Miners will pick transactions with the highest fee’s first. transactions with low amount of fee will take longer to get accepted into a block.
Difficulty means something else. it’s a number (target) so that the average time per mined block is about 10minutes. wich results in a couple of leading zero’s that the hash of that block must have to be a valid block. you can check block explorer, and you will see that each block hash has couple of zero’s in the beginning
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- What is the mempool?
The mempool (memory pool) is a place where all UTXOs get sent to become confirmed and verified by the next block producer (miner), after which point they get removed. It is stored on every node in the network. The mempool can be viewed online in a ten minute window graphic as each new block is produced every 10 minutes; the mempool’s data is collated and displayed within this, including transaction fees costs.
- What happens if the miners can’t keep up with the rate of the new transactions?
Each block can only hold a certain amount of transactions. Transaction fees will be set higher by the miners if a high rate of transactions enter the mempool – those wallets that select the higher transaction fees will be chosen first to be verified and added to the blockchain. If the miners can’t keep up with the new transaction rate then the transactions will put in the subsequent available block.
- How does a growing mempool effect transaction fees?
A growing mempool will mean more and more transactions entering the mempool. This will result in an increase to the transaction fees. Bitcoin transaction fees are paid in Satoshis per byte (inputs and outputs combined) instead of as a percentage of the total amount looking to be transacted.
Mempool is actually the list of unconfirmed transactions in the network. As more unconfirmed transactions so bigger the mempool.
(type of waiting list until transactions get confirmed)
If miners can’t put more transactions in the blocks that are going to be produced then the transactions stay in the mempool until there is time and space in a block.
A growing mempool means more transaction waiting to be proseced but more fees combined mean more money for the miner that takes the transactions in a block. Unfortunatelly a miner calculates satoshi peer bytes to put a transaction in a pool so if smaller the transaction in bytes but higher paid fees for it, this transaction goes first. If you have a multi transaction with lower fees but needs more bytes it goes later in the queue. At last if the mempool grows to much the fees for the new transactions goes higher if they want to be procesed quicker than the owns that are older and waiting.
P.S. I found this very useful https://99bitcoins.com/bitcoin/mempool/
Homework on Mempool - Questions
1. What is the mempool? - A waiting area each node has for unconfirmed transactions.
2. What happens if the miners can’t keep up with the rate of the new transaction? - It goes into the mempool.
3. How does a growing mempool effect transaction fees? - miners become more selective choosing the higher paying fees first, thereby confirming those transactions faster.
[quote=“ivan, post:1, topic:8438”]
Homework on Mempool - Questions
- What is the mempool?
Mempool is a list of unconfirmed TX’s
Your wallet broadcast TX to the network of nodes. Each node has a mempool. TX are put in the mempool. Miners have also a mempool. Every 10 minutes a block is produced by miners. Transactions with the highest fee will be put in the blocks. Fee depends on the bytes per TX. You pay satoshis per byte. - What happens if the miners can’t keep up with the rate of the new transaction?
Backlog will be bigger - How does a growing mempool effect transaction fees?
The TX highest TX fee will be picked up first by the miners. TX fee will go up.
maybe i did not understood the question…keeping up with the rate of new transactions means that there is a lot of transactions to be mined and miner cant mine fast enough? if it is so how picking the higher fees txs will improve the rate? finnaly will be no txs with high fees and all will go in a block.
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The mempool is used to store all of the unconfermed transactions.
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Than it dosn’t get put in the blockchain.
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The more complicated a transaction is, the more space it takes up. Theirfor ressulting in a higher fee.
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Mempool is a place where all unconfirmed transactions wait for the miner to process the transaction
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If the miners can’t keep up with the rate, the mempool grows and there will be wait time.
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The fees for the transaction will increase.
- Mempool is a waiting list for transactions.
- Mempool grows bigger and also the time for transactions.
3 Transaction fees are getting bigger.
every transaction comes first in the mempool, then miners can build a block and pick transactions for the block, but every transaction takes a bit of space and each block has limited amount of space. so miners will off course pick transaction from the mempool with the highest fee’s first, because the miner will get these fee’s as a reward + blockreward. other transactions in the list have to wait until a new miners can pick it up. approximately every 10 minutes. if you pay a super low fee, your transaction can stay days, even weeks unconfirmed in the mempool. especially in a Bull run when there are more transactions per second.
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a mempool is one nodes unconfirmed utxo’s.
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the transaction will remain unconfirmed until the miners are able to fit it into a block.
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a growing mempool effects transaction fees by making it more difficult to enter the next block. a miner is rewarded by picking the highest fees; therefore driving the price up to enter the next 10 min block.
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A list of all unconfirmed transactions
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The Mempool goes up and the confirmation takes longer
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The fees will go up
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The mempool is a block with unconfirmed transactions, waiting to be mined.
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If a miner can’t keep up with the rate of a new transaction there will be more waiting transactions in the mempool.
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A growing mempool means that transaction confirming time will grow and that miners will be more selective and attentive for higher fees.
- What is the mempool?
It is the dark place where transactions go after they are picked up by a node but not yet confirmed and placed on the blockchain. - What happens if the miners can’t keep up with the rate of the new transaction?
The transaction remains in the depths of the mempool, swimming aimlessly. - How does a growing mempool effect transaction fees?
The fees would increase as an effect of a growing mempool. Because a growing mempool
affects transaction fees.
- mempool is the transactions waiting to be put into blocks
- the mempool backlog will increase
- fees will increase
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Mempool is a pool where tx’s send by the nodes waiting to be confirmed and where the miners pick their tx’s.
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Tx’s take more time to be confirmed cause miners would choose the tx w/ more fees.
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Fees will go higher to be picked up first. Miners will choose UTXO’s w low byte space and higher fee to be able cover their expenses.
its where unconfirmed transaction are stored
delays in transactions being confirmed
fees go up
unconfirmed transactions
Delays
fees up
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When a transaction occurs, it is held in a mempool (memory pool) until a miner picks it up and includes it in the next block.
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The mempool will increase in size.
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Transaction fees will increase.
What is the mempool?
It is where the unconfirmed transactions is placed until a miner picks it up, and places it in a new block.
What happens if the miners can’t keep up with the rate of the new transaction?
The mempool size grows. That can lead to higher transaction fees.
How does a growing mempool effect transaction fees?
Transaction fees grows because of the competition to get to the next block.