Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3291
  1. Mempool is a pool of all the unconfirmed transactions and their fees.
  2. Mempool grows and the transaction times will get higher on average.
  3. Fees most likely increase unless you have the option to choose a lower fee when time isn’t a problem for you.
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#3292

Miners choose transactions based on the sat/byte ratio. Meaning a smaller tx with a larger ratio of sats per byte would be chosen faster. :slight_smile:

#3293
  1. What is the mempool? A list or pool of unconfirmed transsactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction? The mempool increases in size-backlogs.
  3. How does a growing mempool effect transaction fees? Miners can chose to mine the higher transactions first…fees can increase.
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#3294
  1. The mempool is where all unconfirmed transactions reside in the process of waiting to added by a miner to a block. The mempool graph demonstrates the amount of transactions that are unconfirmed at any given time and the rate in Satoshis pr byte in which the transactions are getting confirmed for by minors. It essentially demonstrates the congestion of transactions at any given time. Mempool usually reflects change every ten minutes.
  2. When miners can’t keep up with the rate, the amount of unconfirmed transactions increase as well as the satoshis per byte in which transactions are confirmed for increases. Transactions usually take a longer time to get confirmed unless you are the highest bidder in transaction fee.
  3. Transaction fees are increased as the mempool grows because mining is an incentivized process so miners only choose the highest bidding transactions. This causes an increase in transaction fees in order to improve transaction times.
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#3295
  • What is the mempool?
    list of unconfirmed transactions waiting for miner pick up d
  • What happens if the miners can’t keep up with the rate of the new transaction?
    mempool grows larger. longer transaction time
  • How does a growing mempool effect transaction fees?
    larger fees
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#3296

What is the mempool?

  • Mempool is a database which stores unconfirmed transactions.

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

  • Than they store the open transactions, which make sense in the mempool.

How does a growing mempool effect transaction fees?

  • The transaction fees sat/byte grow.
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#3297
  1. the mempool is where transactions that havnt been confirmed on the blockchain go to wait.
  2. if miners cant keep up with the rate of new transactions they go to the mempool.
    3 a growing mempool can cause the transaction fees to increase because miners are incentivized to record transactions with higher fees first.
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#3298
  • What is the mempool?
    The Mempool is a database of all unconfirmed Bitcoin transactions and each node in the network has one.
  • What happens if the miners can’t keep up with the rate of the new transaction?
    If new transaction rates are growing fast, then it will create longer confirmation times on the network.
  • How does a growing mempool effect transaction fees?
    As the mempool grows, it creates more competition for transactions to get confirmed, thus meaning that a higher premium must be paid to be chosen above other transactions, meaning that the overall average price of transactions grows along with the mempool.
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#3299
  1. The memory is a database of unconfirmed transactions.
  2. Then your transaction remains in the memory until they catch up with the rate. The memory grows and you have a greater period of time between transactions.
  3. The transactions that have a higher fee will take priority over transactions with lower fees.
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#3300

  1. What is the mempool?

  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?

  4. mempool is databse with unconfirmed trasncation

  5. remains in memory, until they get to it. also leads to higher fees

  6. more mempool higher fees. each interval carries different fees. more inputs/output determine fee cost

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#3301

  1. The mempool is a list of unconfirmed transactions among the nodes.

  2. If the miners can’t keep up with the rate of new transactions, the mempool grows larger slowing down the speed with which transactions are processed.

  3. A growing mempool increases fees as the amount of transactions and bytes required to process each transaction force fees higher.

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#3302
  1. A mempool is a list of transactions that a node has and that makes sense. They are waiting to be added to the blockchain.
  2. The mempools will become larger and transaction fees will increase. As miners are financially incentivized.
  3. A growing mempool will increase fees.
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#3303

Homework - Mempool

Bitcoin Basics

What is the mempool?

The mempool is like a waiting room for transactions that are ready to enter a block for transmission.

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

Supply and demand favor the miners.

The miners will want more money to process transactions. Fees will rise.

How does a growing mempool affect transaction fees?

The fees will probably rise.

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#3304

  1. A list of unconfirmed transactions.

  2. The list of waiting unconfirmed transactions grows larger.

  3. Transaction fees go up.

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#3305

1.What is the mempool?
A mempool is a list of transactions that nodes mannage. Those transactions have been broadcasted by the wallets and have been accepted by the nodes as being valid(possible) but have not been picked by the miners, are not confirmed nor added to the blockchain yet.

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

3.How does a growing mempool effect transaction fees?
The miners pick the highest paying transactions to include in the next block . The bigger the mempool, the bigger is the competition to get included in the block. That raises the average paid fee as everyone will offer a higher fee to get the transaction trough.

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#3306
  1. A list of unconfirmed transactions that can exist on every node one the network.
  2. The fees per transaction will increase
  3. The larger the mempool the higher the transaction fees.
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#3307

  • What is the mempool?
    Mempool is the transactions that are not yet verified and stored in nodes.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    The amount of mempools will accumulate. It takes about 10 minutes for the new block to be created.

  • How does a growing mempool effect transaction fees?
    Transaction fee will go up and and transactions with higher fee will get the priority of getting processed sooner.

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#3308
  1. What is the mempool?

A group of transactions that have been broadcast to the network but not processed by a miner

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

The amount of transactions in the mempool grows

  1. How does a growing mempool effect transaction fees?

It will increase transaction fees

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#3309
  1. What is the mempool?
  • mempool is. a temporary storage where validated TX wait until chose by a miner to be written to the blockchain
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • difficulty is adjusted and more miners need to be added to the network
  1. How does a growing mempool effect transaction fees?
  • the larger the data, the higher the transaction fee
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#3310

  1. The mempool is a data structure that each node has of unconfirmed transactions.

  2. If the miners can not keep up with the rate of the TX then it will be prioritised based on how high the fee was that was paid to send that TX.

  3. A growing mempool effects TX fees as miners care about satoshi per byte since because the more space a TX takes up will determine how many TX’s can be fit into the next block. If a TX is made up of many inputs then it will have many outputs which in turn wastes more space.

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