Homework on Mempool - Questions

Blockchain and Bitcoin 101
#443

What is the mempool?

  1. The Mempool ( Memory Pool) is a “waiting area” for Bitcoin transactions that each full node maintains for itself. After a transaction is verified by a node, it waits inside the Mempool until it’s picked up by a Bitcoin miner and inserted into a block.

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

  1. The mempool gets backlogged and the transaction fees can also increase.

How does a growing mempool effect transaction fees?

  1. Failure to pay a high enough transaction fee results in a miner disregarding your transaction in favour of a higher paying one. However, this is not to say that your transaction will never get confirmed, it may just take hours, or even days to do so.
1 Like
#444

Utxo’s are unspent transaction outputs that a user can use to change ownership in a transaction. So utxo’s are only a part of a transaction. Utxo is not the same as a transaction.

1 Like
#445

The mempool contains unconfirmed transactions. Utxo’s are unspend outputs that you can use to make a new transaction to change ownership of btc

#446

  1. The mempool holds all transactions emitted that are waiting to be put on a newly generated block.

  2. In that case the mempool would grow in size, making transaction times larger.

  3. Transaction fees would be larger, because the competition to get the transaction put in the next block would increase fee value to encourage miners to pick that transaction.

#447
  1. Mempool is the storage of unconfirmed TX pending the completion of the final node being the minor to verifying all info to be confirm the TX.
  2. Mempool keeps growing until miners process it which creates longer transaction time
  3. It could increase the amount for transaction. Secondly the minors are there to make money and will do the transactions with the highest transaction fees offered and lowest memory
1 Like
#448

The mempool is where unconfirmed transactions are stored.
If miners can’t keep up the mempool gets bigger.
This will make transaction fees rise and miners likely to deal with the transactions paying the larger fees first

1 Like
#449

  • The mempool is the database of unconfirmed TX that each node has.

  • The mempool increases its size as it would have more unconfirmed TX

  • This would increase the price on the fees, as the miners can pick what to process first, and as they work for fees, naturally they would pick the TX with higher fees first.

1 Like
#450
  1. The mempool every nodes database for unconfirmed transactions.
  2. Transactions will take longer time and the mompool will grow.
  3. Transaction fees will increase.
1 Like
#451
  1. the list/dabase of the unconfirmed transactions i.e. waiting to be confirmed by the miner
  2. the put it at lower priority - miners prioritez high the transactions with higher fees measured with sat/b i.e. how much space the trnasaction need in the ledger
  3. more transactions - higher fee to be included in the next block of transactions
1 Like
#452

  1. What is the mempool?
    The space where unconfirmed transactions reside.

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

  3. How does a growing mempool effect transaction fees?
    You may need to use higher transaction fees in order for them to be confirmed (because miners tend to pick the transactions with higher fees).

1 Like
#453
  1. What is the mempool?
    Is the data structure that each node has, which is a list of unconfirmed transactions. So basically, the MEMPOOL consists of all unconfirmed transactions and makes sense to a particular node.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The miner gets the transaction from the mempool with the highest fee. Eventually, sooner or later all the nodes will have all the transactions and these will be broadcasted,
  3. How does a growing mempool effect transaction fees?
    The fee will be higher, since the fees are denominated by SAT/Bytes, so the more space these transactions take in the block, the higher the fees.
1 Like
#454

1, The Mempool is where a node holding tx until it has enough confirmations to validate.
2, Miners may hold the tx for longer if the fees are low thus increasing tx flow which slows the Mempool.
3, Miners want the tx with the highest paid fees, so they might ignore some txs. A large Mempool increases the tx fees which increases the incentive to the miners to get the tx to the next block.

#455

Confirmations means how many blocks got mined with your transaction already in the blockchain. Every new transaction (without confirmations) comes into the mempool. Miners will choose transactions from this mempool to add it into a block and hope their block gets mined successfully.

#456
  1. Mempool is the all the unconfirmed transactions that have not yet been hashed into a block on the network. They are keep in the nodes.
  2. Transactions pile up in the mempool and the ones with the most sats/B will be hashed into the chain first.
  3. Fees go up to ensure your transaction get into the network in a timely manner.
1 Like
#457

  1. The mempool is one list that nodes keep of unconfirmed transactions in the network.

  2. The overall size of the mempool in each node will increase.

  3. The transaction fees will increase to accommodate for the higher number of transactions in the mempool that need to be confirmed.

1 Like
#458
  1. The data structure where unconfirmed transactions are until been confirm by the miners.
  2. Mempool grows and this will take more time for transactions to be confirm.
  3. When the miners decides to mine a block with the highers transaction fee…
1 Like
#459

Sorry Mate, I copied this to my revision ( as it lookrd pretty good lol) dont know what happened here?

Ken,

Fabrice

    April 13

Masaka:
The Mempool is where a node holding tx until it has enough confirmations to validate.
2, Miners may hold the tx for longer if the fees are low thus increasing tx flow which slows the Mempool.
3, Miners want the tx with the highest paid fees, so they might ignore some txs. A large Mempool increases the tx fees which increases the incentive to the miners to get the tx to the next block.

Confirmations means how many blocks got mined with your transaction already in the blockchain. Every new transaction (without confirmations) comes into the mempool. Miners will choose transactions from this mempool to add it into a block and hope their block gets mined successfully.

#460

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

  2. The size of the mempool grows resulting in slower confirmation times.

  3. It requires higher fees in order to get transactions confirmed

1 Like
#461

1.It’s the pending list of unconfirmed transactions waiting for a Miner to be build into a new Block

  1. Miners can’t keep up -> Mempool grows -> longer transaction time ->

  2. -> Transactionfees rise

1 Like
#462

1. What is the mempool?
The mempool is the place where all unconfirmed transactions are placed. And this is where the miners are picking up transactions, usually based how large the fee is.

2. What happens if the miners can’t keep up with the rate of the new transaction?
The size of the mempool would increase and thereby the time for a new transaction would also increase.

3. How does a growing mempool effect transaction fees?
The fee would increase as the que gets longer and people wants their transactions to go tough

1 Like