Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3311

Mempool- unconfirmed transactions that are picked up by a miner to add to the blockchain
The mempool will be larger and more wait time
Competition for next block/larger fees are offered

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#3312
  1. What is the mempool?

The mempool is a data structure where all unconfirmed transactions are stored.

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

The mempool continues to fill while the speed of the transactions goes down.

  1. How does a growing mempool effect transaction fees?

Fees will go up because miners will naturally choose the transactions with the highest fees first.

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#3313

  1. A mempool is a pool of transactions waiting to be confirmed and added to blocks by miners.

  2. The mempool increases in size and will slow the process and the transactions with the highest fees will be prioritized and confirmed.

3.Miners are incentivized to mine the transactions with the highest fees, the mempool slows and fees increase. Since the blocks can only contain so much data, the Santoshi/bit has to be worth the miners block space.

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#3314
  1. The list of all unconfirmed transactions
  2. It will take more time for a transaction to be added to the next block. The demand for miners is higher and new miner may join the network.
  3. It will increase the transaction fee.
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#3315
  1. List or place of all unconfirmed transactions where miners pick them up and add them to the next block.
  2. The mempool is larger and there are more transactions in it, which could mean that there will be higher fees and longer transaction times.
  3. If the block is full, then whoever pays more fee is likely to be first, since the fees increase.
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#3316
  1. The mempool is a list that contains all unconfirmed transactions.
  2. Then the mempool gets larger, the list gets longer.
  3. According to demand and supply, if the demand for miners is high, and the supply of transactions within the mempool is high, the price miners are able to get to mine a block with high fee transactions in it will go up. The miners get to pick and choose the best paying transactions so to say.
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#3317
    1. What is the mempool? a mempool is a data structure of unconfirmed transactions.

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

  3. How does a growing mempool effect transaction fees? transaction fees will go up, to reduce the size of the mempools.

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#3318

  1. The mempool is a place where unconfirmed transactions wait for a miner to pick them up to add to the next block.

  2. If the miners can’t keep up with the rate then the mempool grows larger and there are longer transaction times.

3.Transaction fees increase with a larger mempool because of the competition to get the transaction to the next block. Larger fees are offered to miners to get the transaction picked first.

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#3319
  1. What is the mempool?

Mempool in short of Memory Pool is also known as the “waiting area” for the transactions after confirming from the nodes in the network. TXs standing pending in the mempool until the miner pick them and attach to the blockchain.

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

The mempool will increase its size.

  1. How does a growing mempool effect transaction fees?

Mempool creates a threshold for the transaction fee. Thus all the transaction fee with lower than the threshold rate are being automatically removed from the

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#3320

1What is it:
The mempool is al list of all transactions which propagates to all network nodes

2What if miners cannot keep up?
The mempool grows

3 If so, what is the effect on fees?
More transactions per block, bigger block size, more sat/b = higher fees.

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#3321
  1. The mempool is a waiting area for unconfirmed transactions
  2. The mempool grows and transactions need longer to confirm
  3. The fees go up. Can be seen on the currently high eth gas prices.
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#3322

1.) The mempool is a database where all unconfirmed transactions are stored by nodes before the are verified by the miners. confirmed transactions are removed from the mempool and put in a block and chained to the blockchain.

2.) If the miners cant keep up with the new transactions the fees and the transaction times increase.

3.) growing mempools drive up the fees for transactions and miners pick high paying transactions first. however roughly every 10min when a new block is created the price usually drops as there is much more free space in the block, as the space get scarce it will increase again.

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#3323
  1. A continuously updated pool of node-verified transactions that are unconfirmed and sent to miners for confirmation.
  2. Fees will increase and transaction times will be slower.
  3. Fees increase.
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#3324
  1. lists of unconfirmed transactions.
  2. the transactions time and fee will increase.
  3. increase the fees as miners will pick up the highest first
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#3325

  1. What is the mempool?
    The mempool is maintained by a node and contains all verified transactions that are awaiting confirmation by a miner.

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

  3. How does a growing mempool effect transaction fees?
    The fee rises as the mempool gets larger.

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#3326
  1. What is the mempool?

The mempool is a data structure each node in the network has containing a list of unconfirmed transactions.

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

If the miners can’t keep up, the size of the mempool increases and the time to confirm transactions increases.

  1. How does a growing mempool effect transaction fees?

Fees will rise, as miners are incentivized to confirm the transactions paying the largest fees.

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#3327

References:
Beigel, O., (2021), 99BITCOINS; What is the Bitcoin Mempool?, A Beginner’s Explanation; 99bitcoins.com; Retrieved From: https://99bitcoins.com/bitcoin/mempool/)

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#3328
  1. A pool of unconfirmed transactions
  2. the mempool will grow in size
  3. if the miners cannot keep up with the rate of transactions, the mempools will grow in size.The larger the mempool gets, the higher the fees will become. The transaction with the highest fees will be chosen by the miners first
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#3329

  1. Mempool is a chart which describes how many transactions are unconfirmed and the fees which are to be charged for those transaction.

  2. The mempool size will increase if miners are unable to keep up with transactions and the fees will as a result increase.

  3. A growing mempool will increase the transaction fees.

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#3330
  1. Mempool is a list of unconfirmed transactions. Every node has its mempool.
  2. The pool will grow and the time to confirm transactions will increase.
  3. As there are more transactions to be put in a block, the fees increase, and so the competition among miners.
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