Miners have raised Ethereum’s gas limit to almost 15 million for the first time in a bid to relieve transaction congestion at a time when on-chain activity is increasing with ether’s price (ETH) up 2.8% on the day to $2,456.
The Ethereum gas limit sets a ceiling for how many operations can be included in each block. Before the increase, miners set Ethereum’s gas limit at 12.5 million until Ethereum creator Vitalik Buterin suggested raising it last week on Reddit, in light of recent code optimizations activated on the network.
“Now that the chain is safer, we can increase the gas limit, which makes every application cheaper,” Buterin said.
What is ‘gas’?
As explained by software developer Kevin Ziechmann in a blog post on the Ethereum Foundation website: