Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2529

  1. The mempool is an aggregate list of all unconfirmed/pending transactions

  2. The transactions build up in the mempool, increasing the backlog of transactions

  3. A growing mempool leads to increased tx fees. This incentives miners to allocate more hashrate to clear the tx’s.

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#2530

Temporarily this would help, but eventually the difficulty would adjust and it wouldn’t make a difference. Basically a higher hashrate doesn’t influence the rate transactions are mined it just makes the blocks more secure. :slight_smile:

#2531
  1. What is the mempool?
    The mempool represents a place where transactions are yet to be confirmed and added as part of the blockchain: pending transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    In the case of miners being unable to keep up with the rate of transactions the later must stay on hold until validated and mempool as a result grows.
  3. How does a growing mempool effect transaction fees?
    A growing mempool incentives transactions fees to be higher to be taken first. (Comments on this last one appreciated, thanx)
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#2532
  1. What is the mempool?

The mempool is a database of transactions that have been detected by the nodes of the network but not yet confirmed

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

The mempool will grow in size as the list of unconfirmed transactions becomes larger

  1. How does a growing mempool effect transaction fees?

Transaction fees will increase as each transaction tries to make itself more ‘attractive’ to the miners. In addition, the overall general increase in fees should attract more miners to the network to add processing power and retain equilibrium in the flow of transactions into and out of the mempool.

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#2533

The block space is limited and when the network gets congested, people will pay higher fees to make their tx process faster. :slight_smile:

#2534

Temporarily this would help, but eventually the difficulty would adjust and it wouldn’t make a difference. Basically a higher hashrate doesn’t influence the rate transactions are mined it just makes the blocks more secure. :slight_smile:

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#2535

  1. A Mempool is a data structure with unconfirmed transactions & fees. It waits confirmation by the all nodes.

  2. In this case, the miners would look at the Satoshi Bite’s & space to consider a larger transaction. The block is limited.

  3. For example, if there is a lack of miners in the network. The fee’s can become higher. Resulting in a long list outcome.

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#2536

1- mempool is a database on each node that shows all unconfirmed transaction on the network.

2- Mempool grows causing longer transaction times , which could also lead up to astronomical fees on average.

3-- I would assume transaction fees will get very high.

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#2537
  1. What is the mempool?

The mempool is a pool of transactions that have been validated by nodes, but are not confirmed yet. Unconfirmed transactions will remain in the mempool until a miner picks them up, adds them to a block and appends the block to the blockchain

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

In this scenario the mempool would grow in size significantly, increasing competition for fast confirmation of transactions and increasing fees.

  1. How does a growing mempool effect transaction fees?

Transaction fees would likely increase as many people don’t want to wait for their transaction to be confirmed for a long time, and thus incentivise miners with higher fees (and likely a better sat/B ratio), so that they prioritise their transaction. This increased reward, in turn, would likely lead to increased miner activity, which should aid in miners keeping up with the rate of new transactions.

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#2538
  1. The mempool is a place where unconfirmed transactions wait for a miner to pick them up to add to the next block.
  2. If the miners can’t keep up with the rate then the mempool grows larger and there are longer transaction times.
    3.Transaction fees increase with a larger mempool because of the competition to get the transaction to the next block. Larger fees are offered to miners to get the transaction picked first.
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#2539

1.a special place where unconfirmed transaction wait to be picked up by miners and
added to the next block
2.the mempool fills up or get backed up and transactions take longer to be put inot the next block.
3.transactions with higher fees get priority

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#2540

This would only help for a short time, but eventually the difficulty would adjust and it wouldn’t make a difference. Basically a higher hashrate doesn’t influence the rate transactions are mined it just makes the blocks more secure.

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#2541
  1. The Mempool is where unconfirmed transactions wait for a miner to add them to the next block.
    2.The Mempool grows larger and consequently this causes longer waiting times for transactions to be approved.
  2. This will result in higher transaction fees simply because of the competition to get the next block, basically larger fees are offered to miners to incentivise the miner to pick uo the unconfrimed transction quicker or first over the other in the mempool.
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#2542

Thanks for clarifying, appreciate it!

#2543

  1. Mempool is a list of unconfirmed transactions, each node has a copy of this list.

  2. The Mempoll would grow in size and the waiting time to confirm transactions would be longer.

  3. Transactions with higher fees will be selected first by the miners. While the others will have to wait longer, which means that if someone needs to make a transaction that is confirmed quickly they would have to pay more fees.

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#2544
  1. Unconfirmed transactions
  2. The fees will go up, new miners will join for rewards
  3. Fees will go up
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#2545
  1. The mempool is pending unconfirmed transactions
  2. The mempool and the confirmation time will increase
  3. It will increase the transaction fees
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#2546

omework on Mempool - Questions

  1. What is the mempool?

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

  3. How does a growing mempool effect transaction fees?

  4. The mempool is the node’s holding area for all the pending transactions. It is the node’s collection of all the unconfirmed transactions it has already seen enabling it to decide whether or not to relay a new transaction.

  5. The mempool increases

  6. Bigger mempool -> bigger fees.

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#2547

The mempool will grow to big wich means that unconfirmed transactions will take more time to be included in a block unless you pay more fee

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#2548

yes, your explanation much better then mine :slight_smile: thanks :+1:

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