Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2029

[quote=“ivan, post:1, topic:8438”]

  • What is the mempool?
    Each node has a mempool, the mempool stores all unconfirmed transactions
  • What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will increase in size or become full and transactions will be slower to process, miners will start to target the larger transactions (in size not necessarily value) as they will produce the most bitcoin per byte and start to free up more space on the mempool
  • How does a growing mempool effect transaction fees?
    Fees will increase, the transactions with the highest fees will be prioritised
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#2030

1- Its a data structure that each node has, ans its basically a list with all the unconfirmed transactions.
2- The mempool will grow bigger, and transactions will take longer to confirm
3- Fees will go up and miners will choose the transacrions with the highest fees.

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#2031

Mempool is the list of unconfirmed TX’s is the nodes. As miners process unconfirmed transactions and more blocks are made the Mempool decreases in volume or size.

Miners will always keep up with the rate of new transactions because they can put multiple transactions into one block and incentives to build blocks are inherent.

A growing Mempool means fees will go up and priority to smaller TX’s will slow down confirmation for more complicated outputs.

#2032

Blockspace is limited, and the difficulty insures that only approximately every 10 minutes new blocks are mined. So if suddenly many users start transacting, the mempool can grow faster than miners can clear and confirm transactions. Because miners usually will prioritize transactions with the highest fee’s means that users have to pay more and more fee if they want their transaction to be confirmed fast enough. So transaction with lower fee’s will take much longer time to confirm.

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#2033

Yes, every full node has it’s own mempool. If you send a transaction, it first will come into the mempool of your own node (in case of SPV, the node where the SPV is connected to)
When the transaction is valid, it will be propagated to all other full nodes their mempool.

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#2034
  1. What is the mempool?

Mempool is a array or file of all unconfirmed transactions that have not yet been picked to be added to a new block which provides the confirmed status, some use different terms such as “Transaction Pool” instead of mempool.

  1. What happens if the miners can’t keep up with the rate of the new transaction?

the Mempool grows in size and then the fee for transactions will go up.

  1. How does a growing mempool effect transaction fees?

the transaction fee increases.

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#2035
  1. The mempool is the record of incomplete transactions on the blockchain.
    2.They will put it in the next transaction and it will stay in the mempool. The list of transactions to be verified in the mempool grows.
  2. Growing mempools increases transaction fees.
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#2036
    1. Growing mempools increases transaction fees.
#2037

  1. What is the mempool?
    Every node has a mempool, where unconfirmed transactions are listed and waiting to pick up from a miner to be confirmed.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow.

  3. How does a growing mempool effect transaction fees?
    The miners will confirm the transactions with the highest paid fees first.
    So if you want your transaction confirmed faster, you have to spend a higher fee.

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#2038

  1. The Mempool is a specific datastructure in each Node, in which the unconfirmed possible transactions get stored and spread between different Nodes before they get added to the blockchain by miners

  2. They prioritize the ones with highest transaction fees

  3. As the pool grows bigger, fees rise, as there will be more people willing to pay higher fees for faster transactions

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#2039

  1. The mempool is the list of unconfirmed transaction that have not yet been added to a block and each full node hold its own copy of the mempool

  2. If miners can’t keep up with the rate of new transactions the size of the mempool increases.

  3. The larger the mempool the higher the likelihood of higher fees being required for a transaction to be processed in a given timeframe…

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#2040

1.The mempool is the place on each node where unconfirmed transactions are held.

  1. If miners cannot keep up with the rate of transactions the mempool grows larger and the transaction confirmation time will be longer.

3.Transaction fees will go up, as those transactions paying most vie to be picked out of the mempool first by the miners.

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#2041
  1. What is the mempool?
    A mempool is where each node retains unconfirmed transaction and from which miners take transaction to mine and confirm
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow and if the unconfirmed transaction is not taken by a miner it will be returned and cancelled.
  3. How does a growing mempool effect transaction fees?
    A growing mempool means that the fees are not sufficient per byte to make it worth while so fees will start to increase.
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#2042
  1. What is the mempool?

Mempool is basically the node’s memory area for all pending transactions before miners picks it up.

  1. What happens if the miners can’t keep up with the rate of the new transaction?

New transactions will grow the mempool size

  1. How does a growing mempool effect transaction fees?

Miners will mine transactions with higher transactions fees first

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#2043
  1. What is the mempool?

Where unconfirmed transactions are placed

  1. What happens if the miners can’t keep up with the rate of the new transaction?

The mempools will grow larger, a backlog

  1. How does a growing mempool effect transaction fees? They will drive up the transaction fees
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#2044

  1. where your transaction goes after you send it from your wallet, to the node, which then places it in the mempool while it’s waiting for full confirmation from a miner

  2. the mempool keeps growing and the transaction time takes longer, also potentially giving miners more opportunity to make satoshis

  3. in order to increase the speed of their transactions, more senders might be willing to pay higher fees

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#2045
  1. A list of unconfirmed transactions.
  2. size of mempool will increase.
  3. The bigger the mempool size, the higher the transaction fees.
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#2046

  1. When a wallet sends a transaction, mempools are where full nodes put these unconfirmed transactions until the miner begins the process of confirming them and adding the tx to the blockchain where once added to the block they are then finalized and considered confirmed tx’s.

  2. If the miners can’t keep up with the rate of the new transactions, the amount of unconfirmed tx’s in the mempool becomes larger and larger.

  3. A growing mempool effects transaction fees because the miners are financially incentivized to confirm the tx with the highest fees in the mempool first; therefore, creating a type of bidding war in regards to fees. If you want your tx confirmed sooner by being added in the earlier blocks, you can cancel the tx, redo and offer to pay a higher fee than others for a quicker tx being confirmed by being added to the blockchain.

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#2047

  1. All unconfirmed transactions in the nodes.

  2. Mempools grow in size and nodes confirm transactions with the highest fees.

  3. Fees rise as people try to get their transactions processed faster.

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#2048

  • What is the mempool?
    A pool which contains all unconfirmed Bitcoin transactions

  • What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool becomes larger

  • How does a growing mempool effect transaction fees
    Transaction fees will increase

1 Like