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Just wondering which transaction would take to get mined, for example if two people sent a trade for the same token (not real values);

Person 1: gasLimit set to 100 and gasPrice set to 0.01, max tx cost = 1

Person 2: gasLimit set to 10 and gasPrice set to 0.10, max tx cost = 1

Would there be any difference in which transaction was mined? How do the miners choose which one to take, does it matter which one was submitted first?

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If the gas cost is the same, the miners would be incentivized to mine the transactions with the higher gas price instead of the higher gas limit. Here's why:

  • The higher gas limit transaction can potentially reach the limit but it's not guaranteed and unused gas is refunded.
  • The block has a fixed gas limit, so the miner would miss on the opportunity to mine other transactions into the block if he quickly reaches the gas limit on the block.
  • The miner can process more transactions with lower gas limits into the block and collect more fees.
  • Perfect, thanks for that! Is there a way to estimate a good gasLimit to use, for example if I'm sending a transaction to etherdelta smart contract, what should I set it to? If I wanted to make sure my transaction were going to win, then I should set it as low as possible with a high gasPrice then correct? – Tim Jan 30 '18 at 8:53
  • using web3.eth.estimateGas usually does a good job at estimating – Miguel Mota Jan 30 '18 at 17:17

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