Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4152
  1. A mempool is where the unconfirmed transactions are housed within each node
  2. If miners cannot keep up with the rate of new transactions then there is a backlog which will cause fees to go up
  3. A growing mempool will cause fees to increase to incentivize minors to pick up the transaction with the largest fees
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#4153
  1. What is the mempool?
    Mempool is a data structure that holds validated transactions that are not confirmed yet.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    It prioritizes transactions with the highest fee
  3. How does a growing mempool effect transaction fees?
    I didn’t understand the question. The fee is associated to the size of your transaction regardless whether the mempool is jammed or not.
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#4154

My Answers:

  1. A mempool is where all unconfirmed transactions, that makes sense, are kept for a miner to add to the blockchain.

  2. Each additional unconfirmed transaction will be stored in the mempool, increasing the size of the mempool and the time transactions gets verified.

  3. It increases the fees. The miners will take an unconfirmed transaction from either a nodes mempool or its own mempool with the highest fee first.

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#4155

  1. A mempool is a pool where nodes store all the transactions that they validated. In the mempool, the transactions are then waiting for being confirmed by a miner. A miner can have a mempool itself or it can ask a node to show him his mempool.

  2. The mempool gets bigger and the transaction fees become higher.

  3. Like stated in 2, the fees will increase. Miners will always choose the transaction that gives them the biggest reward, so it’s like an
    offer competition.

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#4156
  1. A mempool is a chart of unconfirmed transactions and fee price
  2. if minor cannot keep up with the rate of new transactions the mempool chart grows in size creating
  3. A growing mempool effects transaction fees as miners will more than likely verify transactions with higher fees first due to the confirmation demand.
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#4157
  1. What is the mempool?Unconfirmed transactions that a miner needs to pick to add to a block
  2. What happens if the miners can’t keep up with the rate of the new transaction?It grows larger
  3. How does a growing mempool effect transaction fees?Fees will Increase
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#4158

True, but if there are more tx in the mempool as can be crammed in a block, you would have to pay a larger sat/b fee to have your tx accepted in a timely manner. :slight_smile:

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#4159
  1. The mempool is a memory pool that each node has which stores unconfirmed transactions, waiting until a miner takes them and confirms them. When that happens, the transaction is removed from the mempool (but stays in the copy of the blockchain).
  2. The mempool size increases as more transactions are added.
  3. Fees go up as miners will choose the transactions with the most fees. Usually the wallet will decide the fees, in which case if the mempool size is bigger than usual at the moment, it will decide for a bigger fee or else the transaction might take a while because miners cant keep up (they will still mine the TX with higher fees).
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#4160

  1. A mempool is an area within a node that stores either confirmed or unconfirmed transactions. When a wallet sends a transaction, the transaction eventually goes to all nodes. Until a miner has picked up this transaction, it is unconfirmed. It will be put into a special place. This place is the mempool.

  2. If the question is asking what happens if miners can’t keep up with the rate of new transactions, the answer is, the number of transactions will increase with the transactions that have the highest fees being confirmed first but as the number of transactions increase, so do the fees. Transaction confirmation time will increase.

    1. As a mempool grows, transaction fees will increase. Even though this may cost the Bitcoin user more, the transactions will be confirmed more quickly the higher the fees are.
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#4161

A list of unconfirmed transactions

It will take more time to fill the block

the fees will go up

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#4162

1 The Mempool is a sort of list in each node where all the unconfirmed transactions are stored after the verification that they “make sense”

2 If they can’t keep up the list of pending transactions raise

3 As mentioned above, the list of pending tx raises, therefore this will make the fees go up, the fees up will make decrease the number of transaction (prioritizing the ones with higher fees) therefore the pool will decrease its size

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#4163
  1. The mempool is a list/space of unconfirmed transactions that nodes have validated but miners have not picked up yet.
  2. If miners can’t keep up with the rate of new transactions, the mempool increases, meaning longer confirmation times.
  3. A growing mempool means higher transaction fees, which in turn means faster transaction times.
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#4164

1.Transactions that have not been confirmed by miners yet wait in the mempool.
2. If miners can not keep up with the rate of new transactions they sit in the mempool and transactions take longer time.
3. people who pay higher transactions fees will have their transaction confirmed first.

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#4165
  1. What is the mempool?
    Mempool is a place for confirmed transactions before being written in the block by the miner.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    It will take longer for the transaction to be completed and be written in the blockchain. Also the fees would be greater. Usually it is 10min to 1 hour. If the transaction is not written to the block within 48 hours, It is removed rom the mempool and cancelled.
  3. How does a growing mempool effect transaction fees?
    The more transactions we have , the more competition between sellers to get their tx on the block. If the mempool reaches full capacity, the nodes start prioritising transactions by setting up a minimal transaction fee. The rest is automatically removed from the mempool.
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#4166

I think the default time a tx can be pending in the mempool is 14 days, not just 48 hours and can be changed by the one running the node. :slight_smile:

#4167
  1. the mempool is a list of unconfirmed transactions.
  2. the backlog builds up and you get longer transaction times
  3. the miner will pick the transactions that pay more first
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#4168

What is the mempool?
A mempool is a place where all unconfirmed transaction are stored
What happens if the miners can’t keep up with the rate of the new transaction?
The fee goes up, if the fee of the transaction is too low the transaction will stay longer in a mempool and thus longer unconfirmed
How does a growing mempool effect transaction fees?
Transaction times will be slower and fees will increase

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#4169
  1. What is the mempool?

A pool of unconfirmed transactions that is held in the memory of each node on the network.

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

The miners will take transactions with the highest fees from the mempool and leave the rest for another block.

  1. How does a growing mempool effect transaction fees?

The transaction fees will increase as miners will take transactions with the highest fees first.

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#4170

  1. A buffer for unconfirmed transactions.

  2. The mempool will grow and miners will favor transactions with higher fees.

  3. The larger the mempool the higher the fees.

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#4171

Thanks for the info :grinning: