Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3491
  1. What is the mempool? It’s a waiting area in each note before the txn can be put in a block
  2. What happens if the miners can’t keep up with the rate of the new transaction? They take orders by priotritizing them according to hightest fees first
  3. How does a growing mempool effect transaction fees? Best fees win…they make the fees go up
1 Like
#3492
  1. A mempool is an arena of unconfirmed transactions that are specific to the node and eventually the entire network. It is categorized by fees.
  2. Confirmation times are at risk of increasing is a mempool grows beyond the miner’s workload.
  3. As a mempool grows, so does the variety of transaction fees. Namely the size of the fees in reflection to the transaction. Miners are financially incentivized to confirm transactions with larger fees.
1 Like
#3493

  1. What is the mempool?
    The mempool is a part of the blockchain where transactions are awaiting confirmation. When a wallet reaches out to blockchain with a transaction and then a node/computer will pick up the transaction, compute its legitimacy verifying there is enough bitcoin to complete the transaction. Then the next node will continue on in the mempool until all nodes/computer have confirmed the transaction. At that point the transaction is confirmed and the mempool is dissolved for that transaction and goes to the next blcok.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If the transaction is too complicated with multiple inputs and outputs on the transaction, it takes a lot longer and there will be more that one 10 minute segment in the blockchain to complete the transaction.

  3. How does a growing mempool effect transaction fees?
    If the transaction inputs are small or singular and the transaction outputs are the same, it does not matter the size or amount of the bitcoin, the fee will be small. If, on the other hand, there are multiple inputs and multiple outputs associated with the transaction the fees will be higher because of the space it will take up and the number of computations and the competition of the miners to get it to the next block. Larger fees entice miners to pick it first .

1 Like
#3494

  1. Mempool is a pool each node has for purpose of keeping unconfirmed transactions until the transaction is confirmed and taken to the new block.

  2. The miners may prioritize transaction in smaller sizes to be added to the block first.

  3. A growing mempool results from more unconfirmed transactions waiting to be confirmed. It could caused by large number of transactions with low transaction fee. If the transaction fees are higher, it would get faster to have the pending transactions confirmed and added to the block, so the unconfirmed transactions will be removed from the mempool faster and thus reduce the mempool size.

1 Like
#3495
  1. The mempool is an unconfirmed transaction where it was sent.
  2. If the miners can’t keep up then the rate would be a high fee and impact.
  3. The growing mempool would affect higher fees.
1 Like
#3496

  1. Mempool is a list of unconfirmed transactions placed at Nodes and waiting to be confirmed by miners. Physically it is a record on a dedicated memory card.

  2. When miners can’t keep up than the list of transactionsis getting longer and time of confirming Tx is extending.

  3. Growing mempool is more data to consume so more time to confirm Tx. If a user want to have his transaction confirmed faster, he may pay higher fee as miners are rewarded so pick higher fees Tx

1 Like
#3497

1 What is the mempool?
A storage of uncorfirmed transactions in a node.

2 What happens if the miners can’t keep up with the rate of the new transaction?
The mempool gets bigger and transactions move slower.

3 How does a growing mempool effect transaction fees?
Transaction fees will be higher.

1 Like
#3498

Mempool is the pool of new transactions validated by nodes. These transactions awaits to be added to a new block by miners.

The mempool grows and the transaction time become longer.

It affects the fee price. If you want to make your transaction faster you would pay bigger fee. Miners pick the transactions with larger fees first in order to earn more money.

1 Like
#3499

1. What is the mempool?

It’s a list with all unconfirmed TX’s broadcasted along the network. They will be confirmed when a miner includes them in the creation of a new block.

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

The mempool will grow in size.

3. How does a growing mempool effect transaction fees?

Fees will be higher because users who want their TX to be confirmed first will increase the fee. Miner’s will choose TX’s with higher fees and unconfirmed TX’s with low fees will delay more, meaning the mempool will probably grow in size.

1 Like
#3500
  1. What is the mempool? It’s the memory in every node where unconfirmed transactions are temporarily stored
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool increases in size
  3. How does a growing mempool effect transaction fees?
    Tx fees will increase
1 Like
#3501
  1. What is the mempool?

A transaction mempool is a collection of unconfirmed transactions maintained by each Bitcoin node. The transactions in the mempool will be eventually included in the blockchain.

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

The number of transactions increase within the mempool and it continues to grow and can delay the confirmation of a transaction.

  1. How does a growing mempool effect transaction fees?

As the number of increased transactions mounts up within the mempool and can mean transaction fees increase. If you need a transaction to go through quickly you’ll have to increase the fee to achieve this.

1 Like
#3502
  1. What is the mempool?
    When a transaction is sent to the bitcoin network it first verified by a node. Once the node has verified it, it is put in the unconfirmed transactions of the node. This area is called the mempool and the trnsaction will remain there until a miner picks it up.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If miners can not keep up with the rate of new transactions the mempools reach full capacity and the nodes start to prioritise transactions by setting up a minimal fee, hence transactions with a lower fee than the minimal fee set are removed from the mempool and put into confirmation blocks giving access to new transactions with higher fees to the mempools.
  3. How does a growing mempool effect transaction fees?
    Ultimately the fees are increased. A growing mempool effects transaction fees by increasing fee value as miners will be incentified to complete transactions with higher fees first.
1 Like
#3503

  1. A mempool :card_file_box: is a cryptocurrency node’s mechanism for storing information on valid unconfirmed transactions waiting to be confirmed by the Bitcoin network. It acts as a sort of waiting room :vertical_traffic_light: for transactions that have not yet been included in a block.

  2. The blockchain has limited space. Like a traffic jam :red_car: :blue_car: :truck: :tractor: :minibus: :bus: :taxi:, the transactions move more slowly when the lanes are filled.

  3. Higher fees emerge when the blockchain is congested :roller_coaster: . If the mempool :card_file_box: is full, the fee market may turn into a competition :men_wrestling: : Users need to pay the Bitcoin network’s miners a fee to get their transactions accepted. Attaching a higher fee to your transaction will likely get it through faster because miners have more incentive :moneybag: to include more profitable transactions (satoshis/byte) in the blocks they mine. (These fees also promote a healthier :muscle: and more secure :peace_symbol: network because they pay miners and encourage them to participate in the process.)

2 Likes
#3504

the mempool is a list of all transactions before they are places in a block.

they will want more money , so transactions fees will go up…and so will the waiting time of approval

a growing mempool will increase the transaction fees , because minors will be picky what transaction will get a spot in their block

2 Likes
#3505

  1. What is the mempool?
    Mempool is a list of unconfirmed transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If the miners can’t keep up with the transactions, the mempool will grow in size which could cause a delay in confirming transactions.

  3. How does a growing mempool effect transaction fees?
    A growing mempool would increase transaction fees.

2 Likes
#3506

  1. What is the mempool? It is unconfirmed transactions that haven’t been picked up by miners for validation.

  2. What happens if the miners can’t keep up with the rate of the new transaction? If the miners can’t keep up with the rate of the new transaction it stays in the mempool until the nodes can confirm the transaction and add it into a new block. Higher fees are used as an incentive to get miners to add new transactions onto the blockchain ledger.

  3. How does a growing mempool effect transaction fees? Each block has a limited amount of space. The more transactions that have multiple inputs and outputs make it harder to represent in binary. It makes it more challenging for the miner to figure out how many Satoshis per byte. For example: 100 txs for $100 will have higher fees than 1 tx for $1,000. If there are a lot of unprocessed transactions in the mempool, the fees will increase to get the blockchain current.

2 Likes
#3507

  1. Mempool is a place with unconfirmed transactions

  2. Mempool is getting biger (pumps ;D)

  3. Growing mempool will cause higher transactions fees

2 Likes
#3508

The mempool consists of transactions that are not yet posted to the blockchain. It is the place where transactions are placed in order for miners to pick them up and include into a block.
If miners cant keep up, the mempool gets larger and the transaction fees get larger as well. What happens the block size cannot handle numerous transactions. Does that mean that other transaction may possibly wait indefinitely before they can be confirmed.
I would imagine that a growing mempool would increase fees those being added to the mempool.

2 Likes
#3509

  1. Data structure that each node has. Each mempool looks different for every node.

  2. It is added to the mempool pending to be confirmed.

  3. Fees can increase.

2 Likes
#3510
  1. A list of unconfirmed transactions that each node holds.
  2. Transactions will be prioritized based on tx fees; the ones with lower fees will take more time to be confirmed.
  3. Fees will increase.
1 Like