Homework on Mempool - Questions

Blockchain and Bitcoin 101
#383
  1. Mempool is a memory allocated for storing unconfirmed transactions.
  2. Mempool increases in size.
  3. Bigger mempool will drive the fees higher as people want to be included in the next block when they transact.
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#384
  1. What is the mempool?
  • In each node a list of unconfirmed transactions / yet to be added to a block.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • The Mempool will grow in size and transaction times might take longer. Additionally fees might grow.
  1. How does a growing mempool effect transaction fees?
  • Miners will ultimately look to get as much Satoshi for their byte as possible and will choose the best transaction fees. Hence fees will increase.
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#385
  1. a list of unconfirmed tx
  2. longer time for tx to be confermed
  3. miners will go first for tx with higher fees
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#386

  1. The mempool is a place where unconfirmed transactions wait for a miner to pick them up to add to the next block.

  2. If the miners can’t keep up with the rate then the mempool grows larger and there are longer transaction times.

3.Transaction fees increase with a larger mempool because of the competition to get the transaction to the next block. Larger fees are offered to miners to get the transaction picked first.

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#387

  1. What is the mempool?
    A list of unconfirmed transactions that are waiting to be bundled into blocks by a miner/node.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows accordingly, transactions may take longer and fees may increase.

  3. How does a growing mempool effect transaction fees?
    Full blocks with the greatest fee [Sats/B] usually get processed first so Tx fees may increase to provide incentive for more miner/node creation.

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#388

  • What is the mempool?
    the mempool contains the unconfirmed transactions

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

  • How does a growing mempool effect transaction fees?
    the mempool grows and the fees along with the tx time increases

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#389

  1. A mempool is a transaction that is in the blockchain that has not been confirmed. Each node holds this unconfirmed transactions in the mempool.

  2. The Mempool will get bigger and transaction fees will increase also

  3. Transactions will have higher fees so miners could put them into the blockchain and get them approved.

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#390
  1. What is the mempool?

The mempool is a data structure that is comprised of all unconfirmed transactions that are stored on bitcoin nodes. In order to enter the mempool the transaction must first be validated by a node. Miners then confirm transactions that are in the mempool and add them to blocks. Transactions are categorized in the mempool based on the fee that they will pay a miner for confirmation. So all transactions are competing with each other for confirmation based on their fees.

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

The time that it would take to get a confirmation would increase. A new block is created every 10 minutes regardless of the hashing power of the miners. A block can only contain a set amount of bites. So if the miners can’t keep up with the new transactions then transactions would have to wait longer to be confirmed and put into a block. It also seems like it would increase the fees since miners would be selecting for higher fee transactions. Since transactions that contain more bites have higher fees it seems that this situation would also select for more complex transactions over simpler ones.

  1. How does a growing mempool effect transaction fees?

The miners pick the transactions with the highest fees and put them in the next block they are producing. This creates competition between the transactions. As the mempool grows it allows for selection of higher and higher transaction fees so the fee to get a confirmation would increase.

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#391

1- Is a data structure that each node has to store unconfirmed transactions that make sense to that particular node.

2- They will choose the transactions with the highest fees from the mempoll.

3- in order to be attractive to miners so that transactions are included in a block ASAP, a competition of fees arises, basically the higher the fees the quicker your transaction is put into a block.

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#392

Hi

because miners are competing to get there block onto the blockchain and only one can win what happens to the other competing blocks that lost.

#393

Utxo’s aren’t in the mempool, only transactions wich contains utxo’s as input and change ownership in the output

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#394

Bad luck, he gets nothing. That’s also the reason that The blockreward + fee’s (coinbase transaction) can’t be spend by the miner for 100blocks time. So we are certain that this block can’t become a stale block. But you will learn this further in the course

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#395

Every node can choose themselves how big the mempool is, so it doesn’t happens often that a low fee transaction gets disregarded.

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#396

The creation speed of blocks has nothing todo with the size of the mempool, but on the hashrate of the network. Miners need to construct a block within the given consensus rules. So they can fill up a block until the blocksize limit is reached. So the speed of mining blocks depends on how many people are mining or having better equipment. Every 2016 blocks the difficulty will adjust to preserve an average of 10 minute block time.
A growing mempool just leads to more competition in fee’s to get accepted into a block. Like in late 2017 bull market, transactions with low fee took a long time to get mined

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#397
  1. A mempool is a storage area within all nodes (miners all have nodes as well) that store unconfirmed transactions. They are stored there until a miner uses them to secure the next block, which confirms the transaction. Once confirmed all nodes then delete the transaction from their mempool. Basically, a mempool is a pergatory for transactions.
  2. If miners can’t keep up with the rate of new transactions the unconfirmed transactions will be stored through out many node mempools. A growing mempool effects transactions fees by increasing them. A growing mempool also means long transaction confirmation times.
  3. A growing mempool causes transaction feels to increase.
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#398

You are right, I suppose I was tired when I answered on it and I didn’t read well the question! :slight_smile:

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#399
  1. Mempool stores the unconfirmed transaction to include them into the next block.
  2. mempool grows.
  3. Transaction fee increases
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#400

Homework on Mempool - Questions

  1. What is the mempool? every node has a copy of a database of every unconfirmed Transaction that has been validated by that node (because it follows the protocol and makes sense).
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The miner will keep the transactions in the mempool and will interrogate the mempool of other nodes, to check if there are other transactions with higher fees.

The mempool will continue to grow.

  1. How does a growing mempool effect transaction fees?
    When there are more transactions showing up to the mempool, the miners will first pick up the transactions with the highest fees and put those transactions in the following block.
    The Tx with the highest fees gets confirmed fastest.

So, the larger the mempool the larger the fees to get confirmed fast.

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#401
  1. The mempool is where all the pending transactions are stored by the different nodes until the miner has confirmed the transaction.
  2. In that case the minor will query the node that stored the transaction with the highest fee which may take more time. The mempool will therefore get bigger.
  3. Transaction fees have greater chances to be more expensive.
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#402

  1. A mempool is the nodes area that holds the list of Unconfirmed transactions.

  2. The mempool will grow and therefor the miners will prioritize transaction with a higher fee.

  3. The bigger the mempool is the higher the fee will be since people naturally would like to have their transaction confirmed faster so they will pay a higher fee and each fee is a derivative from the last block fee.

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