[Ethereum] Remix: how is gas price determined

There is no fixed gas price that transactions must have.

You can specify the gas price, and if you set a gas price within certain bounds, the transaction will be accepted by miners using their default values and oracle.

The default gas price is now 0.02 microether which is equivalent to:

• 0.00000002 Ether (.02 * 1e-6)
• 0.02e12 wei
• 20000000000 wei
• 20e9 wei
• 20 Gwei (gigawei)
• 0.02 szabo

When you send ETH, your client (Geth or Parity) will use the default gas price of 0.02 microether.

If 1 ETH is $10, 1 gas will cost 0.00000002 * 10 dollars.

If ETH is $10, 21000 gas will cost 0.00000002 * 10 * 21000 = 0.0042 dollars, which is 0.42 cents.

If ETH is $1000, 21000 gas will cost 0.00000002 * 1000 * 21000 = 0.42 dollars, which is 42 cents.

In the transaction object { from:web3.eth.accounts[0], data:tokenCompiled.token.code, gas: 1000000 } the gas property is indeed the maximum to be used for the transaction.

The transaction object can also have a gasPrice property. Miners determine what gasPrice they are willing to accept. If the gasPrice is too small, the miner will ignore the transaction. Geth is configured so that it should provide a price that most miners will accept, but if you want your transaction to be potentially be processed faster by a miner, you can specify your own gasPrice.

Now gas cost equals the gas used by the transaction multiplied by gasPrice.