Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3451

  1. The mempool is a list of unconfirmed transactions that is stored on nodes on the blockchain.

  2. The size of the mempool grows and transactions will take longer. It may also result in transaction fees going up

  3. Miners are incented to work on higher fee transactions. The more transactions there are the more likely that users will pay more to have their transactions confirmed before others, which can increase the cost of transactions overall.

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#3452
  1. the mempool is where all transaction go to before they are processed by the miners. It’s a record of unconfirmed transactions.
  2. then the numer of transactions stored in the mempool go up.
  3. when the numer of stored transactions goes up the fees go up as well since there is more competition between transactions. Miners pick up transactions with the highest fees. When you want to get your transaction done within a certain time you would have to pay more when it’s busy on the network.
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#3453

1
A mempool is a list of unconfirmed transcations

2
When miners can’t keep up with the rate of new transactions the mempool list grows longer

3
A growing mempool effects the transaction fee by increasing its cost, as miners prefer the higher cost and smaller byte size of a transaction as they can fit more on a block.

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#3454

  1. Mempool is a list of unconfirmed transactions that have not been picked up by a miner.

  2. The number of unconfirmed TX’s will grow in the Mempool resulting in higher TX fees.

  3. Miners tend to choose those TX’s that provide higher fees, this slows down thenTX times in the Mempool.

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#3455

  1. It is a data structure where each node keeps a list of UTXOs.

  2. The mempool gets bigger and it will also slow down the transactions.

  3. The transaction fees will increase, which will also increase the competition between miners.

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#3456

Mempool is a list of unconfirmed transactions.

If miners can’t keep up with the rate of new transactions, there will be longer confirmation time.

Growing mempool increases the Sat/B, which will cause transaction fee to rise.

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#3457

  • What is the mempool?
    A list of unconfirmed transactions waiting to be picked up by miners

  • What happens if the miners can’t keep up with the rate of the new transaction?
    The list on the mempool will grong longer and affecting the transaction time

  • How does a growing mempool effect transaction fees?
    There will be more transactions competing to be picked up by miners as soon as possible

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#3458

  1. What is the mempool?
    A temporary storage of unconfirmed but valid transaction in terms of node verification for miners to pick and add into upcoming blocks

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will increase in size and transactions will be delayed

  3. How does a growing mempool effect transaction fees?
    Miners will pick the highest Satoshi per byte of transaction fees from available unconfirmed transactions to be placed into the blockchain, creating a waiting list in which higher transaction fee transactions are prioritized in terms of queueing to be added to the blockchain to maximize profit as an incentive for miners

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#3459
  1. The Mempool is the list of all unconfirmed transactions, waiting for a miner to add them to the next block.
  2. The Mempool will clog up and like in any business the transaction fees will go up.
  3. Fees will go up and things will take longer.
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#3460

  1. What is the mempool?
    A) It’s a database in which each node has that contains a list of unconfirmed transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    A) Then the mempool increases in size.

  3. How does a growing mempool effect transaction fees?
    A) It increases transaction fees because miners are rewarded more the larger the fee.

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#3461

  1. What is the mempool? A list of unconfirmed transactions on a node waiting for the miners to add to the blockchain

  2. What happens if the miners can’t keep up with the rate of the new transaction? transactions get delayed and transactions providing higher fees get priority (causing competition among transactions)

  3. How does a growing mempool effect transaction fees? the more transactions in mempool the higher the competition so the transactions with the higher fees (satoshis per byte) will have a better chance to be selected by the miners for processing.

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#3462
  1. What is the mempool?

Chart that shows how many transactions are unconfirmed and kind transactions they have.

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

Miners will pick the transactions with highest fees as fees are their rewards. The rest of the transactions will have to wait and mempool incleases.

  1. How does a growing mempool effect transaction fees?

Average transaction fee goes up which might lead to bear market as people are not willing to pay high fees

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#3463
  1. The mempool is a database consisting of sensible and unconfirmed transactions . Each node has a mempool that might be different from the others.
  2. If miners can’t keep up the transactions will take longer.
  3. Growing mempool means higher competition . The more people and transactions a user is competing with , the lower the chance is his transaction will be confirmed first. This might increase the fees.
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#3464
  1. hosts the unconfirmed transactions in the nodes
  2. mempool increases and transactions take longer
  3. the fees go up
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#3465

  1. The mempool is where unconfirmed transactions are stored in each of the nodes, once the transactions have been validated by the nodes, but before they are put into blocks by the miners.

  2. The profitability of mining would go up and that would attract more miners so that eventually there would be enough miners to keep up with the rate.

  3. A growing mempool would lead to higher fees from new transactions seeking to get on to the blockchain quickly.

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#3466
  1. Where all the pending transaction are placed before moving to the new block.
  2. TX start getting piled up.
  3. the transactions fees get higher. and the higher fees get picked up first.

Question: Do the miners automatically pick the highest fees or is there any reason that the lower fee transaction can be picked up.

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#3467

1.The mempool is the place where unconfirmed transactions are stored until a miners picks it for confirmation.
2. If miners cant keep up with the mempool the volume of unconfirmed transactions grows , together with the time for transactions to be resolved.
3. When mempool grow , the transaction fees grow as well because people want to pay more so their transactions is picked first as miners chose the transaction with higher fees.

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#3468
  1. Mempool is a data pool where blockchain keeps unconfirmed transactions until they get verified by miners.
  2. When the mempool grows miners can’t keep up with the transactions because they can only verified every 10 minutes.
  3. The larger the mempool, the more fees you’ll have to pay. The minors charge by the bit, not by the amount of dollars of the transaction and miners usually pick the highest fees first.
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#3469
  1. What is the mempool?

The mempool is where to store confirmed transactions waiting to be picked up by miners to be added to the next block.

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

The number the unconfirmed transactions will increase in the mempool

  1. How does a growing mempool effect transaction fees?

It will increase the transaction fee.

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#3470
  1. MeMPOOL
  3. What is the mempool? A SPACE where all unconfiremed transaction are , a list in the Node of not confirmed transactions that are waiting for the miners to pick up…
  4. What happens if the miners can’t keep up with the rate of the new transaction?
  5. they go into the MEMpool and the mempool grows
  6. How does a growing mempool effect transaction fees?
  7. Miners will pick higher transactions that pay higher fees.
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