Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2730
  1. What is the mempool?

The mempool is a collection off all unconfirmed transactions that are stored by the nodes of the bitcoin network.

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

Any transactions not processed by the miners are left in its mempool. If miner’s mempool reaches its limit, then the miner will drop transactions in its mempool with the lowest fees to accommodate a transaction received that has a higher fee.

  1. How does a growing mempool effect transaction fees?

The larger the mempool grows, the larger a transaction’s fee will need to be to have it on processed in a timely manner since the miner will seek to maximize its rewards by processing transactions with the largest fees first.

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#2731

Mempools are a collection of received but unapproved transactions of each node.

If miners can not keep up with the rate f new transaction there will be latency in the blockchain. Transaction approval time will increase, storage space on nodes will increase and it is likely that transaction fees will increase resulting in a likely increase in miners.

Growing mempools will have an inflationary effect on transaction fees.

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#2732
  1. What is the mempool?

The Mempool is a data struture where all the unconfirmed utxo’s are stored, each device on the network that runs a full node broadcasts their own version of the mempool to the other nodes and miners on the network.

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

The mempool grows with more and more unconfirmed utxo’s’ meaning you will be forced to pay higher fees to get a transaction through quicker.

  1. How does a growing mempool affect transaction fees?

When the mempool grows miners have a choice of the transactions on offer, choosing the most satoshis per byte would be therefore more profitable for them, this results in the effects of having to pay a higher transaction fee to attract the miner to write it into the blockchain.

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#2733

1.What is the mempool?

A formally accepted tx goes into the mempool, this is the sum of all tx´s generated in a specific amount of time coming in to a node. There are different mempools on different nodes, this varies by the order of tx incoming time.
Tx´s from those mempools are picked by the miners, they have a own mempool, as they run nodes, too. The tx with the highest fees will be picked first for creating a new block on the blockchain.

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

The lower the profit the longer the duration of adding tx´s to the blockchain will take. But the mining difficulty decreases according to the btc protocol in such a situation. This will bring in balance in the process because new miners would join.

3.How does a growing mempool effect transaction fees?

As the fees are calculated as being the difference between input and output of a tx, it could depend on the value of btc included in the tx´s in the mempool.
The lower the value, the lower the fees, the less profitable the mining of new blocks resulting in slower adding of a new block and vice versa.

#2734

There is no such thing in the protocol that would lower the difficulty when the traffic is high. The difficulty is only adjusted based on the hashrate of the network so that blocks are generated approximately every 10 min. :slight_smile:

#2735
  1. What is the mempool?
    Transaction not yet confirmed by miners to the BlockChain.
  2. What happens if the miners can’t keep up with the rate of the new transaction?Transactions which drives up fees.
    There will be a backlog of the mempool of unconfirmed
  3. How does a growing mempool effect transaction fees?
    Will increase miners fees, ie., to the highest bidder, since miners are driven by incentives/fees per byte, and they miners are all about their capacity-size.
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#2736

1: its where all unspent transactions are stored and waiting to be put on the blockchain by a miner.
2: if the miners can’t keep up with the rate of new transaction then the transaction time increases which will inflate the price of transactions.
3: The fees will go up because people will be willing to pay more to get their transactions confirmed.

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#2737

oh, thank you for the corrections… i need to revisit this topic when i´m on a higher level of insight according to that whole mining process :slight_smile:

#2738

  1. What is the mempool?
    A data structure that every node has, where the unconfirmed transactions are temporally stored. A node will receive all incoming transaction and validate them (by verifying that enough funds are available), then put them in the mempool waiting to be confirmed.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The size of the mempool increases and the cost of fees increases too

  3. How does a growing mempool effect transaction fees?
    Transaction fees increases and the time for confirming transactions increases too. This should discourage users to make transaction so the mempool size decreases. As long as I know this is an scalability problem that second layer solutions are trying to solve.

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#2739
  1. It is the limbo where all unconfirmed transactions gather
  2. The size of the pool grows and time to resolve transactions increases
  3. Fees increase
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#2740
  1. a list of transactions
    2)longer transaction times if miners cannot keep up.
  2. higher fees!
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#2741
  1. the mempool is a collection of outgoing transactions in the ‘memorie’ of a node. These Txs need to be picked up by a miner.
  2. they pick the highest fee (highest reward) first
  3. growing pools would cause competition between transactions (and the people executing them). So to get a transaction confirmed quickly u need to pay a higher fee what causes a snowball effect that results in periods of high fees.
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#2742

The mempool is the list of transactions that have not yet been confirmed.

If miners can’t keep up with the rate of new transactions, the mempool will build up with a backlog of transactions.

the growing mempool will result in higher fees, to incentivize the miners to process the transactions

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#2743
  1. What is the mempool?
    Total number of UTXO’s present on Blockchain network at any given time.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The number of UTXO’s will increase.
  3. How does a growing mempool effect transaction fees?
    The growing mempool will increase transaction fees.
#2744

  1. In The mempool transaction are stored Before a miner can confirm them

  2. Transaction Times Become longer

  3. People are willled to pay more to get There transaction confirmed faster

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#2745

  1. What is the mempool?
    The mempool is the list of unconfirmed transactions not yet added to the blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The there is a mempool backlog. Transaction times will increase.

  3. How does a growing mempool effect transaction fees?
    Miners add transactions from the mempool to the blockchain according to the highest bidders. According to the law of supply and demand, transaction fees will increase.

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#2746

[quote=“ivan, post:1, topic:8438”]

  • What is the mempool?

It is the collection of unconfirmed transactions that still need to be written into the blockchain.

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

The transaction fees increase and because the miners select the most lucrative transactions to mine, transactions with lowest fees will potentially be left in the mempool and eventually if they are not confirmed will be thrown out and the transaction will be reversed (currency returned to initiators key).

  • How does a growing mempool effect transaction fees?

The fuller the mempool, the higher the fee at that point will be.

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#2747

  1. They mempool is a data structure that holds all of the unconfirmed transactions that have been broadcast to the network.

  2. The mempool will grow if miners can’t keep up with the rate of transactions.

  3. When the mempool grows, users start offering higher transaction fees in order to skip to the front of the mempool line.

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#2748
  1. The mempool is a place for unconfirmed transactions to be stored temporarily.
  2. The mempool will get larger and transaction fees will increase.
  3. Since miners are incentivized to pick transactions with the largest transaction fees, the overall transaction fees will increase.
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#2749

The mempool is like a database that every node has with unconfirmed transactions. Not utxo’s. Utxo’s are just unspent outputs that you can change the ownership with a transaction. Transactions contain more information. From the mempool, miners will pick transactions to add and confirm it on the blockchain