Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4312

Homework - Mempool - Answers

  1. What is the mempool?

A mempool is a pooled list of unconfirmed transactions held by nodes (after checking validity) and passed around after being initiated by the wallet till they are confirmed by a mining node by being placed into a block on the blockchain.

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

The collective mempool increases in size as fewer transactions are confirmed while more unconfirmed transactions arrive to be processed.

  1. How does a growing mempool affect transaction fees?

The miners are financially incentivised to add the most profitable transactions first. When choosing the transactions to add to the next block, the miner considers the limited size of the block to be added. Knowing this, the miner is financially incentivised to achieve the highest satoshi/byte (sat/B) as in the Bitcoin world this is what corresponds to value per unit of size. For transactions of the same size, he/she will choose to include the simple transactions first (e.g. 1 input to 1 output) as their simplicity means that the transaction data size is smaller than a multi-input to multi-output transaction data size. When this situation is intensified by a growing mempool of waiting unconfirmed transactions, the miner will likewise select the higher fee transactions. So it is see that, without alternatives, fees will rise for most transactions as users compete for quick confirmation of their transactions.

1 Like
#4313
  1. What is the mempool?
    Mempool is a data structure in a node that holds a list of unconfirmed transaction
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow and transaction will take longer time to complete
  3. How does a growing mempool effect transaction fees?
    As there are to many transaction to deal with, there will be a competition among the transaction to be included in the block, thus raising the transaction fees
1 Like
#4314

1. What is the mempool?
collection of all unconfirmed transactions waiting to be added to a block by miners.

2. What happens if the miners can’t keep up with the rate of the new transaction?
mempool grows and transactions wait time becomes longer, priority will have those transactions with higher fees.

3. How does a growing mempool effect transaction fees?
transaction fees will most likely go up

1 Like
#4315
  1. What is the mempool?
    The place in each node of the network where unconfirmed transactions are stored.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow and become larger.
  3. How does a growing mempool effect transaction fees?
    The fees will increase due to fewer supply compared to the increasing demand of transactions.
1 Like
#4316
  1. The Mempool is a place where unconfirmed transactions are kept as they wait for nodes to confirm. A mempool may look different on separate nodes as one node already has confirmed while another is waiting to confirm
  2. The Mempool will become backed up. During times of severe volatility transactions can take much longer to become confirmed because many users wish to transact.
  3. Fees will increase as the Mempool becomes larger. Miners will choose transactions that are most profitable. If someone cannot wait to transact they will be willing to pay a higher fee to expedite their transaction
1 Like
#4317
  1. a real time database of all unconfirmed transactions waiting to be included in a block on the blockchain
  2. if the miners cannot keep up with new transactions the network will slow down, increase time of transactions, the mempool will grow
  3. the transaction with less bites will be included first. so to get into the blockchain faster one would need to pay a higher fee.
1 Like
#4318

  1. What is the mempool?
    a. A list of transactions waiting for verification.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    b. It creates a backlog, causing the pool to grow.

  3. How does a growing mempool effect transaction fees?
    c. It increases the fees so that miners are incentivized to clear it.

1 Like
#4319

  1. Mempool is a datastructure that each node has. This is a list of uconfirmed transactions. The miners select which transaction from the mempool, they want to add to the next block which will get added to the blockchain. This is how a transaction gets confirmed. A mempool is basically a «waiting list» for unconfirmed transactions, waiting to be picked up by a miner to get confirmed.

  2. The mempool will get a bigger waiting list of uncomfirmed transactions. This will clog the system, causing longer transaction times.

  3. A growing mempool will cause the transaction fees to rise.

1 Like
#4320
  1. Mempool is a list of all unconfirmed transaction awaiting confirmation before they can be added to the next mined block of the block chain by miners.
  2. A backlog builds up and transactions may take longer to confirms.
  3. Fees may go up as a result of congestion.
1 Like
#4321
  1. What is the mempool?
    Verified transactions waiting to be taken by miner, written to the ledger and confirmed
  2. What happens if the miners can’t keep up with the rate of the new transaction? They prioritize based on transaction fees
  3. How does a growing mempool effect transaction fees?
    The bigger the mempool the higher the txn fees to get processed faster
1 Like
#4322
  1. A mempool is where unconfirmed transactions go in a nod till they are confirmed by a miner.
  2. If miners cant keep up with the rate of new transactions the mempools grow and transaction times become longer
  3. A growing mempool effect transaction fees by raising the fees. The highest fees get chosen first.
1 Like
#4323
  1. The mempool stores unprocessed transactions.
  2. If miners can’t keep up with the rate of new transactions, it will take longer for some transactions to be processed.
  3. The bigger the mempool, the more likely it is for some transactions to take longer to process. This incentivizes users to increase their transaction fee so a miner is more likely to process it quickly.
1 Like
#4324

  1. A mempool is a list of unconfirmed transactions. It is present in each node.

  2. The mempool size increases.

  3. The fees increase, since miners are incentivized to choose the transactions with the biggest fees, ignoring the ones with low transaction fees.

1 Like
#4325

  1. What is the mempool?
    A website we can access to check all BTC unconfirmed transactions to which all nodes and miners have access to: Miners pick the highest fees TXs for best reward and once TX enters the Block they get removed from the Mempool.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Unconfirmed transactions are in higher number, longer transaction times are expected in the network. Each block has a limit size and therefore miners will not be able to fit more TXs, to produce a new block there is a 10 minute interval so this will cause delay for new transactions to enter a new block.

  3. How does a growing mempool effect transaction fees?
    Miners are reward incentivised, so highest fees TXs are picked first to enter the Blocks which are 10 minutes interval. The lower fee TX will have to wait until all highest fee TXs are done.

1 Like
#4326

  1. The mempool is the list of unconfirmed transactions waiting to be added to a block.

  2. If the new transactions are increasing faster than they are being processed into blocks the size of the mempool will grow.

  3. A growing mempool increases transaction time and fees as people are prepared to pay more to incentivize miners to process their transactions,

1 Like
#4327

Hi! Rob on Mempool:

  1. The Mempool is the Node’s collection of all presently unconfirmed transactions and fees associated with them.

  2. If miners cannot keep up with the rate of the new transaction, they give priority to the transaction with the highest fees and the lower transaction fees standby.

  3. A growing Mempool drives the fees up in cost in an effort to entice miners to add more transactions to the blockchain.

1 Like
#4328
  1. What is the mempool?

Where all unconfirmed transactions go.

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

Mempool size increases and transaction time increases.

  1. How does a growing mempool effect transaction fees?

Miners will prioritize transactions that give higher fees, so with more transactions in the mempool, the transactions fees would generally go up.

1 Like
#4329

The mempool is not a website, its a data structure where the node stores all received unconfirmed txs. :slight_smile:

#4330

1. What is the mempool? It’s a data structure that all nodes have where all the unconfirmed transactions are stored.

2. What happens if the miners can’t keep up with the rate of the new transaction? There will be more unconfirmed transactions and the mempool will grow.

3. How does a growing mempool effect transaction fees? The bigger the mempool is the higher the fee you’ll have to pay to have your transaction added to a block.

1 Like
#4331

A list auf waiting transaction to be put in a block

The mempool goes up (more satoshi/byte)

A transaction gets more expensive and more time to be put in a block

1 Like