Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4132

  1. What is the mempool?
    Nodes keep information on unconfirmed transactions in a mempool

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    When miners can’t keep up with new transactions, mempools grow in size and transaction times increase.

  3. How does a growing mempool effect transaction fees?
    Large mempools will increase transaction fees.

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#4133
  1. What is the mempool?
    A: Unconfirmed transaction count (data structure that each node has).
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    A: The Mempool grows & transactions take longer.
  3. How does a growing mempool effect transaction fees?
    A: Transaction fees rise because the miners are looking for the largest transaction fees to make their blocks more lucrative (sats per byte).
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#4134
  • group of unconfirmed transactions
  • the mempool get bigger
  • transactions fees can increase, as people start to pay more to get the transaction trough
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#4135
  1. Storage/space for unconfirmed bitcoin transactions.
  2. Transactions cannot be confirmed and it affects the efficacy of the network.
  3. A growing mempool indicates more work for the miners. This could result in pending transactions (because transaction fees are too low) OR higher gas fees (because transactions have to pay higher fees in order to be processed)
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#4136
  1. a datastructure within each node that lists UTXOs
  2. There is latency in transaction confirmations
  3. It creates a competitive market where miners will choose the largest fee transactions first. Thus prompting users to include higher and higher fees to get their transactions into the next block (confirmed).
    Spelling mistake in sentence 3:
    How does a growing mempool effect (should be AFFECT-verb, not effect-noun) transaction fees?
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#4137
  1. The Mempool is the transaction queue waiting to be confirmed
  2. If they can’t keep up with the rate of new transactions, the waiting time for the transaction to be made is longer
  3. Miners choose the transactions that spend the less space (bytes) and higher fees
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#4138
  • mempool is a list of unconfirmed transactions
  • block log will go big
  • fees will go up
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#4139

  1. The Mempool is a big list of unconfirmed transactions, that will soon be confirmed by the network.

  2. The Mempool will grow bigger.

  3. Transaction fees will keep rising.

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#4140
  1. What is the mempool?
    The Mempool is a data set that holds unverified transactions that fit the parameters of what nodes consider potentially valid transactions that need to be verified by miners.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The Meme pool will increase, building a back log and longer transaction times.
  3. How does a growing mempool effect transaction fees?

The bigger the mempool the larger the fees as Miners will always choose to validate the transactions with the highest fees.

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#4141
  1. What is the mempool?

List of unconfirmed transactions that have not been mined into the blockchain.

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

It creates a larger mempool. The nodes will have larger lists of unconfirmed transactions.

  1. How does a growing mempool effect transaction fees?

Miners are looking to receive the biggest fee per transaction. Transactions in Bitcoin are not specially related to value, in fact the fees are based on bits. Miners may pick transactions that are smaller in bits to fit into the limited space of the blockchain.

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#4142
  1. A mempool is a list of unconfirmed transactions in a node.
  2. If a miner cannot keep up with the rate (size) of a new transaction, a profit-maximizing miner will often ignore all remaining transactions that are too large to fit and include the smaller transactions that do fit.
    3.A growing or congested mempool increases the transaction fees.
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#4143

  1. What is the mempool?
    The memepool is a data structure that lists all the unconfirmed transactions of the bitcoin blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow in size, and each new added unconfirmed transaction will take more time to get confirmed

  3. How does a growing mempool effect transaction fees?
    Yes it will be more expensive fees, because miners will process the highest fees.

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#4144

The mempool is a place where all unconfirmed transactions (which haven’t been mined) reside.

If miners cannot keep up with the rate in which new transactions are appearing into the mempool, the size of the mempool increases, meaning more delays as miners will be more picky in which transactions they will mine (remove from the mempool).

A growing mempool affects transaction fees in the sense that it increases competition (in the sense that the highest fees get mined first). As the mempool grows, people who are transacting will be more inclined to increase the fees, Sat/B, of their transactions in order to process it faster. However, imagine every1 in the world processing transactions… The growth rate of the mempool positively correlates with transaction fees.

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#4145

1.The mempool is where unconfirmed transactions wait to be mined and added to the the next block.
2. If the miners cant keep up the mempool grows and there are longer transaction times.
3. Fees increase.

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#4146

  • What is the mempool?
    A mempool is a data structure that each node has that has a list of unconfirmed transactions.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    If miners cant keep up then the mempool will get bigger and it will take longer for transactions to be confirmed as the competition increases to get on a block.

  • How does a growing mempool effect transaction fees?
    A growing mempool will give minors more options to chose all the higher fees which will likely push fees to increase as transactions fight to get chosen first.

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#4147
  1. A mempool stores the UTXOs
    2.If the miners cant keep up , the tx fees will increase
  2. They are more likely to go up
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#4148

Mempool is where transactions come, like a waiting room.

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#4149
  1. The mempool is where all unconfirmed Bitcoin transactions are stored.
  2. Mempool will grow in size, transactions will take longer, and node operators will choose transactions with higher fees.
  3. Increases fees.
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#4150
  1. In the mempool we find the transactions unspent.
  2. The amount of unspent transactions from mempool grows.
  3. Transaction fees in a growing mempool will grow, since the miners will pick first only the transactions with higher fees .
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#4151

  1. The mempool is a place where unconfirmed transactions gets collected before a miner validates them into their block.

  2. If the mempool gets too crowded the miner will pick the transactions with the higher transaction fees too be accepted first. The time to get your transaction to be confirmed will take longer.

  3. The more transactions in the mempool the longer it will take for your transaction to get validated to a block. You can speed up the process by entering a higher transaction fee than the already preset fee. The preset fee will already be higher than usual.

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