Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3651
  1. A list of unconfirmed transactions.
  2. The mempool will get larger;
  3. The larger the mempool, the more transactions will have to “compete” to be put into blocks. This “competition” is done by the fee value, because the larger the fee, the higher its priority to be assigned into a block.
1 Like
#3652
  1. Mempool is a collection of “unconfirmed” transactions each node keeps, and once the transaction is confirmed, it gets removed from the mempool.
  2. The new transactions stay in the mempool until the miners get to them and append them to the blockchain.
  3. The transaction fees go up as more bytes are needed.
1 Like
#3653

  1. the mempool is a list of all trasactions that have been varify by the node by not yet confirm by the miner into the block

  2. a new block is generate every 10 minute intervals and if miners can not keep up with the mempool , the miner usually takes the higher paying transaction first.

  3. teh transaction fee are by in satoshi by bite size of transection. the more complicated the transection meaning more inputs and outputs, depends more space in a block will demand higher fee to process.

1 Like
#3654

How does the propagation work?

#3655
  1. What is the mempool?
    The mempool is the list that each node keeps of verified transactions until they are selected by a miner to be put into 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 it will take longer to have a transaction confirmed.
  3. How does a growing mempool effect transaction fees?
    Miners will prioritise the transactions with the highest fees.The more demand there is on miners to process transactions the higher the fees will rise.
1 Like
#3656
  1. The Mempool is a staging place for transactions on a node in a blockchain. This stage place, kind of like a waiting room on the Bitcoin blockchain, is maintained by a full node. After the transaction is verified by the node, the transaction will wait in that location on the node until a miner picks it up for processing.
  2. If the miners can’t keep up with the rate of the new transaction then the size of the pool will grow and the backlog will increase the wait-time for transactions with lower fees.
  3. A growing mempool would push transaction fees higher as in order to be processed the miners will “pick-up” those with the highest fees first.
2 Likes
#3657
  1. Mempool is a list on the nodes where utxo’s are stored.
  2. The mempool gets larger adn transaction times increase.
  3. The fees will increase.
1 Like
#3658

Homework on Mempool - Questions

  1. What is the mempool?

All list of all the unconfirmed transaction on a specific node.

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

The mempool get larger and the transaction time increases.

  1. How does a growing mempool effect transaction fees?

Fees go higher as there I more demand to bw put into the block thus the price is higher.

2 Likes
#3659

  1. The Mempool is where unconfirmed transactions (which are already checked and validated by nodes and their protocol) are stored and are waiting for miners to pick them up - so they can be added to a new block.

  2. If miners cannot keep up with the rate of transactions- the mempool grows larger and slows down transaction times.

  3. The growing mempool results in competition regarding transaction fees- the higher the fee, the faster it will be added to a new block. The transaction with the largest Sat/b (fee and size) will be picked first by miners.

2 Likes
#3660

  1. What is the mempool?
    -A Mempool is a list of unconfirmed txs in a node that have been vetted by the nodes protocol. Miners will query the mempool and add txs with the highest fee to a new block in the blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    -The tx confirmation time is slowed down

  3. How does a growing mempool effect transaction fees?
    -The bigger the list of txs in a mempool the more expensive txs are to confirm by the network since tx fees are calculated as satoshis/byte (price per size). Each block has a limited amount of space and the txs with the highest fees are always prioritized first.

2 Likes
#3661

The nodes gossip the transactions between each other. If you want to really dissect how it works you can check the developer guide :slight_smile:

https://developer.bitcoin.org/reference/p2p_networking.html

1 Like
#3662
  1. Mempool is a list of unconfirmed transactions validatet by a node, but not yet included in a mined block and added to the blockchain.
  2. The size of the mempool will increase and transaction with the lowest fee will remain there unconfirmed.
  3. The transaction fees will be higher.
1 Like
#3663
  1. A mempool is a list of unconfirmed transactions stored in each node.
  2. A bigger mempool builds up
  3. Since the miners are economically motivated and choose the transaction with the highest fees, the fees for the transactions will have to go up in order for the transactions to be processed.
1 Like
#3664
  1. What is the mempool?
  • list of unconfirmed transactions
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • No transactions will be confirmed
  1. How does a growing mempool effect transaction fees?
  • A transactions with higher fees will be processed first in a large mempool
1 Like
#3665

  1. It a list of unconfirmed transactions inside a node to future be broadcasted to the blockchain.

  2. The mempool will keep growing in size and there will be a longer wait on transactions to happen.

3.Higher fees

1 Like
#3666

  1. A list on a node with all the unconfirmed transactions.

  2. The transaction is placed in the mempool (list) until the miners can get to it.

  3. It will create a supply and demand situation. The more transactions in a mempool the higher the fee will be. Miners will most likely take the highest fee, creating a demand for the the highest price fee.

1 Like
#3667

  1. What is the mempool? Is a list of unconfirmed transactions stored in memory on a node computer.

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

  3. How does a growing mempool effect transaction fees? As the mempool size increases, the miner can prioritze the mining of transactions that offer higher transaction fees.

1 Like
#3668

What is the mempool?

Mempool (memory pool - “waiting area”) is a list of all uncofirmed transactions that are waiting for being confirmed.

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, the mempool will increase/the list will get longer. Does Mempool has a limited capacity? Can someone help me, please? :smile:

How does a growing mempool effect transaction fees?

Tx fees will increase but…
If the Mempool reaches full capacity? (I mean nodes keep mempool and have a limited capacity, haven’t they), the nodes start prioritizing transactions by setting up a minimal threshold.

Thus, all transactions with a fee-rate lower than the threshold are immediately removed from the Mempool and only new transactions with a large enough fee are allowed access to the Mempool.

Can we say that Nodes are resposible for increasing of tx fees ? Or miners?

1 Like
#3669

Theoretically no, but in practice nodes have a setting they can use to change the size of the mempool and the timespan they hold some txs in the mempool. I think by default its 300MB and 14 days.

Its supply and demand for the limited block space. If there are a lot of pending txs the market will drive the prices up because people will want to have their txs confirmed as fast as possible. :slight_smile:

#3670
  1. A mempool is a temporary storage place present in all Nodes. All approved but still unconfirmed transactions are kept here until confirmed by a miner.
  2. If the miners cannot keep up with the rate of a transaction the transaction will take a long time to be confirmed.
  3. Miners can chose their own fee level. A growing mempool means miners will chose the best fee rate and you may have to wait longer to have your transaction processed. You will also have to pay more to compete to have your transaction finished.
1 Like