Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3251

  1. What is the mempool?
    Mempool is the unconfirmed transaction count. The count before transactions get confirmed or voided. Where miners collect data for mining.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows, and transaction times increase, leading to more unconfirmed transactions.

  3. How does a growing mempool effect transaction fees?
    The fee’s increase as miners will start with highest fee’s (brining in the most incentive) and work their way down, thus raising fee’s across the board so transactions will be confirmed.

1 Like
#3252

  1. Mempool is a place where unconfirmed transactions go

  2. If there are too many transactions it will wait for the next block and choose the transaction with the highest fee

  3. The more value you transact, the higher the fee

1 Like
#3253

  1. The Mempool is a data structure of all the validated transactions that have been broadcasted to the blockchain but are waiting to be confirmed by a miner.

  2. The Mempool will increase in size, and transaction confirmation times will get longer and longer.

  3. Miners can only fit a limited number of transactional bytes into each block that is being produced, and are incentivized to take the largest fees first. The larger the Mempool, the higher the fees will be.

1 Like
#3254
  1. What is the mempool?

Each node has a mempool, which contains the list and details of all unconfirmed transactions the node is aware of. The node is updated by neighboring nodes on more transactions.

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

The mempool grows in size, requiring more node resources.

  1. How does a growing mempool effect transaction fees?

The larger the mempool, the more satoshis/byte must be charged to process the transaction when it is confirmed and written to a block. This happens every ~10 minutes.

1 Like
#3255

  1. A mempool is a list of unconfirmed transactions that make sense to the network. Each node has a copy of the mempool which may look different from one another but gets updated through the network of nodes.

  2. If miners cant keep up with the rate of the new transaction it would grow the mempool bigger, using more bytes.

  3. A growing mempool can effect transaction fees by increasing them, due to the more bytes required to complete the transactions in the mempool. This would happen until the bytes of miners could catch up to the mempool transactions. More bytes = more satoshis

1 Like
#3256
  1. Mempool shows how many transactions are unconfirmed and their fees.
  2. If Miners can´t keep up with the rate of new transaction so mempool will increase.
  3. Growing mempool effects transaction fees to go up.
1 Like
#3257
  1. What is the mempool?

Mempool is a list of verified TX’s by nodes, ready for miner to pick them and confirm into block (usually picked based on size of TX => higher fee)

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

Mempool grows

  1. How does a growing mempool effect transaction fees?

Miners simply prefer to pick bigger transactions (binary representation) because the fee is formed in Sat/B so the fee grows as there is more competion to get TX confirmed

1 Like
#3258

  1. A mempool is a list of unconfirmed transactions that all nodes have.

  2. If the miners can’t keep up with the rate of the new transactions then the pools will grow larger, and this might delay the confirmation process.

  3. The transactions fees might go up if the mempool is growing because the miners prioritize transactions with the highest fees.

1 Like
#3259
  1. A memory pool is where unconfirmed transactions wait to be picked up by a miner to be added to the blockchain.
  2. Transactions with the highest fees get processed first and the mempool will grow in size. There may also be longer transaction fees with higher fees, occasionally small transactions may be rejected.
  3. Larger transaction fees.
1 Like
#3260

  1. Mempool is the area where a list of unconfirmed transactions wait for a new block to be mined, which then a miner will add that data to new block.

  2. Mempool grows as miners cannot keep up with the rate of transactions, resulting in longer transaction times as well as increased fees.

  3. A growing mempool increases transaction fees as fees are a function of the amount of bits per satoshis used.

1 Like
#3261

  1. A list, on a node, of unconfirmed transactions waiting for a miner to add to the blockchain.

  2. The unconfirmed transactions will go into a mempool until the miners add the new transactions in the mempool to the blockchain.

  3. The higher the fee of a transaction in the mempool the quicker the transaction will be added to the blockchain.

1 Like
#3262
  1. A mempool is a data structure that stores unconfirmed transactions
  2. The mempools get filled up, transaction time and fees increase.
  3. If the mempool fills up, the transaction time increases therefore increasing the fee for the transaction to be verified.
1 Like
#3263

  1. The mempool is where the unconfirmed TX are waiting to be removed and appended to the next block.

  2. The mempool will grow.

  3. The bidding war begins!

1 Like
#3264
  1. The mempool is the list of unprocessed transactions.
  2. If miners can’t keep up, then it will take longer for new transactions to be processed.
  3. The fees increase, so that transactions are prioritized.
1 Like
#3265
  1. What is the mempool?
    Nodes store unconfirmed transactions in the mempool while waiting for miners to pick transactions to be included in the next block
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Transaction time will increase.
  3. How does a growing mempool effect transaction fees?
    fees will increase as people start to pay to have their transactions prioritized.
2 Likes
#3266
  1. What is the mempool?
    Special place of Unconfirmed transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    mempool will grow
  3. How does a growing mempool effect transaction fees?
    lots of input and ouput goes first cause miners will get higher fees.
1 Like
#3267 
1. The Mempool stores all unconfirmed transactions. When a wallet sends a transaction, all nodes get it and it remains an unconfirmed transaction in the Mempool. The Mempool may look a little different until the transaction propagates to all nodes.  The Miner checks into all nodes Mempool and choses the transaction with the Highest Fee (sotoshi per byte), and puts them in the next block and append the Block to the Blockchain as confirmed.  
2. Transaction times take longer, if Miners can not keep up with the rate of new transactions.  Blocks are produced every 10 minutes. 
3. Transaction Fees increase as a Mempool size increases.  Larger fees are offered to miners to get the transaction confirmed first.  Fees for simpler transactions are cheaper (one in and one output) as it takes less space (bytes) in the Block.
1 Like
#3268
  1. mempool is a list of unconfirmed transactions.
  2. number of unconfirmed transactions in the mempool increase.
  3. the more transaction in the mempool, the more competition for block space therefore higher fees.
1 Like
#3269
  • What is the mempool?
    Its a pool where all the transactions that havent been verifies are until a miner comes and verifies it.
  • What happens if the miners can’t keep up with the rate of the new transaction?
    the mempool would be flooded of transactions waiting to be verified
  • How does a growing mempool effect transaction fees?
    -Fees would be much more expensive as miners will choose the higher fees.
1 Like
#3270

  1. the mempool is the memory where transactions are stores until they’re picked up by nodes to add to the blockchain

  2. The mempool will increase and therefore the time for the transaction to be added to the blockchain will increase

  3. The bigger the mempool, the more transaction fees increases. The smaller the pool, transaction fees decrease.

1 Like