My transaction of 0.003 ETH from MEW shows "FAIL" in etherscan when checked with Tx.
The required Gas was set as 170000.
No reason is shown on the etherscan page. What must've gone wrong? Does the amount bounce back? Need help. Thanks
There is a difference between gas limit and gas price. Gas limit is how much gas you are willing to spend to complete your transfer, and gas price is how much each unit of gas will cost you. Gas limit is the gas tank, gas price is the fuel.
When your transaction fails due to a gas error, your ETH is refunded (it technically never left your wallet), but you will not get back the gas fee for the transaction. The failed transaction still required the miners to validate that the transaction would fail.