Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2770
  1. What is the mempool?
    The mempool is the list of unconfirmed transactions that each node keeps.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will get bigger because the unconfirmed transactions will leave the mempool at a slower rate.
  3. How does a growing mempool effect transaction fees?
    Will create a competitive atmosphere for getting a transaction to be accepted into a block, so transaction fees would increase.
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#2771

  1. What is the mempool?
    The mempool is the pool of all of the unauthorized transactions that need to be added to the blockchain.

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

  3. How does a growing mempool effect transaction fees?
    Transaction fees will increase.

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#2772

1, Mempool is a list of unconfirmed transactions.

  1. Mempool will grow in size and have an impact on the price.

  2. The price will go up.

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#2773

The mempool is a database of unconfirmed transactions. The transactions are signed by wallets using their private key, verified by other nodes on the network, and waiting to be confirmed by a miner and added to the blockchain.

The mempool gets larger which means longer transaction times.

The miners are financially incentivized so transactions offering higher rates get added to the blockchain first.

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#2774

What is the mempool?

When a Bitcoin transaction is transmitted to the network, it first gets verified by all of the Bitcoin nodes available and its state is set to unconfirmed. The Mempool is basically the node’s holding area for all the pending transactions (its memory space, usually a RAM type of memory). Each computer node has a different capacity for storing unconfirmed transactions (due to different hardware specs). Simplistically speaking it is the bitcoin node’s method for storing unconfirmed transactions. It is a way of managing transactions that have not been included in a block yet, hence, they are unconfirmed.

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

Once the Mempool reaches full capacity, the nodes will start prioritizing transactions by setting up transaction fees, with a specific threshold. Transactions with a fee rate lower than the threshold are immediately removed from the Mempool (rejected) and only new transactions with a large enough fee are allowed access to the Mempool (the initially proposed transaction fee is calculated by the user’s wallet). If new transactions arrive at a higher rate than they are cleared from the mempool into blocks, a “traffic jam” will occur and transactions can take a longer time to get approved (depending on their size and attached fee). Essentially the miners will choose which transactions to confirm first based on fee rates. The higher the fee, the higher the transaction is prioritized and included sooner in a block.

How does a growing mempool effect transaction fees? transaction fees go up!

When our wallet signs and broadcasts a transaction out to the Bitcoin network, the transaction is flooded (broadcasted) out to all of the nodes (including miners) on that network for verification. But they don’t immediately accept the transaction as valid, it must first be included in a block produced by a miner. Each transactions fee level is defined as the number of Satoshis per byte the transaction pays. When a node that accept our transaction has a large mempool, this means that the miners are on demand (because the transaction confirmation time is increased and nobody likes that) and will have an increased fee threshold for confirming the transaction. Again simplistically speaking, the miners will exploit the fact that the mempool is loaded and will prioritise expensive transactions (meaning transactions that are willing to pay higher fees and occupy more bytes).

Tip: Each mempool is emptied in approximately every 10min. By timing our transaction and using a fixed fee we can achieve cheap transaction fees. For example by using various free online services we can re broadcast our transaction until we hit the desired fee.

This is a link for calculating bitcoin fees
This is a link for bitcoin transaction acceleration

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#2775

What is the mempool?
It is a database where all unconfirmed transaction are so miners can taken them and add them to the blockchain to verify them.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    The transaction does not make it to the next block that is put in the blockchain. The mempool gets bigger.

  • How does a growing mempool effect transaction fees?
    There will be a higher fee to have your transaction verified first to get to the blockchain from all the other transactions in the mempool.

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#2776
  1. Unconfirmed transactions go in the mempool…when the node that receives the transaction is validated (making sure you don’t brake any rules) it will then put the transaction in the mempool.
  2. the mempool gets larger and it takes longer for tx to finish.
  3. it might turn into a competition
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#2777

The mempool doesn’t really get emptied if there are more tx than they fit in a block. In case a block is mined only txs that were mined are removed from the mempool, the rest of the unconfirmed txs remain. :slight_smile:

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#2778
  1. is a place in each node where transactions wait to be confirmed
  2. mempool will grow in size
  3. price goes up
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#2779

1.unconfirmed transactions
2.mem pool increases
3.longer time time to process, miners go for highest fee

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#2780
  1. What is the mempool?
    An area where a node/miner holds valid, unconfirmed transactions waiting to be picked up by a miner and added to a block.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    new transactions arrive at a higher rate than they are cleared from the mempool into blocks, a “traffic jam” will occur and transactions can take a long time to get approved (depending on their size and attached fee).
  3. How does a growing mempool effect transaction fees? If the Mempool gets too big a theshold fee will be set with all transaction below the fee value being dropped. Miners pick transaction based on incentive, picking the highest fee transactions first.
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#2781
  1. What is the mempool?

a. It is a list of records regarding unconfirmed transactions.

  1. What happens if the miners can´t keep up with the rate of the new transactions?

a. The mempool increases in size due to pending transactions, which has an effect on
transaction fees.

  1. How does growing mempool affect transaction fees?

a. Miners will choose to complete transactions with higher fees

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#2782

#1) A mempool is a list (data) of verified but unconfirmed transactions.
#2) The mempool will grow in size and the wait time in the mempool will increase for a transaction to be mined (confirmed in a block). Also, the mempool will set a minimum threshhold feerate in satoshis per byte and if a transaction has less than that fee rate, it will be rejected.
#3) Transaction fees will increase because miners take the highest fee rate transactions, first, from the mempool. The lower rate transactions are at the lower part of a growing “pile” of transactions waiting in the mempool. Proposed transaction senders will start placing higher fee rates on their transactions to avoid unecessarily long waits.

#2783

  1. A mempool is the count of all the UTXOs of a node in question. Each node of a blockchain network got its own mempool. Mempools of a blockchain may differ as all nodes will eventually have all transactions registered on their copy of the blockchain but transactions have first to be broadcasted from the nodes on which they occur to the rest of the blockchain network.

  2. Transactions are accumulated to be added on the network (mempool size increases) and longer waiting times for transactions to be verified occur.

  3. As there is bigger demand for transactions to be added to the blockchain, the fees for those transactions to be validated also grow.

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#2784
  • After the transaction is constructed, signed, and sent to the network, it stays in a mempool unconfirmed until a miner picks it up to confirm.
  • Bigger mempool and higher fees.
  • Miners are incentivized by rewards (mining fees), so if there are a lot of transactions in the mempool they will prioritize the ones with higher fees, so confirmation time would be slower than usual for the ones with low-medium fees.
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#2785

The mempool is the group of transactions that has been approved by the nodes but yet to be confirmed by a minor.

If the transaction rate is too fast, the mempool will build up and transactions will be slower.

The bigger the mempool, the more expensive it is to execute a transaction because miners always pick the ones with the highest fee first

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#2786

1 a list of unconfirmed transactions
2 the mempool grows and will have higher transactions fees.
3 Miners can choose to confirm in the blocks first transactions with higher Satoshis per byte

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#2787
  1. What is the mempool?
  • The mempool is a data base structure where all still unconfirmed transactions are stored, after they have been verified by a full node. Each full node maintains its own mempool (the mempool versions between full nodes might have slight differences at a given time, until they get synchronized). A unconfirmed transaction remains in the mempool until it is picked-up by a miner who confirms the transaction and inserts it into a block. The selection’s priority of unconfirmed transactions is determined by the amount of each transaction fee.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • The nodes will prioritize the unconfirmed transactions by introducing a threshold for the minimal transaction fee and all transactions with lower fees than the threshold are removed from the mempool.
  1. How does a growing mempool effect transaction fees?
  • As bigger a mempool grows in its occupied size as higher the transaction fees. Basically, the transaction fees are somehow directly proportional to the ratio between the free and occupied storage space in the mempool.
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#2788

  1. mempool is list of unconfirmed transactions.

  2. then there will be a backup of alot of blocks.

  3. growing mempool would only mean higher fees.

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#2789

  1. What is the mempool?
    It’s a storage of all the pending transactions. Waiting to be mined/approved by miners.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    In that case the transaction remains in the mempool, therefore the list in the mempool increases as more transactions can piling up faster than the rate at which the miners mine.

  3. How does a growing mempool effect transaction fees?
    The fees go up. More satoshi per bite in blocks. Miners are paid per size (in bytes) of the transactions. As the mempool gets larger the miners will go to the highest paying fees (competition increases because people want to pay more so that their transaction goes through).

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