Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4452
  • A mempool is a list/graph representing all transactions on the blockchain.
  • The mempool becomes larger and a backlog builds up.
  • Transaction fee’s go up as a result to incentivize mining.
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#4453

1.) It is a datapool, where transactions are kept, which have not been written into a block yet. They are waiting for confirmation by miners. After they have been picked up by a miner and put into a block, they are removed from the mempool.
2.) They pick the transactions first, which pay them the most sats/byte.
3.) Transaction fees go up, which is a matter of supply and demand.

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#4454

1.) A mempool is a large pool of unconfirmed transactions being propagated to all nodes until it finds a miner.

2.) The mempool will grow as will the fees on the network.

3.) Miners choose the highest paying transactions which by supply and demand will increase the transaction cost on the network if you are wanting your transaction to be confirmed quickly.

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#4455
  1. List of all pending transactions
  2. Mempool will build up the backlog
  3. Tx fees will rise
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#4456
  1. A tracker of unconfirmed transactions.
  2. Mempool size will increase.
  3. Fees will increase.
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#4457

1.List each node has with UTXO.
2. Fee increases and Mempools size aswell.
3.Fees increses with larger mempool because UTXO stays in the mempool until the next block.

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#4458

1). The Mempool is a place where all of the unconfirmed transactions are stored.

2). They pick the transactions with the higher TX fees and put them into their block as there is limited space inside each block and other transactions stay in the mempool causing a backlog of them.

3). This causes the transaction fees to increase or the miner will select the transactions with the higher fee to earn more BTC.

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#4459

  1. It is a list of all the pending transactions located on local storages in computers.

  2. The mempools get bigger.

  3. Miners will select the biggest fee transaction. If there are more transactions the higher has to be our transaction fee in order to be selected.

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#4460
  1. What is the mempool?
    Mempool is the list of unconfirmed transactions contained inside nodes.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will continue to grow and transaction times will increase making the network slower.
  3. How does a growing mempool effect transaction fees?
    Fees increase as miners are incentivized by earning fees so in order to increase your chance of making the next block you can pay a higher fee.
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#4461

Homework on Mempool - Answers

  1. The mempool is where unconfirmed transactions are stored. These nodes then validate the transactions.

  2. Transaction speed decreases if new transaction rates increase.

  3. A growing mempool causes transaction fees to increase.

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#4462
  1. The memepool contains all pending transactions.
  2. The memepool grows bigger and transaction-time increases (potentially)
  3. Miners pick the transactions with the highest fees and put them in the next block they produce. This makes transactions with lower fees have to wait until the size of the memepool get smaller.
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#4463

1.The mempool is the area where unconfirmed transactions are stored.

  1. The mempool grows along with the transaction fees.

  2. It raises the transaction fees.

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#4464

Homework - Mempool

1. What is Mempool?

A chart that describes how many tx are unconfirmed in real time and what kind of fees they have

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

The transactions will sit in the mempool unconfirmed until a miner can pick up the transaction - the mempool will get bigger

3. How does a growing mempool effect transaction fee?

The higher the transaction fee, the quicker the tx can be confirmed - so as the mempool grows the miners will choose the tx with the higher fee - so a growing mempool will increase the competition between miners and will required higher fees to confirm tx fast

Cheers :beers:

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#4465

The mempool is where pending transactions wait until miners finalize them by adding them to the blockchain.

If miners can not keep up with the transaction rate, the mempool gets larger, transactions get slower and fees get higher.

The mempool increasing in size because the fee per byte is not high enough to give miners incentive to prioritize them. Once the fees increase, the miners will seek them out, expediting the transaction.

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#4466

  1. The mempool where the unconfirmed transactions are kept after being valdated by a node(s).

  2. The mempool builds up if the miners can’t keep up with the rate of the new transaction.

  3. It gets to a point where the miners get more selective and look at which transaction is paying the highest fees.

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#4467
  1. A mempool is where all valid transactions wait to be confirmed by the bitcoin network.
  2. Miners not being able to keep up with the rate of transactions will result in higher fees per transaction and the amount of time it will take to confirm the transaction.
  3. A growing mempool will result in higher fees per transaction being prioritized by the miner.
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#4468

  1. The mempool consists of nodes with a list of unconfirmed transactions. These unconfirmed transactions must go somewhere before consensus can initiate the transaction. Thus a mempool is born.

  2. The mempool will increase in unconfirmed transaction count and the fees will be higher.

  3. It will increase the satoshi/Bit. Which will drive fees up.

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#4469

  1. Mempool is a list of unconfirmed transactions stored in each node.

  2. The mempool increases in size.

  3. The higher the number of transactions the higher the fees.

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#4470

What is the mempool?

Mempool is a place where you have all the unconfirmed transactions waiting to be picked up by the miners to add in the next block. Mempools lived in the individual nodes in the network and can be slightly different to one another.

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

Miners are there in the network for incentives. If there are too many transactions, they will pickup the
one that reward them more satoshis per bytes. Meaning, they will include transactions that provides high fees.

How does a growing mempool effect transaction fees?

Too many transactions in the mempool can congest the network and increase the waiting period and in effect competition to get the transaction included in the block. Transactions with Higher transactions fees attached to it will be picked by the miners.

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#4471

1.The mempool is a data structure from nodes where unconfirmed transactions wait for a miner to pick them up to be added to the next mined block.

2.If the miners can’t keep up with the rate then the mempool grows larger and there are longer transaction times.

3.Transaction fees increase with a larger mempool because of the competition to get the transaction with the highers fees. Larger fees are offered to miners to get the transaction picked first to be added to the next mined block.

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