Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2369
  • What is the mempool?

a list of UTXos in each node. this list is looked at/picked up by miners and they add these txns to a block.

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

this makes the UTXOs gather more and more in the mempools increasing the txn times.

  • How does a growing mempool effect transaction fees?

txn fees increase with larger mempools bc miners are incentivised to chase the bigger fees. there is competitiveness to get the txn into the next block.

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#2370

  1. The mempool is the list of unconfirmed transactions each node has that is waiting to be confirmed by miners.

  2. The mempool increases in size and the miners choose the transactions with the highest fees.

  3. A growing mempool increases transaction fees because in order for the transaction to be accepted fast enough it has to be high enough that miners will choose it over another transaction.

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#2371

  1. Mempool - The data structure on each node where unconfirmed UTXOs reside.

  2. If miners can’t keep up the number of UTXOs in the mempool increase making it longer to get transactions confirmed.

  3. Miners will process the UTXOs with the highest transaction fee, therefore causing transaction fees to increase to get your transactions approved.

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#2372

A list of unverified transactions that are waiting for verification/confirmation from miners to be officially listed on the blockchain. Every node has one, and they can differ between nodes as new transactions are submitted and disperse through the network.

Transactions will stay in the mempool until they are eventually verified. The transactions which financially incentivize the miners to verify them have the best sat/byte ratio. There is only so many bytes that can be stored on each official block, so miners make sure to verify the transactions that pay them the highest fees. Lower fee transactions remain the pool until higher fee transactions have been verified.

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#2373

  1. mempool is the list of unverified transactions.

  2. They will be listed on the mempool

  3. The fees becomes bigger since people want their transaction to be prioritised.

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#2374
  1. A node has transactions that remain unconfirmed until they are picked up by a miner. The place where these unconfirmed transactions are stored is called the mempool.
  2. The pile of unconfirmed transactions will grow in the mempool.
  3. The miners will first pick up the transactions with the highest fees, i.e. the transactions with the highest Satoshis/Byte. Users will have to pay higher fees for faster transaction times.
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#2375
  1. The list of unconfirmed transactions in the bitcoin network at a given time.
  2. The mempool grows
  3. Transaction fees increase
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#2376
  1. Mempool is a pool of unconfirmed transactions.
  2. It will result in longer transaction times and higher fees.
  3. Transaction fees go up. Miners become selective pushing the highest paid transactions first. Lower pay transactions will take longer time to process.
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#2377
  1. What is the mempool?

The mempool is the collection of all unconfirmed (not added yet to the blockchain) transactions

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

The Mempool gets bigger

  1. How does a growing mempool affect transaction fees?

The miner will prioritize the more profitable transactions first, giving priority to the ones that have higher fees or that are more profitable in relation to satoshis per byte. So a complex transaction that has a lot of inputs and outputs and translates into more bytes and a lower fee will be delayed. A more simple transaction - regardless of the face value - that uses less bytes, which translates into more profits for the miner, will be confirmed more rapidly.

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#2378

1all utxo in a node goes in the mempool before they are confirmed. after that they leave the mempool. each node could be have a slightly different mempool.
2 there would be more UTXO’s in the mempool and the transaction time would be longer
3the fees wil be higher

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#2379

  1. List of unconfirmed transactions. Each node has a mempool that may be slightly different from other nodes versions because all transactions haven’t been equally disbursed to all nodes.

  2. Mempools get larger

  3. Larger mempool equal higher fees because people will pay more to ensure their transactions get confirmed. Miners incentivized by money so they will take transactions with higher fees first.

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#2380

1- The mempool is a list data structure that consists of all unconfirmed txns that are valid to a particular node. Each node on the bitcoin network maintains its own local copy of the mempool.

2- If miners cannot keep up with the incoming rate of new txns, then the mempool starts to fill up and it will take longer time for txns to be added to new blocks because of the limited space on each block.

3- A growing mempool affects txn fees because when the network is busy and the mempool is full of unconfirmed txns, the miners will prioritize picking the txns with the highest fees to be added to the next block. This prioritization will establish a minimum fee threshold which can leave some transactions unconfirmed and eventually rejected if the fee set by the sender is too low.

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#2381
  • What is the mempool?

a mempool is a list of unconfirmed transactions.

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

The size of the mempool will grow and the lower fee transactions will take longer as miners will prioritize the transactions with the highest fees.

  • How does a growing mempool effect transaction fees?

The fees go up as the mempool grows and participants compete for faster transaction speeds.

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#2382

  1. The piece of memory on different nodes that contains the unconfirmed transactions information.

  2. Mempool grows and transactions take more time to be confirmed (depending on the fees).

  3. Highest fees get served first as miners are financially incetivized to put them in a block to get more rewards. Transactions with lower fees will take more time to be confirmed.

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#2383

  1. The Mempool is the waiting area across the nodes that a transaction sits until it is mined into a block on the blockchain.

  2. If miners can’t keep up with the rate of new transactions, the transaction sits in the mempool waiting to be added to the next block. However, miners will include transactions that have the highest fees, because they get paid these fees when they mine a new block.

  3. Hence, a growing number of waiting transactions in the mempool will increase transaction fees because the higher the fee the more likely the transaction is to get included in the next block. In other words, transactions will increase in their fees in order to get into the next confirmed block.

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#2384

[quote=“ivan, post:1, topic:8438, full:true”]
Homework on Mempool - Questions

  1. What is the mempool?
    a list within a node of unconfirmed trtansactions
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    longer transaction time - growing backlog
  3. How does a growing mempool effect transaction fees?
    Fees will go up, the higher fees will be confirmed first.
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#2385

  1. Is the data structure that each node has, that includes a list of unconfirmed transactions.

  2. The “transaction waiting list” will grow more and it will take a long time to be confirmed

  3. In a growing mempool transactions with lower fee will be removed and only those with large enough fee will be choose to access, so we will pay increased fees in order to make faster transactions

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#2386
  1. A mempool is a data structure of unconfirmed transactions that all nodes have.
  2. The mempool will have a lot of unconfirmed transactions and fees will most likely rise.
  3. The transaction fees will go higher.
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#2387
  1. Mempool is where the pending transactions are sitting, and miners pick transactions from the mempool to process.
  2. There will be a backlog, and transaction processing times will take longer.
  3. People conducting transactions will need to offer higher fees to their transactions in order for miners to select that transaction as a desirable one, thus allowing it to move ahead in the queue and selected over other transactions.
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#2388

  • What is the mempool?
    A) Unconfirmed transactions are kept on the meme pool. It increases and decreases every 10 minutes.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    A) The number of unconfirmed transactions will increase the meme pool and fees increase.

  • How does a growing mempool effect transaction fees?
    A) longer wait times. Simpler/higher fee transactions will be confirmed first as they take up less bytes and better compensation for the miner

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