Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4392
  1. What is the mempool?

A mempool is a data structure that each node has and each node has a list of unconfirmed transactions which makes sense to that node.

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

There will be a backlog of unconfirmed transactions because the miners will look for the transactions that have the highest fees per TX and create the block using them first with miners being incentivized to make money by receiving the fees, this results in the fees going up for new transactions being broadcast into the mempool.

  1. How does a growing mempool effect transaction fees?

Miners are incentivized to mine blocks by receiving the fees and charge satoshis per byte. The larger the transaction the more bytes are required making it more expensive. Each block has a limited size and miners care about satoshis per byte so the higher the transaction fee the quicker the transaction will be added to the block.

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#4393

  • What is the mempool?
    1 . Its a temporary place for transactions that waits to be confirmed/added to a block.

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

  1. The transaction goes to the Mempool and whaits for confirmation
  • How does a growing mempool effect transaction fees?
  1. It makes transaction fees goes up,
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#4394
  1. What is the mempool? The mempool is where unconfirmed transactions are stored on each node.
  2. What happens if the miners can’t keep up with the rate of the new transaction? Then mempool increases and transaction times increases.
  3. How does a growing mempool effect transaction fees? The fees go up as the mempool backlog increases.
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#4395

Bitcoin Mempool is the ‘waiting room’ for all unconfirmed TXNs on the Bitcoin network before they are (sequentially) aggregated into blocks.

The number of unconfirmed TXNs in the mempool increases and TXN fees will likely also increas.

If the mempool is full, the fee market may turn into a competition: users will compete to get their TXNs into the next block by including higher and higher fees

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#4396

1. What is the mempool?

The mempool is a data structure contained in the software of all nodes (regular nodes and mining nodes) that stores the most recent unconfirmed transactions that have been propagated through the network.

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

If the mining nodes cannot keep up with the rate of new transactions i.e. they cannot create, confirm, and add blocks to the blockchain fast enough then the size of the mempool increases.

3. How does a growing mempool effect transaction fees?

A larger mempool means that there are more unconfirmed transactions and thus more transactions vying to get confirmed. The consequence of this is that the fees will increase as transactions compete with other transactions to get confirmed.

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#4397

A Mempool is a virtual place, where unconfirmed TX are stored, though is the place where miners take the TX to create a Block for later to be appended to the Blockchain. The length of a block cannot exceed 1 MB, this will create the necessity of looking for a ratio in Sat/B (SATOSHI PER BYTE). If all the available nodes cannot process all the TX within and arriving to the Blockchain, it will create a Congestion that will lead to the TX fee to rise (a major ratio Sat/B).
https://www.blockchain.com/charts/mempool-size

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#4398

  1. What is the mempool?
    -It is a database that holds all unconfirmed transactions. It waits for miners to add them to the next block

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    -The mempool grows and has longer transaction times.

  3. How does a growing mempool effect transaction fees?
    -Transactions offer higher fees

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#4399
  1. A mempool is where unconfirmed transactions are stored.
  2. When miners can’t keep up the mempool grows larger with longer transaction times.
  3. A growing mempool effects fees because whoever pays more is likely to fill the block first.
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#4400
  1. What is the mempool?
    A list of unconfirmed transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The memepool grows in size.
  3. How does a growing mempool effect transaction fees?
    It will effect transaction speed and fees as the miners will validate the larger fee TX first.
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#4401

1: list of unconfirmed Tx (waiting to be picked up by miner, and put in the block).
2: the mempool increases in size and it takes longer before Tx are confirmed.
3: growing mempool increases Tx fees because uses of the blockchain compete for their transaction to be processes/recorded by increasing the fees.

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#4402

  1. What is the mempool? Where yet-to-be-confirmed transactions are kept until a miner adds them to a new block.

  2. What happens if the miners can’t keep up with the rate of the new transaction? The Mempool grows in size.

  3. How does a growing mempool effect transaction fees? It will cause fees to increase as transactions compete to be added to the next block.

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#4403
  1. What is the mempool?
    Is a database of the transactions that haven’t been processed/confirmed. Every node is the blockchain has a mempool to keep track of the requested pending ‘work’.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Transactions are then delayed as the mempools increase. Perhaps miners are then incentivized with higher fees?
  3. How does a growing mempool effect transaction fees?
    Miners will have a larger selection of transactions, probably improving their selection of higher fee transactions. Lower fee transactions will take longer to confirmed.
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#4404

  1. The mempool is where unconfirmed transactions wait for miners to add them to their next block

  2. If the miners can’t keep up with the rate of new transactions then the mempools fill up causing longer transactions times and higher fees

  3. A growing mempool will most likely cause fees to increase

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#4405

  1. It is a waiting area for transactions that has been verified by a node but not yet added to a block by a miner.

  2. The mempool grows in size and transaction speed decreases

  3. Transaction fees will increase because miners prioritize higher fees

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#4406

  1. Mempool is the pending signed (by wallets and private keys) tx’s verified by all the nodes on a node prior to confirmation which are waiting to be bundled by the miner (node).

  2. TX congestion starts to take place and the mempool grows leading to a gas war by users initiating tx’s. Longer tx times.

  3. More expensive market and transactions with higher gas fees will have preference.

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#4407
  1. Mempool is the list of unconfirmed tx waiting to be bundled in a block by a miner.
  2. Mempool grows then longer transaction times.
  3. A growing mempool make a more expensive market, so tx offering better tip for the miner get taken first.
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#4408

  1. A mempool is a collection of unconfirmed transaction, every node and miner has one.

  2. the mempool just piles up.

  3. the more transaction the more space it takes meaning more bytes .

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#4409

1. What is the mempool?
A list of unconfirmed transactions.

2. What happens if the miners can’t keep up with the rate of the new transaction?
Then the list grows larger and transactions times increase.

3. How does a growing mempool effect transaction fees?
Because as the list grows more transactions must be confirmed and miners will begin to prioritize transactions with higher fees since they make more money.

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#4410

  1. The Mempool is a Batch of Unconfirmed Transactions.

  2. If the Miners cant keep up with the rate of new transactions the Mempool grows as miners prioritize and create new blocks which in turn could reduce transaction time.

  3. A growing Mempool effects transaction fees by increasing as the Mempool grows, while Decreasing as transactions are confirmed and added to a block.

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#4411

  1. the mempool is the nodes’s list of unconfirmed transactions (that otherwise follow protocol, making sense)

  2. if the miners can’t keep up with the pace of new transactions, more miners are incentivized to join… maybe the answer was supposed to be that the mempool just gets bigger?? that seems too obvious… of course with a large enough mempool, then the block will eventually get too big and its difficulty will have to be reduced, i imagine… do i have that right, @Mauro @Fabrice??

  3. a growing mempool implies that fees will get larger since only so much data can be packed into a block and miners are incentivized by the fees offered (i.e. the more competitive the transactions, the higher the fees must be to prioritize them).

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