When it comes to making a transaction on the Ethereum network, timing is everything. Depending on when a transaction is made, it can take minutes, hours, or even days to confirm. So, when is the best time to make an Ethereum transaction?
The answer, unfortunately, is not as straightforward as one would hope. It depends on a number of factors, including the amount of ETH being sent, the gas price, and the congestion of the network.
To get a better understanding of how these factors play into transaction times, let’s take a look at a few examples.
Example 1: Sending 1 ETH with a gas price of 1 Gwei
In this example, we’ll be sending 1 ETH with a gas price of 1 Gwei. According to https://ethgasstation.
info/ at the time of writing this article, the average gas price is 1.5 Gwei and it will take approximately 2 minutes and 30 seconds for our transaction to confirm.
However, if we were to send our transaction during peak hours (around 11 PM – 12 AM EST), it would take much longer for our transaction to confirm due to increased congestion on the network. In fact, according to https://ethgasstation.info/, it would currently take over 4 hours for our transaction to confirm during peak hours!
Therefore, if we want our transaction to confirm in a timely manner, it’s best to avoid making transactions during peak hours.
NOTE: WARNING: Ethereum transactions made during the least busy time (midnight to 4 AM EST) may be risky due to the fact that people in the US are asleep, Europe is just about to start their day, while Asia is finishing up their workday. It is recommended to wait until a more populated and active time of day before making an Ethereum transaction.
Example 2: Sending 10 ETH with a gas price of 3 Gwei
In this example, we’ll be sending 10 ETH with a gas price of 3 Gwei.5 Gwei and it will take approximately 15 minutes for our transaction to confirm.info/, it would currently take over 1 hour for our transaction to confirm during peak hours!
Example 3: Sending 100 ETH with a gas price of 30 Gwei
In this example, we’ll be sending 100 ETH with a gas price of 30 Gwei.5 Gwei and it will only take approximately 150 seconds for our transaction to confirm! Even during peak hours, our transaction would only take about 5 minutes to confirm due to the high gas price.
This demonstrates thatTransaction times can vary greatly depending on the amount of ETH being sent as well as the gas price. For small transactions, it’s usually not necessary to pay a high gas price in order to get your transaction confirmed in a timely manner.
However, for larger transactions, paying a higher gas price is often worth it in order ensure that your transaction is confirmed quickly. ��.
It should be noted that these examples are just meant to give you an idea of how various factors can affect transaction times on Ethereum. In reality, there are many more factors that come into play and the exact timings will vary depending on conditions at any given moment. �� ��With that said however by contrast the least busy time is between midnight and 4 am (EST)���the time when people in US are asleep while Europe is just about getting started their day and Asia is finishing up theirs.� This makes sense as most people are inactive during these early morning hours leading�to less activity and thus fewer transactions taking place on Ethereum.
� As such if you want your EthereumTransactionto have a higher chance�of going through quickly then this would be ideal window period in which�to do so.� Allowing for greater speed and efficiency overall.�.
10 Related Question Answers Found
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