Ethereum Gas Price Statistics

University of Zurich, Department of Economics, Working Paper No. 373, 2020

26 Pages Posted: 15 Jan 2021

See all articles by David Carl

David Carl

ETH Zurich

Christian Ewerhart

University of Zurich, Department of Economics

Date Written: December 22, 2020

Abstract

For users of the Ethereum network, the gas price is a crucial parameter that determines how swiftly the decentralized consensus protocol confirms a transaction. This paper studies the statistics of the Ethereum gas price. We start with some conceptual discussion of the gas price notion in view of the actual transaction-selection strategies used by Ethereum miners. Subsequently, we provide the descriptive statistics of what we call the threshold gas price. Finally, we identify and estimate a seasonal ARIMA (SARIMA) model for predicting the hourly median of the threshold gas price.

Keywords: Ethereum, gas price, confirmation time, forecasting

JEL Classification: C57, C22, D85, E37

Suggested Citation

Carl, David and Ewerhart, Christian, Ethereum Gas Price Statistics (December 22, 2020). University of Zurich, Department of Economics, Working Paper No. 373, 2020, Available at SSRN: https://ssrn.com/abstract=3754217 or http://dx.doi.org/10.2139/ssrn.3754217

David Carl (Contact Author)

ETH Zurich ( email )

Z├╝rich
Switzerland

Christian Ewerhart

University of Zurich, Department of Economics ( email )

Schoenberggasse 1
Zurich, CH-8001
Switzerland

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