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How Gas Fees Work

In short, the computing power required for the Ethereum Blockchain to process transactions costs a small fee. Gas fees are a way to compensate the miners who provide this computing power. They are expressed in Gwei (a smaller denomination of Ether). The Gas Fee is composed of three components:

  1. The Gas Limit: Represents the amount of gas needed for the given transaction;
  2. The base fee: a stable fee that increases depending on the amount of pending transactions the network;
  3. The priority fee: a fee that is directly sent to the miners. Priority fees predict when your transaction is processed. Transactions with higher priority fees are processed before the ones with lower priority fees.
Please click this link for better understanding – Ethereum Gas