Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2149

  1. What is the mempool?
    It is the place where the unconfirmed transactions are Kept.

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

  3. How does a growing mempool effect transaction fees?
    The bigger the mempool the more time for transactions to take place so there is incentive to rise fees to make your transaction get aprooved faster or sooner than the rest.

1 Like
#2150

Homework on Mempool - Answers

  1. The mempool is a list of unconfirmed transactions.
  2. Transaction speed would decrease. Miners would be more selective and select transaction with higher sat/B value.
  3. It creates pressure on the price of transaction fees to increase.
1 Like
#2151

  • What is the mempool?
    It’s a list of unconfirmed transactions which each node has.

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

  • How does a growing mempool effect transaction fees?
    Growing mempool will increase transaction fees because users need to spend more if they want their transaction to be processed in the next block.

1 Like
#2152

It doesn’t have to, you can pick the fee yourself but it will take longer to process if the mempool is congested. The way miners pick transactions is using the sat/byte ratio. So a smaller tx with higher fee will be prioritized compared to a large tx with low fee. :slight_smile:

2 Likes
#2153

1 Mempool is a list of unconfirmed transaction. Not everynode has exactly the same
2 There will be some backlog of transactions to be confirmed. People might want to increase fees in order to be mined earlier
3 A growing mempool leads to higher fees as people might want to pay more in order to get there transaction confirmed faster

1 Like
#2154

The mempool is where transactions with low fees go to die, Just kidding! (kind of)
The mempool is where unconfirmed transactions wait to be picked up by a miner.

When miners can not keep up with the new transactions the mempool gets larger, filling up with more unconfirmed transactions.

A growing mempool causes the fees to go higher as the transactions are competing (with fee size) to be selected by a miner.

1 Like
#2155

  1. Mempool is a unconfirmed transaction pool.

  2. Transaction takes longer, congestion of unconfirmed transactions in the Mempool.

  3. Tx fees will increase since each unconfirmed Tx will compete with each other to get their transaction confirmed by miners who are incentivized by the higher fee. The mempool of a node have a limited size will set a minimum Tx fee as well.

1 Like
#2156
  1. The mempool is a list that each node has of unconfirmed transactions.
  2. If the miners can’t keep up with the rate of transaction, the mempool will grow in size.
  3. A growing mempool tends to increase transaction fees.
1 Like
#2157
  1. Pool of yet to be confirmed transactions waiting to be included in blocks.
  2. The mempool grows and the fees increase
  3. Increases
1 Like
#2158

  1. Each Bitcoin node whether it’s a miner or not maintains their own list of UNCONFIRMED transactions in what is termed the MEMPOOL.

  2. Miners choose transactions based on the SATOSHI’s per BYTE that they can make which is signaled by the fees associated with that transaction. Cheap transaction signers will find their transactions take longer to confirm because they are deemed a lower priority by most miners. High transaction fees mean quick confirmation because those transactions are PRIORITIZED by miners.

  3. A large congested MEMPOOL can mean that many, many miners are being very PICKY about cheap transactions because of market fluctuations in Bitcoins price or a high volume of transactions due to a bull run or market drop. In that case, more and more wallets will suggest higher fees to bring confirmation times within a prescribed time, for those that regularly don’t have the option to adjust transaction fees this can be a shock.

1 Like
#2159
  1. pool of unconfirmed transactions
  2. The mempool will grow larger causing longer transaction times.
  3. The highest fees get confirmed first to incentize miners, fees go up.
1 Like
#2160
  1. list of unconfirmed transactions
  2. meme pool gets filled and grows in size so more room for higher fee
  3. the fee will go up since fees are issued by satoshi/bytes
1 Like
#2161

  1. A Mempool is where nodes are found with pending transactions.

  2. Fee will increase and we will see a backup with longer than expected transaction times.

  3. If the mempool gets backed up then transaction fees will increase.

1 Like
#2162

It is a pool of transactions waiting to be processed gathered and broadcast individually by each node. As all transaction do not reach all nodes at the same time it may be different for different nodes.

The size of the mempool grows, lower fee transactions will get processed with a delay.

It introduces a competition between the fees. If someone has an urgent transaction (wants to squeeze some juicy arbitrage opportunity for example) he’d better pony up a larger transaction fee then his possible rivals or he could be beaten to the punch.

2 Likes
#2163
  1. The mempool is where unconfirmed transactions wait for a miner to add them to the next block.
  2. If the miners can’t keep up with the transaction rates the men pool grows. Increasing transaction times. This also causes fees to increase as many try to front run the pool.
    3.Transaction fees increase with a mempool size because of the competition to get the transaction to the next block.
2 Likes
#2164
  1. Mempool is the space in the node that stores unconfirmed transactions.
  2. The mempool would get larger and the time taken for confirming the transaction would be higher.
  3. A growing mempool naturally causes people to pay for transaction fees to get their transaction confirmed faster. This essentially raises the floor for transaction fees.
2 Likes
#2165

  1. The mempool is the database where all transactions not already part of a block are. All new transactions go first into the mempool before being picked and integrated into a block (by miners).

  2. Miners are rewarded with transaction fees. So if there are more transactions in the mempool than the next block can contain, they will pick the transactions with the highest fees.

  3. Transactions would compete with each other to be picked by miners, meaning the higher their transaction fee, the more chance they will be picked compare to others. Therefore, transaction fees will tend to increase.

2 Likes
#2166

  1. What is the mempool?
    List of all unconfirmed transactions which may vary from nodes to nodes because each node will not pick up each transaction at the same time.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool size grows bigger and bigger

  3. How does a growing mempool effect transaction fees?
    Transaction fees will go higher as more transactions will use larger bytes and payment is based on sat/B.

2 Likes
#2167

the mem pool is the number of transactions waiting to be mined by the miners…

if miners cannot keep up with the rate of the new transactions the mem pool builds up

growing mem pool means transactions with the highest satoshi/byte ratios go first by miners

2 Likes
#2168

  1. The mempool is a collection of all the transactions in the blockchain that have been verified by a node but have not been confirmed in a block by a miner.

  2. The mempool keeps growing and transactions start to compete to get into a block.

  3. A large mempool incentivize users to compete for getting confirmed in a block. This situation triggers transaction fees up due to supply/demand logic.

2 Likes