Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4192
  1. It is a database for unconfirmed transactions.
  2. The miners take transactions to the block with the highest fees.
  3. Growing mempool couse the higher fees.
1 Like
#4193
  1. List of unconfirmed transactions that make sense to particular nodes (that are not processed by miner).
  2. It takes longer to process transactions.
  3. Transaction fees become bigger.
2 Likes
#4194
  1. It is a database for unconfirmed transactions.
  2. The miners take transactions to the block with the highest fees.
  3. Growing mempool couse the higher fees.
2 Likes
#4195

  1. What is the mempool?
    Mempool is list of all verified transection waiting for Miners to confirm and embed them in a block and attach the block with blockchain afterward.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If miners find transaction fees not high enough they may keep it in Mempool which eventually increase transection confirmation time or they may propagate it further to other nodes which may eventually validate the transaction.

Mempool gets larger and confirmation process time will increase and as miner always goes first for the highest transaction fee, so ultimately transaction fee will increase.

2 Likes
#4196

The memepool is the initial storage place for all transactions pending confirmation.

If miners fall behind processing transactions, the pool grows. Transactions with higher fees will be prioritized. If not processed after two weeks a transaction will be cleared from the mempool.

When the mempool is fuller, a higher fee will be required to attract Miners.

2 Likes
#4197

Hi,

I meant .
Summary, things being what they are.

#4198

  1. The mempool is a data structure that basically describes how many transactions there are without confirmation and what types of fees they have.

  2. The number of pending transactions will increase and so probably the fees.

  3. Miners are financially incentivised so they will choose the higher fees, as pending transactions go up, so will the fees.

1 Like
#4199
  1. What is the mempool?
    Mempool is a data-structure within each node, which contains all unconfirmed transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool will increase and all transactions that did not make it to the block will remain pending.
  3. How does a growing mempool effect transaction fees?
    Growing mempool increase transaction fees because it creates bigger competition among “transactions”, because miners will always pick transactions with higher fee (highest rate of sat/B)
1 Like
#4200

In that case its not exactly true. The mempool holds unconfirmed txs received by the node. Some txs might not propagate to the node yet so the mempool might differ from node to node.
Once the txs are put in a block they should remain equal and all nodes have the same blocks. :slight_smile:

#4201

The mempool is a database of unconfirmed transactions. It might be slightly different on each node.

If miners can’t keep up witht he rate of new transactions, the mempool will become pretty large and fees would likely increase.

A growing mempool puts pressure on tx fees, typically driving them higher.

1 Like
#4202

  1. It is the pool on which transactions are sent as input. The miners then choose a transaction from the mempool to fit it best on its block for space.

  2. The transactions are made easier for the miners, until they are able to mine a block in the allotted amount of time.

  3. If the transactions fees are high, the mempool is growing. Because there is more competition from miners to make the most money on each block.

1 Like
#4203

  1. A mempool is where unconfirmed transaction sit to be added to a block by a mineral.

  2. The transaction would be delayed and the mempool grows in size therefore accumulating more unconfirmed txns.

  3. Fees can increase due to the the amount of unconfirmed txns which in tern is more attractive to the miner therefore creating competition to add to a block.

1 Like
#4204
  1. What is the mempool?

A mempool is a storage space for new unconfirmed transaction sent to a node.

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

Then it takes longer for the transactions to complete before they can be added to the block and confirmed.

  1. How does a growing mempool effect transaction fees?

The fees will increase as the wait time increases. Pay the miners more and the wait time will decrease and vice versa.

1 Like
#4205

  1. The mempool is a location in each nodes database of all unconfirmed transactions for the blockchain

  2. If miners can’t keep up with the rate of the new transaction it will be stored on the mempool until their database is sync’d with another node, or the transaction will be delayed until miners can confirm the transaction

  3. Miners query each mempool for the transaction with the highest fee per byte sat/byte rate for themselves and generally select from the highest to gain the largest fee, then this selection process scans through other transactions at lower peak times.

The mempool continues to grow and the miner selects the highest fee transaction to verify working from top to bottom (generally)

1 Like
#4206

  1. What is the mempool?
    The mempool is where all pending valid btc transactions reside. Once a full node has validated a transaction, is it pended in the mempool, where miners must validate the transaction.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Transaction times will increase if the rate of new transactions > rate of mempool validation.

  3. How does a growing mempool effect transaction fees?
    Transaction fees increase, since miners will prioritize the validation of pending mempool txns that have a higher fee associated w/ it.

1 Like
#4207

A list of unconfirmed transactions
The time taken to confirm increases and costs go up.
miners and incentivised to go with higher transactions fees and the price for transactions will go up

1 Like
#4208
  1. List of valid, but unconfirmed transactions.
  2. Mempools grow in size, transactions become slower.
  3. Transaction fees go up.
1 Like
#4209

Homework on Mempool - Questions
1. What is the mempool?
A list of uncomfirmed transactions
2. What happens if the miners can’t keep up with the rate of the new transaction?
There will be a big backlog
3. How does a growing mempool effect transaction fees?
Fees will go up

1 Like
#4210

1- Mempool is the data structure that each node has with the list of unconfirmed transactions.

2- Mempool grows and the confirmation time increases likewise. Transactions slow down.

3- Growing mempool means the confirmation time increases, so the higher fees get the priority. So the fees go higher.

1 Like
#4211

1: mempool you can say it is a pool of all the unconfirmed transactions and their fees
2: The mempool will increase, and transactions will take longer
3: Growing mempool will get more people to try to increase fees to get their transaction through

1 Like