Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3992

  1. The mempool is a ledger for unconfirmed transactions which are awaiting confirmation by the miners

  2. If the miners can’t keep up with the rate of the new transactions then fees are increased to reduce the workload and to ensure a reasonable rate of confirmation

  3. The more transactions wiating to be confirmed, the higher the fees become because of an increase in demand and a decrease in processing ability.

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#3993

  1. What is the mempool?
    Mempool is a list of unconfirmed transactions.

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

The volume of unconfirmed Transaction increases in the mempool and there by causing more delay for the transaction to go through.

  1. How does a growing mempool effect transaction fees?

This will cause an increase in the transaction fees.

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#3994
- The memepool is where all transacitons are stored after they have been verified by the nodes. The miners take the transactions with the highest fees from the memepool, most staoshis per byte (because each block has a specific size), because the miners are incentivized to make the most money.
- The transactions with the lowest fees will take very long to be added to the blockchain because the miners priorities the transactions with the highest fees. Memepool will grow.
- A growing memepool will produce higher transaction fees because when the transaction is created you get a fee that will get your transaction through the blockchain within a reasonable time. Because miners chose the transactions with highest satoshi/byte.
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#3995

Homework on Mempool - Questions

  1. What is the mempool?
    The mempool is a list of all transactions on the bitcoin network maintained and updated by alle the networknodes
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Then the mempool keeps growing in size and transactions take longer to proces
  3. How does a growing mempool effect transaction fees?
    The competition between transactions gets larger and only the transactions with the highest fees are processed by the miners.
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#3996
  1. What is the mempool?
  • Mempool refers to the data structure in which all unconfirmed transactions lie in a block
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • Mempool size keeps growing which increases the transaction times
  1. How does a growing mempool effect transaction fees?
  • The fee would have to be higher
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#3997
  1. a mempool is a pool of unconfirmed transactions.
  2. the mempool grows larger with more unconfirmed transactions.
  3. If a mempool has a lot of unconfirmed transactions only the transactions with the highest fees will be added to the blockchain.
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#3998
  1. the mempool is the sum of all unconfirmed transactions and miners pick the transactions from there they want to include in the new block.
  2. the mempool becomes bigger and transactions will need more time.
  3. growing mempool will increase transaction fees, because higher demand for transactions leads to higher price of transactions
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#3999

What is the mempool?
The mempool is the place where unconfirmed transactions go when they are waiting for a miner to add them to the next block.

What happens if the miners can’t keep up with the rate of the new transaction?
If a miner can’t keep up the mempool will get larger and then the transaction pending waiting times will get larger.

How does a growing mempool effect transaction fees?
People will have to pay higher fees to get their transactions processed faster. Miners can choose to mine transactions with higher fees first before choosing the ones with lower fees.

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#4000
  1. list of unconfirmed transactions on the network
  2. transaction time increased for the same block
  3. transaction fees increase
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#4001

  1. What is the mempool?
    It is a list of unconfirmed transactions that makes sense to a particular node.

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

  3. How does a growing mempool effect transaction fees?
    It will lead to an increase in transaction fees.

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#4002
  1. What is the mempool?
  • Is a list of queued confirmed transactions ready to be added to the blockchain by miners.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • The mempool grows in size and transaction time will increase.
  1. How does a growing mempool effect transaction fees?
  • The fees are proportional to the transactions queued in the mempool, the miners will always choose the transactions that are more profitable for them in terms of sat/b so for a faster transaction when the mempool is big, transactions might set fees to a larger amounts so they can be processed faster.
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#4003

  1. The mempool is a pool of unprocessed transactions.

  2. If miners cannot keep up with the rate then transactions take longer.

  3. A growing mempool increases transaction fees.

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#4004

Mempool is a memory where unconfirmed transactions are placed, waiting to be confirmed (and placed in the blockhain) by a miner. Every node or miner can have a slightly different mempool as transaction requests are propagated via the blockhain

When the rate of new transaction request is higher than what miners can handle, mempools are growing larger and larger

Since miners handle the transaction with the higher transaction fees (in sat/B) , a growing mempool pushes the wallets to increase the fees that they are offering in order to have their transactions handled

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#4005

  1. When a wallet sends a transaction all the nodes will be updated. Nodes will examine the transaction and verify it’s authenticty and that there are outstanding UTXO’s to cover the transaction. If these conditions are met it will construct the transaction, however, it will not be added to the blockchain until a miner picks it up and adds it. Until this time, the transaction will ‘live’ in the mempool. Each node has a mempool. miners are also nodes and thus have their own mempool.

  2. If miners cannot keep up with the rate of transactions, the transaction will stay on the mempool until they add it. Once added to the blockchain, the transaction is no longer ‘pending’ and is removed from all the mempools.

  3. A growing mempool should not directly affect the transaction fees, however, some transactions will offer higher fees to increase the likelyhood of a miner choosing to pick it up and add it to a block. This competition is what results in higher fees.

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#4006

  1. The mempool is a database of the unconfirmed transactions

  2. It sits in the mempool until the miners catch up.

  3. Miners tend to choose higher fee transactions so when a backlog happens fees tend to increase as people want their transactions to go through quicker

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#4007
  1. Mempool is a pool of unconfirmed transactions.
    2)The mempool will grow and the transaction time takes longer.
    3)The larger the Mempool the larger the transaction fee.
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#4008
  1. The mempool is keeping the unconfirmed transactions that are waiting for a miner to to add to a block.
  2. If there is more transactions than can be added to the next the mempool grows larger and it will take longer for transactions to be added to a block and confirmed
  3. With a larger mempool there is more competition to get added to a block. The miners will prefer the transactions, that give them the most Satoshi per Byte
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#4009
  1. A list of unconfirmed TXs
  2. Miners pick the highest rate of transactions from the mempools to be highly remunerated. In this case, the number of unconfirmed transactions increases resulting in higher transaction time and fees.
  3. With a growing mempool, miners choose to pick the higher transaction fees to be incentivized higher. This. in turn, will delay other transactions with lower fees resulting in longer waiting times.
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#4010
  1. Each individual node’s record of unconfirmed transactions
  2. The mempool grows
  3. Transaction fees rise because miners accept the highest Sat/B and transaction time will be very long if your transactions Sat/B is low
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#4011

1)What is the mempool?
The Mempool is the collection of all unconfirmed transactions that miners choose from, to then be verified and placed into the blockchain.

2)What happens if the miners can’t keep up with the rate of the new transaction?
When miners can’t keep up, the fee rises and the computational difficulty lessens casing more miners to come online. the more miners online the harder it becomes and the fees and profits lessen.

3)How does a growing mempool effect transaction fees?
The fees rise

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