Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3431
  1. Mempool it’s a data structure that each node has where all unconfirmed transactions are kept. Then miners pick it up and insert it into a block.
  2. It happens that as it backs up, miners will pick higher fees and people will be willing to pay more fees to get the transaction through faster.
  3. As the mempool grows so do the fees.
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#3432

Interesting to listen to this after completing the course on mining:
https://www.theinvestorspodcast.com/bitcoin-fundamentals/btc014-bitcoin-mining-and-energy-w-marty-bent-and-harry-sudock/

#3433
  1. What is the mempool? - a transitory pool where initialized transactions are waiting to be picked up by a node in order to be written into the blockchain.
  2. What happens if the miners can’t keep up with the rate of the new transaction? - longer time for the transactions to be confirmed, mempool grows in size, fees increase because the faster a transaction is confirmed, the higher the fees
  3. How does a growing mempool effect transaction fees? - because the initiators of the transactions praise speed of confirmation, they are more likely to accept the higher fees. so, fees increase.
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#3434
  1. Mempool is like a storage on the nodes for all unconfirmed transactions.
  2. Mempool will become congested and transactions will take longer.
    3)Mempools grows the time taken for miners to confirm transactions increases and the fees goes up as well.
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#3435
  1. What is the mempool?
    Mempool are unconfirmed transactions which make sense
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    It will take longer for transactions to be confirmed and the fees will increase as it is a competition
  3. How does a growing mempool effect transaction fees?
    the bigger the mempool the higher the fees
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#3436

1. What is the mempool?
It is a pool of transaction which are not processed at the moment. They are waiting for a miner to “confirm” that transaction.
And this will happen until a miner accept the offered fee
2. What happens if the miners can’t keep up with the rate of the new transaction?
The size of the mempool is growing , transactions with higher fees will be handled prior. There is NO first in first out. It is all depending on the fee.
3. How does a growing mempool effect transaction fees?
There would be a challenge between the fees. The higher the offered feed the earlier the transaction goes through. In simple words it is all about the money, in our case fees. And don`t forget in Bitcoin you pay per Byte.

3 Likes
#3437
  1. it’s a pool of unconfirmed transactions
  2. the mempool gets bigger
    3.the fees increase
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#3438
  1. List of unconfirmed transactions
  2. Transaction will be slower
  3. Fees will go up
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#3439
  1. It gets bigger which makes the percentage to be picked by miners less since the fee incentive them to do the job, so a transaction with higher fee picked first.
2 Likes
#3440

  1. What is the mempool?
    Answer: its the place where unconfirmed transaction are stored till they get confirmed by the miner

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Answer: the mempool is filling up till the miner can keep up with the rate. this may extend the transaction duration

  3. How does a growing mempool effect transaction fees?
    Answer: the transaction fees are calculated per byte. the higher the byte count, the more expensive it becomes

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#3441

  • What is the mempool?
    -> All the transaction which are not already in a block. The mempool is the transaction waitlist of the blockchain :slight_smile:

  • What happens if the miners can’t keep up with the rate of the new transaction?
    -> the mempool will become bigger

  • How does a growing mempool effect transaction fees?
    -> The miner choose the transaction they write in blocks
    –> the miner choose first the transaction with the biggest fees … because it their job ^^’
    —> if there is more transaction in the mempool, the fees could increase because people will want to ensure their block will be handle first …

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#3442

  1. What is the mempool?
    Is a list or record of unconfirmed transactions.

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

  3. How does a growing mempool effect transaction fees?
    Transactions fees will start to increase.

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#3443

  1. The mempool is a list of unconfirmed transactions.

  2. The TX remains in the mempool for longer as confirmation takes longer. Creating a larger mempool of unconfirmed transactions. There is a latency between TX and confirmation which is created by the time taken between the communication of TX across the network of nodes and those TXs subsequently being confirmed by a miner node.

  3. A growing mempool means transactions with higher fees are prioritised. It may drive fees up if you want your transaction to be done more quickly. However, you can maintain a regular fee for your transaction if you wish to wait.

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#3444

What is the mempool?
A list of all unconfirmed transactions.
What happens if the miners can’t keep up with the rate of the new transaction?
the transactions that can’t be added to a new block will remain unconfirmed until they are picked up by a miner
How does a growing mempool effect transaction fees?
It increases those fees.

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#3445

  1. The mempool is a list, each node has, with unconfirmed transactions

  2. The mempool grows and the fees go up

  3. Transaction time and fees increase

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#3446
  1. A mempool is a list of all unconfirmed transactions
  2. The mempool will keep growing resulting in longer transaction confirmation wait times.
  3. The transaction fees will increase as the mempool increases. This is because miners will always prioritize the transactions with the highest fees.
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#3447

1.) The Mempool is the waiting room for all pending Transactions and is saved on the Nodes.
It includes all transactions that are valid but not yet confirmed by a miner.
2.) The mempool gets larger and transactions times increase
3.) → transaction fees increase

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#3448

  1. What is the mempool?
    It is a queue of unverified transactions. Held by each blockchain node.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The transactions remain unverified and have to wait for the miner.

  3. How does a growing mempool effect transaction fees?
    If the mempool is growing, it may take longer for the miner to get to your transaction. In order to speed up the miner verification, a user may increase their fee to the miner.

1 Like
#3449
  1. What is the mempool?
    A list of unconfirmed transactions waiting to be picked up by miners and to be added to the blockchain.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool gets bigger and transaction times longer.
  3. How does a growing mempool effect transaction fees?
    It makes them bigger as miners prefer bigger fees and there is competition to be on the next block.
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#3450
  1. Mempool is a space used by nodes to store unconfirmed transactions
  2. Transactions remain in the mempool until miners can process them. The amount of tx in the mempool increases
  3. Causes competition for transactions to be processed thus higher fees paid for Tx so that it will be selected for addition to the blockchain
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