Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3631

  1. What is the mempool?
    The mempool is basically a pool for all unconfirmed transactions. Each node has its own mempool. The unconfirmed TX stay in the mempool until a miner adds them to a block.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow in size and therefore the transaction times will be longer as well.

  3. How does a growing mempool effect transaction fees?
    Miners are incentivized by transaction fees. The higher the fees, the more a miner is being payed. When miners are not able to keep up with the rate of new TXs, they will pick TXs with higher fees over ones with lower fees. The bigger the pool the higher the fees.

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#3632

  1. It is a pool on each node that keeps record of the unconfirmed transactions.

  2. Miners will process transactions with higher fees and the mempool will grow as well as confirmation time will increase.

  3. The more unconfirmed transactions there are in the network, the higher the fees become.

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#3633

  1. What is the mempool?
    Mempool is a list of unconfirmed transactions, waiting for a miner to pick them up to add to the next block.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool gets larger and confirming transactions would be longer.

  3. How does a growing mempool effect transaction fees?
    A growing mempool will result in higher fees because miners choose transactions that offer them the highest fee.

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#3634

They start with their own mempool, but aren’t there also TXs in other mempools, that might not be in the mempool of the miner? How does that work? When will those TXs be sent to the miner? Are they being sent to the miner or will the miner collect them?

#3635

  1. List of unconfirmed TX

  2. Nothing, just list of unconfirmed transactions in the mempool will increase.

  3. The more TX are in the mempool = higher TX fee

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#3636

As the name suggests the mempool is the pool of transactions that exist in memory on one or more nodes in the network. Typically these are transactions that are waiting in line to get into a block.A miner on the other hand creates blocks in the blockchain which the nodes keep. Basically, the miner adds transactions to a block, with the goal of creating a new block with a valid hash that will be accepted by the network.

#3637

The mempool is a list of all pending transactions on the network.

If the miners cannot keep up with the rate of the new transaction, the transaction takes longer for confirmation. The transaction may also simply time out.

A growing mempool may cause higher transaction fees.

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#3638
  1. Mempool is the data structure that all the nodes have of UTXO’s before they are confirmed by miners and put into the block. Each node’s mempool might differ but will all end up the same.
  2. The mempool fills up and transactions are slowed down.
  3. Fees go up to get your transaction done quicker as miners choose which tx the want to do first for the most money
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#3639
  1. The mempool is where unconfirmed transactions are collected by miners and added to the next block.
  2. When the miners can’t keep up the mepool gets larger and transaction times and prices increase.
  3. Transaction fee’s increase to incentivize miners to process the bytes.
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#3640

Thank you very much. However, that does not answer my question. I understand the difference between a node and a miner. In the video Ivan explained, that each node has its own mempool. Since a miner is also a node, they also have their own mempool.

Ivan also mentioned, that not every single mempool has to have the same TXs in storage. Hence, my question was, how and when will the miner collect or recieve the TXs that are not in his own mempool.

#3641

  1. It’s a list of all unconfirmed transactions.

  2. If miners can’t keep up then mempool gets larger.

  3. Fees go up with growing mempool as there is more competition to have transactions confirmed quickly.

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#3642
  1. What is the mempool?
    The mempool is a list of all unconfirmed transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If the minders can’t keep up with the rate of the new transactions the mempool will get bigger.
  3. How does a growing mempool effect transaction fees?
    Because there will be more competition in a growing mempool the transaction fees will go up, because everybody will want their transactions filled, sooner rather then later.
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#3643
  1. A list of all unconfirmed transactions.
  2. The mempool continues to grow and transaction times increase.
  3. Transactions become more expensive
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#3644

The miner will pick the tx once it propagates to its mempool through the network. Before that the tx basically doesn’t exist to the miner.

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#3645

What is a mempool?
a mempool is a list of unconfirmed transactions they wait for a miner to pick thm up to add them to the next block.

  1. What happens if the miners can’t keep up with the rate of the new transaction?
    the mem pools will increase in size, the time of the transaction would be longer.

How does growing mempool effect transaction fees ?
when the mempool gets larger, the confirmation process takes longer. Miner always chooses the highest transaction fee first. so the transaction action will increase

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#3646
  1. What is the mempool? list of unprocessed transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction? a backlog is built
  3. How does a growing mempool effect transaction fees? due to increased competition, transactions have larger fees to get priority processing.
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#3647

1. What is the mempool?

  • The mempool is a list of the unprocessed transactions being broadcast to a node.

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

  • The mempool grows.

3. How does a growing mempool effect transaction fees?

  • The miners will prioritize the transactions with the highest fee’s, and competition for faster confirmations will increase the optimal fee needed.
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#3648

• The mempool is where transactions are stored within each node until it has received enough confirmations to validate it onto the blockchain.
• The mempool grows.
• A growing mempool increases transaction fees because miners are incentived to compete.

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#3649

1. What is the mempool?
A: Mempool is the queue of transactions whose insertion on the the blockchain is pending

2. What happens if the miners can’t keep up with the rate of the new transaction?
A: The mempool size will grow as well as the time required to get the transaction confirmed

3. How does a growing mempool effect transaction fees?
A: Transaction fees will grow to incentivize the miners confirming the transactions

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#3650
  1. What is the mempool?

Mempool is a current list of unconfirmed transactions and their associated pending fees that resides on each (full?) node of the blockchain.

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

They increase the mempool and likely take longer to get confirmed.

  1. How does a growing mempool effect transaction fees?

A growing mempool increases transaction fees because miners are incentived to choose transactions that offer them the highest fee in return for appending the transaction onto the blockchain. Miners can neglect lower fees until they have mined through the higher fees first. People are willing to pay higher fees to get their transactions confirmed as well.

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