Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4572
  1. What is the mempool?
    Mempool is a data structure where unconfirmed valid transactions are put until miners can confirm it.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Transactions take longer and mempool grows in size.
  3. How does a growing mempool effect transaction fees?
    The larger your transaction is in size[B] the higher the fee.
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#4573

1. What is the mempool?
The mempool is the lists of unconfirmed transactions that nodes hold.
2. What happens if the miners can’t keep up with the rate of the new transaction?
The mempool would grow if transaction growth outpaces the miner’s rate of mining (I’m not sure about this, I just tried to rationalise what would happen theoretically. Can someone let me know?)
3. How does a growing mempool effect transaction fees?
A growing mempool makes it harder for transactions to be confirmed which make it more competitive on fees, which would incidentally raise the fees required to be able to be appended to the next block

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#4574
  1. A data structure that nodes hold which contain unconfirmed transactions.
  2. The mempool grows and transactions take longer.
  3. The larger the mempool grows the higher the fee gets since miners will choose the transactions with the highest fee first.
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#4575
  1. What is the mempool? ->a data structure, which each node see has and which contains unconfirmed transactions yet to be mined and put into a block on the blockchain
  2. What happens if the miners can’t keep up with the rate of the new transaction? -> at first the mempool grows with a rising number of unconfirmed transactions.
  3. How does a growing mempool effect transaction fees? -> The fees tend to rise as people try to get their transactions prioritized
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#4576
  1. It’s the database of unconfirmed transactions; transactions that are not yet part of a block.
  2. [I don’t get the question.]
  3. Fees increase, because it becomes more expensive to have your transaction be part of the next block.
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#4577

Mines create a block every ten minutes and a block contains more than 500 transactions on average, what if the network is busy and creating more transactions, what will happen? Hope this one is clear.

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#4578
  1. Its a storeage of upcoming verifyed transactions, waiting to get exapted and budled in the block from the minor.
  2. The mempool gorws and the transaction takes more time.
  3. if the fee is higher the trasaction will get picked earlier. The bigger competion will pump up the prices of the transactions.
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#4579
  1. The mempool is essentially the storage or waiting room nodes have where new transactions wait to be added onto the blockchain.
  2. If miners can’t keep up with the rates of new transactions, then the mempool will get larger and larger and take up more RAM.
  3. A growing mempool will require larger and larger fees so the transactions present themselves as an attractive pull to miners, so they get added to the blockchain.
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#4580

1. What is the mempool?
The mempool is a queue of unconfirmed transactions that have passed simple validation (UTXO is valid).

2. What happens if the miners can’t keep up with the rate of the new transaction?
It will take longer for transactions to get processed and fees will start increasing as miners will want to process the transactions with the highest fee possible (as they get to keep the fee). Unconfirmed transactions could timeout, but it all depends on the wallet used that initiated the transaction as each wallet will continue to re-broadcast the unconfirmed transaction in different timeframes/lengths of time.

3. How does a growing mempool effect transaction fees?
The bigger the mempool gets, the more “competition” there is which causes fees to increase; transactions with the highest fees will be grabbed by miners first, whereas transactions with the lowest fees will be untouched until higher fee transactions are all processed.

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#4581
  1. A storage of valid transaction that that yet to be picked up and confirmed by miners.
  2. Number of unconfirmed transaction in the mempool rises.
  3. Miners pick transaction by how much satoshi per byte they pay for confirmation, growing in the mempool meaning that only transaction with highest transaction fee will be picked, which in return
    How does a growing mempool effect transaction fees?
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#4582

Hey guys!

  1. The mempool is a magical place where all unconfirmed transactions temporarily live until they can be appended to the blockchain in a block.
  2. When minors can’t keep up with the rate of the new transactions the mempool piles up with unconfirmed transactions and fees increase.
  3. A growing mempool increases the fees.
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#4583
  1. The memepool is the place in nodes where unconfirmed transactions exist
  2. It takes longer to process transactions
  3. Transaction Fees increase
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#4584

  1. What is the mempool?
    When a Transaction on a Blockchain is in an “UNCONFIRMED” state, it is stored in a special place on the NODE, known as the Mempool.
    Each NODE contains a list of UNCONFIRMED Transactions (Mempool). As the NODE receives a new transaction, it validates the Transaction so it doesn’t break any rules (NOT spending any Bitcoin User1 doesn’t have), and if Transaction makes sense will place the Transaction in the Mempool.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The Mempool can look different on 2 different Nodes (e.g., 1 Node was updated with the latest Block consisting of the latest CONFIRMED Transaction while a different Node at that point of time was NOT YET UPDATED).
    Miners, having a copy of Blockchain, will check it’s own Mempool, may query a different Node for it’s Mempool, but will look for Transactions with the highest Transaction Fee and combine those Transactions with the highest Transaction Fees and amend the Blockchain with a a new Block.
    If all NODES reach their limit/capacity, then the Mempool would increase, causing the Transaction Fees to increase, until the next 10-minute Block cycle is completed.

  3. How does a growing mempool effect transaction fees?
    A growing Mempool causes the Transaction Fees to increase.

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#4585

In the mempoo there you can see how many unconfirmed transactions are on the blockchain who waits for a miner to validate.

2.) the mempool increase.

3.) to more you pay the faster the transaction.

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#4586

  1. The mempool is a list of unconfirmed transactions on the network

  2. If miners can’t keep up with the rate of new transactions the mempool grows, slowing the average time for transaction confirmation

  3. A growing mempool raises transaction fees. More competition for block space + miners favouring to approve higher fee transactions = higher fees

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#4587
  1. 1 What is the mempool?
  • A mempool is a list of unconfirmed transactions kept locally on a node.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • If miners (i.e. their nodes) reach the limit of their capacity, the mempool (the list of unconfirmed transactions) will rise with the consequence that transaction fees increase.
  1. How does a growing mempool effect transaction fees?
  • As miners pick up transactions with the highest fees to be confirmed, with a growing mempools on the nodes, wallets will automatically increase the transaction fees to achieve faster confirmation.
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#4588
  1. The mempool represents all unconfirmed transactions… waiting to be confirmed and added to the blockchain my the miners
  2. If miners cannot keep pace the time to confirm will obviously take longer and the volume within the mempool will rise…
  3. Miners are incentivized to keep things running at a reasonable pace and thus the fees may rise to increase the rate at which transaction are confirmed, or more miners may enter the space to take advantage of the supply held in the mempool and bring down the size of the mempool
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#4589
  1. What is the mempool?

The mempool is the space where unconfirmed transactions are staged for miners to add them to the next block.

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

Longer transaction processing times are an immediate reaction from a crowded mempool.

  1. How does a growing mempool effect transaction fees?

A larger mempool promotes larger transaction fees as miners process the transactions with larger fees first. In addition, users may typically offer larger transaction fees as an incentive to get their transaction added faster to the next block.

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#4590
  1. The mempool represents all unconfirmed transactions
  2. The mempool will increase and therefore the number of uncorfimed transactions
  3. Fees are increasing because the miner only picks most profitable transactions
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#4591
  1. What is the mempool?
    a pool of unconfirmed transactions validated by nodes, not yet added to the blockchain by miners.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool gets larger and transaction times get longer
  3. How does a growing mempool effect transaction fees?
    Fees will increase due to need of transaction to be processed by miners.
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