Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3371
  1. What is the mempool?

A list of unspent transactions

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

The mempool grows

  1. How does a growing mempool effect transaction fees?

It increases the transactions fees

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#3372
  1. What is the mempool?
    A mempool is a collection of data or unconfirmed transactions that are held in consensus across all nodes.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If the miners can’t keep up due to network congestion, the amount of transactions within the mempool buildup, the time to transaction confirmation is delayed and the fees required to execute the transactions increases.
  3. How does a growing mempool effect transaction fees?
    It is more advantageous for miners to prioritize transactions with higher fees. Therefore, as the mempool grows, the fees go up within the “fee marketplace” and participants compete to have their transactions confirmed by placing higher bids when granting permissions for said transactions. Alternatively, one could agree to pay a much lower fee on a DEX, but the time delay can be immense or the transaction may fail to be confirmed due to insufficient “gas”.
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#3373
  1. Place where nodes have Txs that remain unconfirmed.
  2. Mempool gets larger, Tx times take longer … Fees go up on transactions,
  3. The lower the Tx fee the less likely it is to get confirmed.
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#3374
  1. Mempool stores all the transactions that need to occur
  2. if miners cannot keep up with the rate of new transactions, then transaction fees will go up so that miners can focus on the ones that pay the most. and hopefully slow down the transactions.
  3. Growing mempool makes transaction fees go up because there are more transactions than the miners can handle.
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#3375
  1. What is the mempool?
    A list of completed but confirmed transactions. Every node of the network has its own mempool ad adds this transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    It has to wait until one miner puts the transaction on a new block.
  3. How does a growing mempool effect transaction fees?
    transactions with lesser fees were put behind the other transactions. Longer waiting lists.
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#3376
  1. Mempool is the space unconfirmed transactions are stored, before they get sent to a blockchain by a miner.
  2. The transaction will be delayed.
  3. By sat/b, miners seek for which transaction has larger sat/b and then prioritise it so they can add to the block.
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#3377

  1. It is where UTXOs are stored in within Nodes before being picked up by miners

  2. The mempool grows larger and transaction times slow down

  3. A growing mempool means the transaction fees go up

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#3378
  1. mempool tell’s us how many unconfirmed transactions are pending
  2. mempool backlog gets bigger
  3. more pending Tx, higher the fee
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#3379
  1. What is the mempool?

Mempool or memory pool is a “storage” where the unconfirmed transactions are stored and waiting to be added to the blockchain. Miners choose which transactions go into the next block. Miners will choose the transaction with the highest fee, they are encouraged to earn as much as possible.

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

Transactions can get stuck for a while if many are using it at the same time. Transactions will take longer time, fees will increase if the traffic is increased. In 2017 the Segwit upgrade changed this problem by increasing the block size so more transactions could be store in each block.

  1. How does a growing mempool effect transaction fees?

More traffic means more work, more work means higher fees.

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#3380
  1. The mempool is a list of unconfirmed transactions held in a node where miners can take transactions to add to the next block.
  2. If the miners can’t keep up with the rate of new transactions the mempools unconfirmed transaction list would grow resulting in slower transaction times.
  3. A growing mempool will increase transaction fees because people will offer higher fees in order for transactions to be picked first.
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#3381
  1. When a transaction is sent out by a wallet to the nodes, until miners pick up the transaction and it is confirmed in the blockchain, it is placed in a node’s mempool. A mempool is a data structure within each node that lists unconfirmed transactions.
  2. The mempool backlog will grow. Miners will work on the largest transactions as their fees are based on Satoshis/Byte,
  3. It will drive fees up.
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#3382

  1. The mempool is a facility of a node which stores information on unconfirmed transactions and their associated fees.

  2. Presumably the rate at which transactions can be confirmed will decrease if the number of transactions increases but the number of miners stays constant, therefore the number of unconfirmed transactions on the mempool will probably increase.

  3. If the demand for verifying transactions is high the transactions with the highest associated fees will probably be verified first as they offer the greatest rewards to the miners. In order to have a transaction verified quickly it would be prudent to attach a reward that is attractive to miners. This can be achieved by observing the transactions that are being currently verified and supplying a similar or higher reward to miners depending on how rapidly you want the transaction to be verified.

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#3383

  1. The mempool is a list of transactions on a node that make sense but are yet confirmed by a miner.

  2. The mempool will grow.

  3. As the mempool grows, transaction fees get higher for priority on the list.

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#3384

  1. Mempool is the place where transactions go to await being listed in the next block “confirmed”

  2. the fee goes up and they select the tx that pay the most to include

  3. they get higher as the pool gets bussier bigger

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#3385
  1. What is the mempool?

The group of unconfirmed transactions waiting to be written to the Blockchain.

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

Then the transactions with higher fees associated them will typically be written first or potentially more simple transactions that fit into the available block space within a given upcoming block.

  1. How does a growing mempool effect transaction fees?

A bigger mempool will typically slow down the rate of transactions written to the block with lower fees while speeding up the transactions with higher fees.

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#3386

  1. The mempool is a data structure of unconfirmed transactions stored on each node. Mempools vary per node because some unconfirmed transactions don’t reach some nodes.

  2. If miners can’t keep up with the rate of the new transaction, buildup in the mempool occurs, it slows transaction times. Miners typically take the transactions with higher fees because they are incentivized to do so.

  3. Growing mempools increase in transaction fees beause it creates competition for transactions to be verified in a timely manner

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#3387

  1. The mempool is where a node stores all the unconfirmed transactions that make sense to it.

  2. The mempool increases in size

  3. Miners prioritize transactions with a higher satoshis/byte value, so if you want to get your transaction confirmed quicker on a growing mempool, then you’ll have to pony up a larger fee.

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#3388
  1. A Mempool is a record of all the unconfirmed (Pending) transactions.
  2. The Mempool would get larger and larger, and transactions would sit “pending” or unconfirmed.
  3. It would cause fees to increase as user compete to have the miners select their transaction over others to get confirmed.
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#3389

Homework - Mempool
Bitcoin Basics

  1. What is the mempool?
    • A mempool is where all unconfirmed transactions go. There, they will wait for the miners to confirm them and append them to the blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    • The mempool will increase in capacity when the miners cannot keep up.

  3. How does a growing mempool effect transaction fees?
    • When the mempool increases in size transactions will take longer to be confirmed and fees may also go up as well. Miners will typically choose to confirm the transactions that have paid higher fees first. Also, the transactions that take up less space in bytes will get processed faster.

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#3390
  1. The mempool is where unconfirmed transaction are kept.
  2. If miners can’t keep up the transactions take longer to complete as the mempool grows
  3. Fees will get higher if the mempool grows as the miners are incentivized by the fees. They will complete the higher fee transactions first.
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