Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3131

  1. Signed Transactions will wait to be confirmed.

  2. Miners will prioritize the transactions with the highest fees, the rest will take longer to be signed off.

  3. The larger the transaction/size the higher the fee. Each block has a limited size so the more space the more u will pay.

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#3132
  1. The mempool is an area reserved for UTXOs inside nodes.
  2. The confirmation of transactions and creation of new blocks slows.
  3. The transaction fees increase with the size of the transaction.
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#3133

1)What is the mempool?

It is the temporary destination for any transactions which have been processed by a node, but are not yet confirmed to a block by a miner.

2)What happens if the miners can’t keep up with the rate of the new transaction?
They will stay in the mempool and an increase in backlog will build up. The higher the fees an investor/trader has spent, the more likely the miner will prioritise her/his transactions confirmation in a block

3)How does a growing mempool effect transaction fees?
Transaction fees incurred for new transactions will increase if there is a backlog. This can mean that transactions occurring towards the end of the backlog may get confirmed before transactions made earlier, due to miners prioritising transactions where higher fees have been paid.

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#3134

What is the mempool?

Unconfirmed transactions in a node

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

The mempool bedomes larger.

How does a growing mempool effect transaction fees?

The demand of confirming the transactions increases thus increasing fees.

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#3135

I am hoping this is the right place, but Please could I ask a question about the effect on transactions of and increasing backlog in the mempool?

Q :- In my research I have found that with an extreme backlog, some wallets will make funds spendable again if a transaction made is not confirmed in a set number of days. E.g. (72 hours). Practically, how does this affect the display of inputs and outputs on the node/wallet, and is it true that a transaction that has gone to the mempool, but is not confirmed by miners for a certain period, the transaction will be voided? I would guess that immutability only counts once the miner has confirmed.

Thanks in advance for anyone’s answer.

#3136
  1. What is the mempool? - a broadcasted unconfirmed transaction that needed to be mined and this new block is to be appended to the blockchain.
  2. What happens if the miners can’t keep up with the rate of the new transaction? - Miners has 10minutes to process the new block. Otherwise, they don’t get paid. They either upgrade their equipment to allow faster processing capability.
  3. How does a growing mempool effect transaction fees? - the higher the mining fee, the quicker your transaction block gets process and added to the blockchain. It is about prioritisation and quick confirmation the new block is secured to the database.
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#3137

  1. A mempool is a list of transactions waiting to be confirmed/placed in the block/appended to the block chain by the miner.

  2. If Miners can’t keep up the the rate of the new transaction, there is a lag time in getting the transaction added to the block. They will pick the highest fees first, and your fee may increase.

  3. A grown mempool effects transaction fees by increasing the fees.

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#3138
  1. What is the mempool?

When a transaction is created and is still unconfirmed by miners, it is sent to the mempool. So the mempool is a stored list of all unconfirmed transactions.

  1. 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 then the list of unconfirmed transactions will grow and it will take longer for transactions to be confirmed. Transactions will be slower.

  1. How does a growing mempool affect transaction fees?

The average fee would likely go up because miners will prioritize confirming transactions that have a higher fee. So in a growing mempool transactions with small fees will take longer to confirm compared to transactions with higher fees.

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#3139

Homework on Mempool - Questions

1. What is the mempool?

-Mempool is what stores pending TX.

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

-The Mempool will then begin to grow if miners can keep up with TX.

3. How does a growing mempool effect transaction fees?

-Tx fees go up because of the size of the mempool as it requires more space .

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#3140

  1. The mempool is the temporary memory that exists on all nodes to store valid transactions before they are added to a block by miners. Once a transaction is on a block, it is removed from the mempool.

  2. If miners can’t keep up with the rate of new transactions, the mempool will grow large, and the transactions will be uncomfirmed for longer periods of time.

  3. A growing mempool becomes more complex and leads to higher transaction fees for those who want their transactions to be swept up more quickly and added to the blockchain by miners.

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#3141

  1. What is the mempool?
    This is where unspent transactions go for the miners to choose the highest one to get the highest fee.

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

  3. How does a growing mempool effect transaction fees?
    The transaction goes up.

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#3142
  1. It acts as a pending place for transaction that are not yet added to the block

2.Mempol becomes bigger and more waiting times for transactions.

  1. Smaller transactions are faster and take up less space on the blockchain, big transactions take up more space and take longer to process plus higher fees.
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#3143

1.What is the mempool?

It’s basicaly list of all unspent transactions on the blockchain.

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

The mempool starts to grow,network slows down and fees may increase.

3.How does a growing mempool effect transaction fees?

If you pay more fees your transaction gets picked by the miners

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#3144

  1. where well-formed transactions reside before being confirmed by miners–it’s like purgatory

  2. the transactions to to the mem pool

  3. it’s like more bidders in an auction so fees go up

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#3145

It actually never left :stuck_out_tongue:

#3146

You can broadcast a new tx using the same UTXOs with a higher fee. This will ensure the tx gets confirmed faster before the old tx, thus invalidating it.
Some wallets probably have this option, I haven’t tried it tbh. I can usually wait for the tx to get confirmed even if it takes a bit longer. If I want a tx to get confirmed fast I just set a higher fee before sending it. :slight_smile:

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#3147

1 - Mempool is a holding area where miners take transactions. Better fee’s and the miners take your transaction before another.

2 - The queue will increase and fee’s will change about every 10 min.

3 - Fee’s will increase.

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#3148
  1. The mempool is a list of unconfirmed transactions held by nodes.
  2. If miners can’t keep up with the rate of new transactions, the mempool increases in size.
  3. A growing mempool will result in increasing tx fees, as miners will continually pick the txs with the highest fees.
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#3149

  1. Is a pool of unconfirmed bitcoin transactions awaiting to be included by a miner on to a block.

  2. Th mempool becomes larger as transactions await cofirmation.

  3. Fees increase so that the transaction has more chance of being noticed by miners, once noticed and confirmed they are included in to a block.

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#3150

1, A mempool is a list of unconfirmed transactions sitting at each node until a miner wants to add them to a block
2, The mempool will grow in size when the miners cant keep up
3, The transaction fees will grow

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