Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3571

  1. What is the mempool?
    A list of unconfirmed transactions propagated to each node on the network.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The size of the mempool grows, increasing transaction times.

  3. How does a growing mempool effect transaction fees?
    Fees will need to be increased to maintain transaction times.

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#3572

1_ Waiting room for unconfirmed transactions waiting to be mined.

2_ The mempool grows causing congestion, increasing times and fees.

3_ Fees go up as people want their transaction to go through faster.

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#3573

1- The Mempool is a space on each node where unconfirmed transactions are stored until miners integrate them into blocks on the blockchain.
2- In case miners cannot keep up with the rate of new transactions, priority is given to transactions with higher fees. As a result, transactions take longer to be confirmed and fees increase.
3- Transaction fees become higher because people want their transactions to be confirmed faster.

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#3574

  1. What is the mempool?
    A data structure used by all nodes to store unconfirmed transactions

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Transactions per block increase as do fees

  3. How does a growing mempool effect transaction fees?
    TX times increase since miners can choose the tx with higher fees

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#3575
  1. A list of unconfirmed transaction.
  2. The mempool will grow.
  3. A growing mempool will push transactions fees up.
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#3576
  1. What is the mempool?
  2. What happens if the miners can’t keep up with the rate of the new transaction?
  3. How does a growing mempool affect transaction fees?

A.1. Mempool (memory pool) is a data structure of “unconfirmed” transactions (TX) held by the Nodes awaiting Miners to add them to the next block which will then be released to the Blockchain network. During this phase the TX status is “unconfirmed”. This means that the TX has been verified by the Nodes but not validated/confirmed by the Miners.

By the default Miners prioritise TXs with highest fees as part of their monetary incentives—the higher the binary size of a TX, the higher the fee. The TX size is denominated as Satoshis per Byte i.e. Sat/B.

NOTE: Transactions in the mempool are stored in the Node’s RAM.

A.2. If the miners cannot keep up with the rate of the new “unconfirmed” transactions; this results in mempool growth/increase.

A.3. A growing mempool affects transaction fees as a result of monetary incentives to Miners—again, the higher the binary size of a TX, the higher the fee. Miners will always prioritised higher TX fees to be added to their next block. In turn, this creates traffic bottleneck resulting in mempool growth, and also increasing TX fees as demand grows from users to get their TXs through—to the next block—by paying higher fees. Mempool growth is directly correlated to the block size limit of 1MB. Moreover, the Blockchain network will adjust the mining difficulty so that 1 block is released approximately every 10 minutes. This is a way to keep inflation under control as new mined blocks result in new Bitcoins put into the network. It seems that mempool issues occur by design—it is not a flaw!

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#3577

  1. What is the mempool?
    A mempool is list of unconfirmed transactions that each node keeps or has.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows in size and the transactions with the smallest fees will get dropped.

  3. How does a growing mempool effect transaction fees?
    If the mempool is growing in size I would expect that transactions fees will also grow in order to be included in the next blockchain.

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#3578
  1. A list of transactions on the nodes that are not validated by the miners yet.
  2. The mempool increases in size.
  3. Fees to validate transactions increase.
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#3579
  1. A mempool is a database on a node that holds legal yet unconfirmed transactions
  2. If miners can’t keep up with the rate of new transactions they will end up prioritizing ones with the highest fees as to earn more money
  3. The more transactions in a mempool the higher the transaction fees are.
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#3580

  1. What is the mempool?
    The mempool is the list or data structure containing all the unconfirmed transactions on the bitcoin network at a moment in time.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will continue to grow in size. The time to confirm a transaction will take longer as well for this reason.

  3. How does a growing mempool effect transaction fees?
    The larger the mempool, the higher the transaction fees will be, because miners choose the transactions with highest fees to confirm. Since fees are higher, it will be more attractive for new miners to join the network, which will in turn reduce fees and improve transaction times.

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#3581
  1. A mempool is a list of unconfirmed transactions that nodes hold
  2. The mempool will grow bigger.
  3. Tansaction fees will rise as there is a bigger competition between transactions who wants to be included in a block first.
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#3582
  1. transactions are signed and waiting to be put in a block by miners. Mempool is a place where unconfirmed transactions are stored until a miner picks them up.
  2. The mempool grows and the transaction time increases
  3. Fees become more expensive
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#3583
  1. Mempool is where a node saves transactions to be confirmed
  2. Speed of transactions will diminish
  3. More transactions means higher fees as it will take the miners longer to process the transactions
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#3584
  1. A record of unconfirmed transactions held by each individual node.
  2. The number of UTXOs in the mempool increases.
  3. As the mempool grows and the backlog of UTXOs increases the fee also rises as miners prioritise the UTXOs with a higher transaction fee and so demand pushes the prices the up.
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#3585

1)What is the mempool?
It’s structure which consists of all unconfirm transaction until they are confirm

2)What happens if the miners can’t keep up with the rate of the new transaction?
Mempool piles up with unconfirmed TX

3)How does a growing mempool effect transaction fees?
Competition to get transaction into block is higher so fees also get higher.

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#3586

  1. What is the mempool?
    -is where all the tx that waiting for miner to put in the block.

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

  3. How does a growing mempool effect transaction fees?
    -fee will increase and which ever proposing the high fee incentive will get confirmed first

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#3587 
1.	What is the mempool?  A mempool is a data structure that exists within each node where unconfirmed transactions are placed as they wait to be confirmed. 
2.	What happens if the miners can’t keep up with the rate of the new transaction?  The mempool grows causing delays and transaction fees to rise.  
3.	How does a growing mempool effect transaction fees?  Higher transaction fees.
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#3588

What is the mempool?

All transaction waiting in the mempool to get picked by the miners.

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

The mempool get larger.

How does a growing mempool effect transaction fees?

If the mempool grows, u have to spend more TX-Fees to make sure your transaction get picked by the miners.

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#3589

More miners will only increase the difficulty. PoW is set so the block times are approximately every 10 minutes so more miners doesn’t really increase tx times. Maybe temporarily before the difficulty adjustment. :slight_smile:

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#3590
  1. What is the mempool?

A ledger of unconfirmed tx’s

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

The number of tx’s in the mempool increases - i.e mempool increases

  1. How does a growing mempool effect transaction fees?

Miners are incentivised to choose tx’s with highest fees, therefore new tx’s will have to ‘bid’ higher on fees in order to be processed quickly.

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