Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2389

1- place/collection of unconfirmed transactions
2- pool grows larger, transaction fees increase, miner will choose highest rates, increasing rate and transaction time
3- miners choose highest fee rate, who ever pays more is likely to be chosen sooner by miner

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#2390
  1. What is the mempool?

A list of unconfirmed transactions

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

the mempool grows bigger (larger list)

  1. How does a growing mempool effect transaction fees?

Miners picks the transactions with the highest fee first, so fees will likely to go up

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#2391

:thinking: :yum: :grin: you know its mempool, short for memory pool :smiley: no memes there

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#2392
  1. Mempool is a list of transactions on a node that may be propagated to other nodes but has not been confirmed by a miner yet; however the transactions make sense to the nodes.
  2. The mempool backlog increases and this may result in fees increasing.
  3. Transaction fees increases as there is a high demand for miners to pick the transaction with the most fees to be recorded on their block.
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#2393
  1. A mempool is a list all nodes carry of all unconfirmed transactions or transactions that have been verified but not picked up by a miner and added to the blockchain.
  2. If miners cannot keep up with the rate of the new transaction, the mempool can get crowded increasing the time it takes to confirm transactions.
  3. A growing mempool will lead to higher transactions as competition to be the transaction to be appended to the blockchain increases as the race for higher fees continues higher and higher.
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#2394

Lol. Auto correct. :grinning:
Thanks for the reply Alko89. :blush:

#2395

  1. What is a mempool?
    The mempool is a place where UTXO’s wait for a miner to pick them up to add to the next block of the BLOCKCHAIN.

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

The mempool gets flooded with UTXO’s and when this happens the mempool then prioritises transactions with the highest fees.

3.How does a growing mempool effect transaction fees?
transaction fees go up!/
A growing mempool increases transaction fees because miners are incentived to choose transactions that offer them the highest fee in return for appending the transaction onto the blockchain. Miners can neglect lower fees until they have mined through the higher bids.

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#2396

  1. the mempool is a list of all unconfirmed transactions that have yet to been put into a block and into the blockchain by a miner.

  2. The mempool grows in size with the increasing transactions.

  3. Miners will be incentivized to look for the transactions with the highest fees, so people will pay higher fees for their transactions to be put into blocks faster.

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#2397
  • What is the mempool?
    list of unconfirmed transactions
  • What happens if the miners can’t keep up with the rate of the new transaction?
    mempool grows and transaction takes more time to get confirmed.
  • How does a growing mempool effect transaction fees?
    miners choose transactions with higher fees, which will put transactions with lower fees in “waiting list”, so cuz people want their transaction to get confirmed faster they will higher their fee
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#2398
  1. What is the mempool?
    answer: records of posted but unconfirmed transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    answer: takes longer to confirm transactions and get required number of confirmations
  3. How does a growing mempool effect transaction fees?
    miners selecting higher fee transactions in mempool first to make as much money as possible based on fees per byte (satoshi/byte)
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#2399

  1. The mempool consists of all unconfirmed transactions that make sense to the nodes.

  2. The mempool fills up making transaction times longer to complete.

  3. The bigger the mempool the more fees go up because miners are incentivized by fees. If you don’t want to wait longer you’ll need to give them a bigger fee to get prioritized.

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#2400

  1. A pool which consists of many unconfirmed transactions on each node

  2. The mempool will grow in size leading to a backlog or transaction delay.

  3. Transaction fees will increase due to competition between miner rewards.

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#2401

  1. What is the mempool?
    The waiting area in which transactions linger until they are selected and processed by a miner for a block (comparable to a bus station)

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    A waiting period forms (backlog). The transactions that pay a higher fee are processed first

  3. How does a growing Mempool effect transaction fees?
    The higher the amount of transaction, the higher the transaction fees to proceed the transaction in a specific time

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#2402
  1. Mempool is a data structure of all the transactions that have been made and accepted as valid by all nods, but no miner has put them into a block yet, so they are still all uncofirmed.
  2. Mempool gets bigger as it has more uncofirmed transactions.
  3. Transaction fees get higher because miners prioritize transactions with higher fees (idealy larger fee and lower bytes that take up the space) as it is their reword for their work.
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#2403

  1. The Mempool is a “waiting area” for Bitcoin transactions that each full node maintains for itself. After a transaction is verified by a node, it waits inside the Mempool until it’s picked up by a Bitcoin miner and inserted into a block.

  2. All transactions will remains in the mempool until it is either propagated into the new block by a miner, or rejected. Consequently, if the rate of new transactions is too high, it will likely increase the confirmation time or transactions, and will lead to increased failed transactions as the transactions with higher fees will be prioritised by Bitcoin miners.

  3. Once the Mempool reaches full capacity, the nodes start prioritizing transactions by setting up a minimal transaction fee threshold. Transactions with a fee-rate lower than the threshold are immediately removed from the Mempool and only new transactions with a large enough fee are allowed access to the Mempool. Hence bigger the mempool, higher the transaction fees

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#2404

  1. The mempool is effectively a storage area for all unconfirmed transactions.

  2. If miners can’t keep up with the rate of new transactions then the mempool grows and transaction time increases.

  3. A growing mempool makes transaction fees higher as people who want their transactions processed quickly will pay more to get a transaction put through quickly and the mining computers will automatically choose the highest fee per satoshi transactions.

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#2405

  1. Each node has a Mempool which stores all the unconfirmed txs that are waiting to be included in the next block.

  2. Unconfirmed txs will remain in the mempool until they are confirmed. Wait time will increase and tx fees will go up.

  3. Since txs with a higher fee are prioritised by miners fees will go up in a bigger mempool.

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#2406

  1. The mempool is a data structure that each node has, that an unconfirmed transaction is sent to.

  2. Some miners may look different than others, that is because the transaction didn’t reach that miner yet.

  3. A growing mempool is just more and more inputs and outputs, which means more transaction fees.

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#2407
  1. It is the “space” in which valid transactions are in the “waiting line” for being processed by miners.
  2. The mempool gets bigger in size.
  3. Considering that it is a “fee market” the cost of transactions could increase
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#2408

  1. The mempool is the list of validated transactions in the network, waiting to be confirmed by miner

  2. The mempool will become congested, causing confirmations by miners to become delayed. As a result, the average transaction fee on the network go up as participants drive up gas fees and amount in order to have miners prioritize their transactions.

  3. I got carried away and answered that in question 2.

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