

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