Homework on Mempool - Questions

Blockchain and Bitcoin 101
#363
  1. What is the mempool?
    The data structure that each node have, a list of unconfirmed transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow in size, the waiting times and transaction fees will increase.
  3. How does a growing mempool effect transaction fees?
    If the mempool grows, miners will pick up transactions with higher fees first.
#364

I’m starting to understand your nickname :sweat_smile::cocktail::sun_with_face:

#365

  1. Mempool is a space where all unconfirmed transaction be stored. Every node have a mempool.

  2. The mempool unconfirmed transaction build up and it takes longer for confirmation of one transaction.

  3. Transaction fees are paid in satoshis per bite. An growing mempool dont affect the price.

#366

Yes, but only new unconfirmed transactions waiting for a successful miner to add it into a block in the blockchain

#367

What do you mean by it doesn’t affect the price?

#368

Yes, transactions with lower fee’s will take longer to get included into a block, but it doesn’t affect the 10 minute blocktime. The speed of new blocks getting mined depends on hashrate and difficulty to mine. You will learn this later in the course

1 Like
#369

With price i mean the transaction fees. The transaction fees are based on satoshis per bite. But transactions with lower fees have to wait longer because the miners will mine the more profitable one.

1 Like
#370

so it will affect the price (fee), because users will need to send more fee to get their transaction included in time.
You said a growing mempool won’t affect the price or maybe you just mistyped :wink:

#371

the price is given by the size of the transaction. But you are right it will be normal for the users to pay more fee to get the transaction in time done.
I mean this a growing mempool will not affect the price only if the users choose to increase the fees.

#372

  1. A mempool is a registry of all unconfirmed transactions waiting for confirmation and be stored in the blockchain.

  2. They chose the transaction with higher fees, and skip those with lesser fees.

  3. Users are in competition to give the highest fees and keep the place in the mempool and see their transactions be confirmed.

1 Like
#373

Answers:

  1. A mempool is a chart that shows bitcoins transactiuons confirmations.
  2. The fees increase.
  3. Sat/bite satoshi’s per bit
#374

Well tbh it makes things a bit easier to understand when I visualize it in a funny way.

#375

  1. It is a place where all UTXO are kept. Each wallet has it’s own mempool which it shares with other wallets and then at some point a miner will take those UTXO out of the mempool.

  2. UTXO stay in the mempool for a longer time, it takes a long time for a transaction to be verified and added to the blockcahin. And I believe at that point the difficulty of mining is lowered so the miners can keep up with the UTXO amount.

  3. Miners chose the highest UTXO fees first so by that logic fees should increase with the hope of there UTXO be verified and put on the blockchain.

#376

  1. The mempool is a datastructure kept by each node containing unconfirmed transactions.

  2. Miners are looking to maximize their profits. They check the mempool and execute as many transactions as fit into a new block starting with those that offer them the highest fees per byte used.

  3. More transactions compete to get into the next block thereby driving fees higher. Supply and demand.

1 Like
#377
  1. A mempool is a list of all UTXOs and unconfirmed transactions.
  2. The mempool will grow in size
  3. The transaction fees rises
1 Like
#378

  1. What is the mempool? The mempool is a pool with all the unconfirmed transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The transactions stay in the mempool for longer until the miners can include them in a block.

  3. How does a growing mempool effect transaction fees?
    Growing mempool means more transactions, which means the miners prioritize the ones with higher fee, which means that fees go up.

1 Like
#379

Homework on Mempool - Questions

  1. What is the mempool?
    Ans: the mempool is where each node stores the transactions to have them verified by a miner before they are appended and placed on the BTC blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Ans: The mempool will continue to grow in size until the transactions are finally picked up by a miner and appended to the Bitcoin Blockchain.

  3. How does a growing mempool effect transaction fees?
    Ans: As the mempool grows, the fee size will also grow as it is based on the size of the transaction, but the fee will increase as more space is taken up on the hard drive and so the costs go up for the miners.

#380

  1. What is the mempool? Mempool is the place where unconfirmed transactions are stored waiting to be validated by a miner and added in the blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    In that case the mempool will get bigger and bigger and the transactions with highest amount of fees will be processed as a priority.

  3. How does a growing mempool effect transaction fees?
    Transaction fees have a direct link with the size of the mempool. If there are a lot of transactions to process, miners will choose the one with highest fees. Therefore if you want your transaction to be validated faster you must accept to pay a higher fee.

1 Like
#381

Answers

  1. The mempool is a bunch of unconfirmed transactions. Every node has its own mempool, that it’s broadcasted with the whole network. Miners build new blocks starting on the transactions with highest fee in this basket.

  2. The number of unconfirmed transaction in mempool will increase. It could be happen that transaction fees increase, or the time for creating new blocks increase too.

  3. A growing mempool means that there are a lot of unconfirmed transaction. Every single block has a fixed size in term of Byte, so for balancing this grow transaction fees will go up.

#382
  1. Mempool is where unconfirmed transactions are held waiting to be mined
  2. The amount of transactions a mempool can hold is limited, so if too many transactions are being requested the mempool will disregard low fee entries to make space. The low fee entries will need to be re-requested.
  3. If mempool grows in size the transaction fees for new requests will increase.
1 Like