Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3191

A mempool is a list of unconfirmed transactions that is given to every node.
If they cannot keep up with the rate of transactions, they increase fees to create a competition for being added to the blockchain.
If a mempool is growing fast the fees get higher to disuade people from using it as well as incentivize miners to add it

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#3192

  1. The mempool stores all of the unconfirmed transactions that are waiting to be mined by miners. That is: For the transactions to be added to a block, into the overall blockchain - only then, is a transaction considered as fully completed.

  2. Then transaction times will increase. In the case of Bitcoin’s blockchain, new blocks (filled with transactions) are added every 10 min.

  3. Transaction fees increase as there is a growing competition to get one’s transaction confirmed. The growing competition leads to an increase in price (Satoshi / Byte).

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#3193
  1. What is the mempool?
    Mempool is a place where unconfirmed transaction are waiting for miners to pick them to add to the next block, they are attached to Nodes.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool growns and the fee goes up
  3. How does a growing mempool effect transaction fees?
    higher the fee the faster the miners will include into the next block
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#3194
  1. A mempool is where unconfirmed transactions are placed until the miner selects and confirms a transaction.
  2. The mempool then increases in size of unconfirmed transactions.
  3. Transaction fees increase for the miners.
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#3195
  1. A data structure that stores a list of unconfirmed transactions
  2. The mempool size will increase with more transactions, therefore, longer transaction times
  3. It would increase the fee in order to be prioritized since you’re competing with more transactions
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#3196

What is the mempool?

The mempool is a "waiting area" for bitcoin transactions that each full node maintains for itself. After a transaction is verified by a node, it waits inside the mempool until it's picked up by a bitcoin miner and inserted into the block.

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

If the miners can't keep up with the rate of a new transaction, they can ask another node, or they can check their own node.

How does a growing mempool effect transaction fees?

As the mempool increases, so the miners are incentivized to get the transaction with the highest fee per byte. The lower fees are then stuck in the mempool until an open spot in the block is cleared. Therefore, the higher the fee, the faster the transaction is cleared onto the block.

700×415

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#3197
  1. Mempool is a pool that contains all unconfirmed transactions until the miner selects them, confirms them, and added to the next block
  2. The Mempool size increases and the transaction times increases
  3. Fee increases generally because miners start prioritizing higher fees to make more profits and therefore transactions with higher fees will be processed faster
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#3198
  1. The mempool is a list of uncofirmed transactions waiting to be confirmed by the miners.
  2. The time of confirmation would grow longer.
  3. Transaction fees increase because it increases the competition between transactions to be validated; miners are incentivized to pick transaction with larger fees.
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#3199

  1. Mempool is a data structure of each Node that stores unconfirmed transactions.

  2. This scenario results in an increment in the number on unconfirmed transactions. The size of the mempool increases.

  3. Due to traffic. The demand for fast transaction process increases therefore operational fee increases.

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#3200

  1. What is the mempool?
    It’s where unconfirmed transactions are stored until it gets picked up by a miner and placed into the block.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If miners can’t keep up the mempool grows and the transaction times take longer.

  3. How does a growing mempool effect transaction fees?
    Miners are incentivized by transaction fees. The fees increase with larger mempool because of competition to get the transaction into the next block. Miner will go for the highest transaction fee.

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#3201

Mempool is a storage of the unconfirmed transactions in the blockchain.
Mempool is increasing
Transaction fee goes up.

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#3202

A pool of all the UTXO

A pile of UTXO is build up and it makes it longer to process.

The more complex the transaction is the pricier it will be.

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#3203

  1. What is the mempool?
    A pool or ‘waiting area’ of unconfirmed transactions. These unconfirmed tx’s wait to be mined and added to blockchain

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Pool grows thus increasing wait times and fees.

  3. How does a growing mempool effect transaction fees?
    as an effect of growing pool, miners will opportunity to mine transactions with higher fees in order to get paid more

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#3204
  1. What is the mempool?

A Mempool is like a visual waiting room of unconfirmed transactions waiting to be added to the network.

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

That would usually indicate heavy traffic causing congestion and delays in processing. It may take up to a few days to complete.

  1. How does a growing mempool effect transaction fees?

Since miners are incentivize to make as much money as possible, they will select from the Mempool the unconfirmed transactions with the most Satoshis per Byte. In other words, as unconfirmed transactions pile up when network is very busy, it will have an inflationary affect on fees.

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#3205

  1. The mempool is where transactions are stored on a node prior to a miner putting it into a block

  2. If the miner can’t keep up with the rate of the new transaction the transactions are stored in the mempools of each node and their own nodes

  3. the transaction fees of each new transaction will be matched as closely as possible to the other trasactions in the mempool in order to get picked up by a miner

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#3206

Its a pool of unconfirmed txs, not UTXOs. :slight_smile:

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#3207

1. What is the mempool?
The mempool is the list of unconfirmed transactions each node has.

2. What happens if the miners can’t keep up with the rate of the new transaction?
3. How does a growing mempool effect transaction fees?
The list of unconfirmed transactions increases.
Because the miner will take only the tx with the highest fees:
A. The fee to make your tx validate increases
B. The time to make your tx validate increases

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#3208

It has taken me a bit of studying but I am finally beginning to be able to read your nodes, very cool.

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#3209
  1. The mempool is a storage place for transactions that have yet to be processed.
  2. If miners can’t keep up with the transaction rate, then the mempool grows. When the pool grows it takes longer to get a transaction done and the fees increase.
  3. As the fees increase, miners are incentivized to take the transactions with the highest fees, therefore those will be processed first to the chain.
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#3210

  1. What is the mempool?
    Each node has a list of unconfirmed transactions, this is the Mempool; it is actually a data structure that each node has where the unconfirmed transactions are stored

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Nodes receives the transaction and will validate it (check you are not spending a transaction that is already spent), and if it makes sense, it is included into their mempool until they have been confirmed.
    Miners can check their own mempool to select the next transaction, or query / request a list of transactions from other nodes and look for the the transactions with the highest fee to include into the next block.

  3. How does a growing mempool effect transaction fees?
    A growing mempool means more competition and higher fees. The miners will look to select the transactions with the highest transaction fees and these are calculated not on the monetary value of the transaction, but the size per byte. If you want your transaction to be completed quickly and included into the next block, you should select a higher fee when composing your transaction through your wallet.

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