Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2710
  1. The mempool is a database of all unconfirmed transactions which need to be mined
  2. The confirmagtion time gets longer; to compensate for that one can increase the fee to give the miners an incentive to prioritize ones transaction and to incentivater new miners to join the mining pool
  3. It will make them more expensive
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#2711
  1. What is the mempool?

In a mempool are all verified but not yet confirmed transactions are stored. A miner will pick the transactions up from the mempool starting with the ones with the highest fee.

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

The completion time for an transaction will increase.

  1. How does a growing mempool effect transaction fees?

The transaction fees will increase because the miners prioritize the transactions with the highest fee.

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#2712
  1. Unconfirmed transactions in node
  2. Blocks get full, fees go up
  3. fees grow too
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#2713
  1. It is the memory pool of unconfirmed transactions on the blockchain nodes (and miners).
  2. The mempool size increases
  3. Transaction fees tend to go up as transactors increase fees in order to compete for block placement.
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#2714
  1. The mempool consists of the unconfirmed transactions that are being sent to the nodes/miners to be confirmed and added to the block. Once the transactions are confirmed, they are removed from the mempool.
  2. The mempool will grow larger and there will be longer transaction times.
  3. The transaction fees increase as the mempool grows.
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#2715
  1. The mempool is a data structure of unconfirmed transactions
  2. The size of the mempool increases and you get a backlog (therefore there are longer transaction times)
  3. A growing mempool increases in transaction fees
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#2716

1 -> Is a list holding all unconfirmed tx. A copy of this list is present on each node.
2 -> This will end up in a mempool congestion and thus longer transaction times
3 -> Miners will preferably pick those tx with higher fees first to put it in the next block. A congested mempool will lead to higher tx fees.

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#2717
  1. The mempool is a record of unconfirmed transactions that is shared between nodes.
  2. The mempool grows and transactions take longer.
  3. Fees will be higher because transactions need to compete with more other transactions, and miners mine the transactions with the highest fees first (sats/byte)
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#2718

What is the mempool?
This is local storage per node with all unconfirmed transactions that come through the node.

What happens if the miners can’t keep up with the rate of the new transaction?
It will take longer for transaction to be confirmed, resulting in people offering more transaction fees to be confirmed faster while other people might wait to send their transaction later as they do not want to spend high fees.

How does a growing mempool effect transaction fees?
See previous answer :rofl:

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#2719
  1. What is the mempool?
    mempool is the list of unmined transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    They will get backlogged with potential fee increases.
  3. How does a growing mempool effect transaction fees?
    The rates will increase by competition.
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#2720
  1. What is the mempool?

It is a database and memory of all unconfirmed transactions.
2. What happens if the miners can’t keep up with the rate of the new transaction?

The transactions with the highest fees are processed first.
3. How does a growing mempool effect transaction fees?

The transactions with the lowest fees are processed last. Also the fees per transaction may increase in an effort to be put at the front of the line for processing.

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#2721

  1. What is the mempool?
    Basically a list of unconfirmed transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Then the list of unconfirmed transactions are pilling up.

  3. How does a growing mempool effect transaction fees?
    A growing mempool causes a delay in transaction confirmation, and could lead to higher transaction fees and thus a less efficient network.

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#2722
  1. The mempool is a data structure on each node that contains a list of unconfirmed bitcoin transactions.
  2. The mempool size will approach full capacity and the nodes will then start to prioritize transactions by setting a minimum fee. Transaction times will increase.
  3. The transaction fees will increase.
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#2723
  1. the mempool is a list of all the unconfirmed transactions of a node
  2. they prioritize the transactions with the highest fees and leave the rest of the unconfirmed transactions for another block
  3. the bigger the mempool the higher your fees need to be to be prioritized by the minor as the minors can only fit a certain amount of transactions into a block
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#2724

1. What is the mempool?
A mempool is a data structure that each node has to keep track of unconfirmed transactions. When a transaction is broadcasted to a node; the node makes sure it makes sense, then writes it to its mempool, then broadcasts it to other nodes. Miners can access the mempool of either a node or its own and pick the transaction with the highest fee. Fees are denominated in Satoshis/Byte. The more complex a the transaction is, the more Sats/B it costs.

2. What happens if the miners can’t keep up with the rate of the new transaction?
If miners cannot keep up with the rate of new transactions, they will continue to prioritize the highest fee transactions while the mempool backlog builds. This results in longer transaction times and possibly higher fees. If you set a fee that is too low, it is possible for you transaction to stay in the backlog for extended periods of time.

3. How does a growing mempool effect transaction fees?
Growing mempool results in higher fees.

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#2725

A Mempool is a list of all unconfirmed transactions that are verified, follow the rules and makes sense, which means that the owner has the amount he wants to spend.

The list of unconfirmed transactions will increase.

Transaction fees go higher.

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#2726

1. What is the mempool?

  • Mempool is a collection of (valid) transactions recently broadcasted in the Bitcoin network, that are still waiting to be included in the blockchain (confirmed). Each Bitcoin node is independently putting it together, based on the valid transactions it receives. When a block is successfully created (mined), all the transactions included in that new block get removed from the mempool.

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

  • In that case, the mempool will increase in size, as there is a big demand for the transactions to be included in the block, but the block space (size in Bytes) is limited. It means the transactions that do not carry a big fee will have to wait longer to be confirmed.

3. How does a growing mempool effect transaction fees?

  • As mempool grows, the transaction fees generally increase, as the BTC users (through their wallets) are competing for limited block space. The only way they can compete to “get miners’ attention” (be included in the next block) is to specify relatively high fees. It is a simple example of supply and demand - when the demand for block space is high, its price (in the form of fees) must increase.
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#2727

1.Signed and authorized transactions ready to be added by miners to the blockchain.
2. Mempool grows, slower transaction times. more need for miners more fees more miners.
3. Higher fees get taken first, miners make more profit on more higher fees, space and more market for new miners

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#2728

  • What is the mempool?
    a location of unconfirmed tranactions in the network

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

pool grows, times of transactions are delayed

  • How does a growing mempool effect transaction fees?

fees increase as pool grows

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#2729

  1. What is the mempool?
    -Is a zone where there is a list of uncorfirmed transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    -The mempool will grow up in unconfirmed transactions.

  3. How does a growing mempool effect transaction fees?
    -If the mempool is growing up, the fees are going to increase in cost and the time of processing will take longer.

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