Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2830

1) What is the mempool?
Mempools contain unconfirmed transactions and fees. Each node has a mempool and each copy is much the same as the others although there might be small differences due to syncing.

2) What happens if the miners can’t keep up with the rate of the new transaction?
The mempool will grow larger and larger

3) How does a growing mempool effect transaction fees?
The transaction fees will increase to motivate miners to work harder and to involve more miners to clear the mempool faster.

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#2831

The mempool grows…

…Taking the fees with it. :slight_smile:

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#2832

What is the mempool?

The mempool is a list of unconfirmed transactions waiting to be added to the block.

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

As the number of transactions grow in the mempool will essentially get busy thus increasing transaction times and also costs.

How does a growing mempool effect transaction fees?

Miners are competing for the transactions with the highest fees and so the transactions with the highest fees will go first. This will increase the processing time for the transactions with smaller fees. Basically if the mempool is busy it will require a higher fee to process your transaction quickly.

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#2833
  1. What is the mempool?
    Mempool is a memory store containing unconfirmed transactions, transactions not yet on the blockchain.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    It takes longer on average for transactions to get confirmed, this is usually accompanied by growing transaction fees.
  3. How does a growing mempool effect transaction fees?
    transaction fees grow
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#2834

Homework on Mempool:

Q1: What ia the mempool?

A: The mempool is a list of unconfirmed transactions (tx/tx’s).

Q2: What happens if the miner can’t keep up with the rate of the new transaction?

(I’m guessing that what is meant by the question is relating to the number of unconfirmed transactions, and not the fee charged/offered/paid)

A: If the number of transactions in the mempool increases such that the miner can’t keep up, the length of
transaction time increases creating a backlog, and this creates a fee market.

Q3: How does a growing mempool affect transaction fees?

A: The highest tx fees paid/offered are given priority and put into the block first.

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#2835
  1. It is a scratchpad area on each node that is used to temporarily hold transactions prior to them being integrated into the blockchain by a miner.
  2. The overflowing transactions are held to be processed later up-to a point 72hrs later where they will be dumped. The transactions with the higher fees typically get processed first with the remainder running the gauntlet.
  3. A growing mempool will typically cause the increase of transaction fees.
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#2836
  1. Mempool is like a storage space inside each node for not yet confirmed transactions.
  2. Mempools will grow in sizes.
  3. They grow.
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#2837

  1. What is the mempool?
    list of uncomfirmed transactions

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    the list keeps growing and backing up forcing miners to charge higher fees

  3. How does a growing mempool effect transaction fees?
    the miner will have to charge higher fees for their block because of the amount of bytes he needs to confirm the transactions

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#2838
  1. A list of all unconfirmed transactions
  2. Mempool grows and slower transaction speed
  3. Increase in transaction fees
2 Likes
#2839

Homework on Mempool - Questions

  1. What is the mempool?
    The mempool is the place where bitcoin transactions are initially sent however are still unconfirmed until miners pick transactions in which they want to place within a new block in the blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The transactions will go into a queue of sorts based on transaction fee (satoshi/byte) where the miner prioritizes the highest fees first.

  3. How does a growing mempool effect transaction fees?
    This will incentivize bitcoin users whom want to send their transactions to specify a larger transaction fee so that their transaction will be prioritize and hopefully be processed more quickly.

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#2840

  1. Mempool is a place where unconfirmed transactions are placed.

  2. Logs will grow.

  3. Transactions will become more expensive.

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#2841
  1. What is the mempool?

-The mempool consists of all unconfirmed transactions and transactions that make sense to a node.

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

-When miners cant keep up with transactions the mempool grows larger and longer transaction times occur.

  1. How does a growing mempool effect transaction fees?

-Transaction fees increase due to competition to get the next transaction to the next block.

2 Likes
#2842

each node has a list or pool of unconfirmed transactions =mempool
Miners will then choose transactions with highest fees
it can potentially increase fees in order for transactions to be confirmend by miners

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#2843

  1. The mempool is the unconfirmed transaction count

  2. The mempool gets bigger and transaction confirmation time increases

  3. If the mempool gets bigger, transaction fees go higher and the miners would have priority on confirming higher fee transactions first.

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#2844
  1. Where the uncofirmed transactions are stored
  2. Memepool gets bigger, transactions stuck
  3. Imcreases the fees
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#2845
  1. The mempool is a graphic chart of statistics that describe what transactions are unconfirmed and what fees they have.
  2. There will be loss of potential payment if a miner can’t keep up. However blocks are still produced every ten minutes, whether they are filled with inputs/outputs or not.
  3. Miners are incentivized and will prioritize the transactions with the highest fees. Users come to understand that paying higher fees will ensure efficient confirmation times.
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#2846

The mempool is a data structure of unconfirmed txs. But it can be plotted on a graph :smiley:

Miners will not be in a loss, they would probably earn more because this would also increase the tx fees and miners would pick the most expensive ones and leave the cheaper txs pending in the pool. :slight_smile:

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#2847

Answers to Homework on Mempool.

  1. What is the mempool?
    Mempool is a collection of Unconfirmed Transactions that that has been verified by Node, but are waiting to be confirmed and written to a Block by a Miner.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    It takes longer time to get the new transaction confirmed, and in meanwhile the Mempool will grow.

  3. How does a growing mempool effect transaction fees?
    The Miners go after the Transactions that offer the highest TX fees.
    Therefore other Transactions would need to raise their TX fees, so it wouldn’t take “ages” for them to be confirmed.

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#2848
  1. a mempool is a ledger of unconfirmed transactions waiting for a miner to select them to add to the next block.
  2. if miners cannot keep up with rate of new transactions, the mempool will grow in size, resulting in longer transaction times. miners will prioritize those transactions with higher fees attached to process first.
  3. as the mempool grows, transaction fees increase due to increased competition to have a transaction added to the next block.
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#2849

  1. The mempool is the queue of transactions that have not yet gone into a block for the blockchain.

  2. If miners cannot keep up with the rate of the new transactions then they will choose to code the transactions that have a higher incentive for payment, i.e. a higher transaction fee.

  3. A growing mempool affects transaction fees because it is supply and demand coupled with reward. If there are too many transactions for each block, the queue, (or waiting list of transactions) will take longer to get processed. Since the miner is paid for it’s a transcription by transaction fees, this miner will naturally pick the transactions that pay the most. This results in an open market and will increase or decrease the transaction fee.

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