Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3531

1 Mempool is a list of all unconfirmed transactions.

2 There will be a backlog in the mempool and transaction time and fee may rise.

3 Supply and demand, thus fees will go up.

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#3532
  1. What is the mempool?

The mempool is where each node stores a record 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 with the rate of new transaction, the mempool will become larger as the number of unconfirmed transactions grows. Transaction speed will suffer.

  1. How does a growing mempool effect transaction fees?

If the mempool is growing it means there are more transactions which implies longer transaction times. This would drive up transaction fees.

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#3533
  1. Unconfirmed transactions that are verified by nodes waiting to be mined.
  2. The mempool will grow in size and there will be longer transaction times.
  3. Transaction fees will be higher because miners will pick transactions with the highest fees first.
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#3534

1. What is the mempool?
A waiting area for unconfirmed transactions to be validated by a miner.
2. What happens if the miners can’t keep up with the rate of the new transaction?
The mempool becomes larger, resulting in slower transaction speeds
3. How does a growing mempool effect transaction fees?
Transaction fees increase, because the higher fees are prioritized.

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#3535
  1. the mempool is the list of unconfirmed transactions that sits in every node on the blockchain waiting for miners to process.
  2. If the miners cant keep up with transaction rates the mempools grow bigger and transactions slow down.
  3. When the mempool grows it also drives the price of fees up. Nobody likes high gas fees
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#3536

1/ a mempool is a physical part in any node, where UTXO are stored, till they are confirmed (added by a miner in a block against fees)
2/ this time, transaction won’t be confirmed, mempool grows
3/ fees increase

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#3537

1 Mempool is a list of pending transactions for inclusion in the next block.
2 The memory size of the mempool increases and the fees increase.
3 Fees will increase.

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#3538

Homework on Mempool - Questions

  1. What is the mempool?
    It is a Pool or waiting area for unconfirmed transactions. Sent from wallets.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will start to grow larger.

  3. How does a growing mempool effect transaction fees?
    I believe it makes the fees more expensive, if the mempool is growing it will need more miners to confirm the unconfirmed transactions. So who ever pays more will get their transaction confirmed first.

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#3539

  1. A pool of all unconfirmed transactons

  2. The mempool grows (there’s more unconfirmed transactions than previously). And, fees go up.

  3. Fees go up.

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#3540

What is the mempool?
The datebase which nodes have, that is used to store unconfirmed transactions.

What happens if the miners can’t keep up with the rate of the new transaction?
the mempool grows larger

How does a growing mempool effect transaction fees?

It makes the transactions more expensive, as everyone on the mempool wants to get their transaction fee to be more competetive.

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#3541
  1. The Mempool is a list of unverified transactions.
  2. The Mempool will grow in size/ Fees will increase
  3. Generally, they increase and the transactions with the largest “Satoshi per byte” values are confirmed first.
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#3542

  1. What is the mempool?
    The mempool is a list of fresh unconfirmed transactions. Each running node has a mempool and they add transactions to their mempool as they are broadcasted and communicated throughout the network. Each mempool might not look exactly identical depending on the time the transactions have been propagated to each node, however, eventually everyone will have data of all the transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    They will proceed to select the transactions that are worth the most fees and continue to add to their block until the block is full, once this happens the remaining transactions will remain in the mempool until added to the next block.

  3. How does a growing mempool affect transaction fees?
    Miners pick their transactions to add to the next block based on the fee price. They choose the transactions with the highest fee price in the mempool. This creates an incentive for users to pay higher fees for faster transaction speeds by being added to the newest space in a block, and it also creates a competitive ecosystem for miners. So a growing mempool increases the fee amount for transactions to occur. Fees are calculated in Satoshis / byte. This is important to know because you are paying for the information space rather than the price being transacted.

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#3543
  1. What is the mempool?
  • The database of unprocessed TX’s
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • The difficulty of the process algo is reduced to accommodate the needs of the network.
  1. How does a growing mempool effect transaction fees
  • Supply and Demand - The greater the number of TX’s waiting in the mempool increases the fees to prioritize the waiting TX’s. And incentivize more miners to join the network.
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#3544
  1. the mempool is where all unconfirmed transactions are
  2. there becomes a backlog
  3. makes fees go higher
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#3545
  1. The database of unconfirmed TXs
  2. The mempool will grow over time and the fees per transaction will increase since it will cost more per transaction to avoid all the backlog. Every two weeks, the protocol’s algorithm will adjust the difficulty to keep the miners incentivized adequately and keep the network in good health.
  3. The fees will increase as the network prioritizes the highest fees first and since the mempool is growing the fees will act as a deterrent for new transaction requests trying to enter.
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#3546
  1. What is the mempool?
  • Mempool is the list of unconfirmed transactions, these has not yet been written into the blockchain
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • they will choise the tx with the highest fees since they are incentivised by money.
    3)How does a growing mempool effect transaction fees?
  • It will increase them as they will trigger the fres to go up in the end
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#3547

  1. Mempool is a data structure that stores all the unconfirmed transactions, in order for the miners to resolve them.

  2. The miners will be incentivized to include in the next block and resolve the most profitable transactions in the mempool, thus the stack of unresolved tx’s will increase.

  3. A growing mempool will increase transaction fees, since the demand for mining resources will increase.

2 Likes
#3548
  1. What is the mempool?
    It is a list of unconfirmed transactions in a node none as a pool.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    unvalidated transactions build up in the memepool
  3. How does a growing mempool effect transaction fees?
    If a memepool grows miners pick transactions with the highest fee and put as many as possible in the next block, the higher the fee the more likely to be written into the next block.
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#3549

The mempool is a pile of transactions distributed by nodes that are unconfirmed. Miners take transactions with the highest fee from the mempool and place them in the next block. Once in the block the transaction is confirmed.

The transactions will stay unconfirmed until they get picked up by miners. There will be a backlog.

It means that fees will be higher to get your tx processed sooner.

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#3550

  1. What is the mempool?
    Memepool shows you all the unconfirmed transactions on the bitcoin network along with the network fees.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Memepool grows bigger, and network fees will increase due backlog.

  3. How does a growing mempool effect transaction fees?
    Users will pay a higher fee when the mempool is congested in order to get their transaction processed. Miners will always pick the unconfirmed transactions with the highest byte size.

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