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© 2018-2022 All rights reserved. hellip; to incorporate the statistic into your presentation at any time. Gas fees are the total transaction fees paid to the Ethereum network and its miners in earning interest on crypto order to execute a transaction on the blockchain. Since the London Upgrade, base fees are burned (decreasing the overall supply of Ether, or ETH) and priority fees, or tips, are given to miners (more on this in How Are Gas Fees Calculated?) CryptocurrenciesCRYPTOCURRENCIES So totale gas paid is 11.1 * 68988 = 765766.8 giga wei. Additionally, Ethereum supporters and investors will eventually replace miners because the new version will allow them to stake their tokens. This gas is used to pay for the computational power required to mine new ETH tokens, which keeps the Ethereum blockchain functioning as it does. As such, the gas fee correlates to the amount of computational power required to execute any given transaction, such as sending ERC-20 tokens, interacting with a contract, sending ETH, or doing anything else on the blockchain.