Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4652
  1. What is the mempool?
  • it’s a list of transactions that has been ‘validated’ by the nodes, but have not been processed/ hashed into the blocks by the miners.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • the list of unconfirmed transactions will grow more and more, causing delays (or even cancellation?)
  1. How does a growing mempool effect transaction fees?
  • since miners tend to process the transaction with higher fees, everyone will compete to pay miners more to get them to process their transactions cos tx with low fee will be pushed down further into the bottom of the list --> we eventually have to pay high gas fee to get our tx processed.
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#4653

Is a pool of unconfirmed transactions, waiting for a miner to add it to the block and the blockchain

The mempool grows and the transaction wait for another miner to pick it up

The fees go higher

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#4654
  1. What is the mempool?

Mempool is a list of unconfirmed transactions.

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

The mempool will grow in size.

  1. How does a growing mempool effect transaction fees?

If it is a larger mempool then transaction fees would go up because there is more competition. Transactions with higher fees will be prioritized.

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#4655
  1. A mempool is a pool of unconfirmed transactions waiting to be picked up by miners and be added to the next block.
  2. The mempool grows bigger which leads to transactions taking more time to be confirmed.
  3. As miners prioritise TXs with the higher transaction fees, the average fee will be higher.
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#4656

1.The mempool is where your transactions go when the are waiting to be added to a miners block, separated by time and fee

2.Mempool fills-fees go up-transaction times go up

3.Miners are incentivized to pick the higher fee, so if the pool fills up the fees go up so miners can be paid to take the transaction

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#4657

a mempool is where transactions are held when they are unconfirmed and are awaiting mining

If miners cannot keep up with the rate of a new transaction a backlog occurs which can cause a delay in transaction time
a growing mempool can increase fees as the miner has more choice of transactions and larger fees or ones which take more space will be more attractive to mine first

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#4658
  1. What is the mempool?
    It is a queue for unconfirmed transactions waiting to be picked up by miners. The transactions with the
    highest fee are picked up first.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool queue is getting bigger.
  3. How does a growing mempool effect transaction fees?
    The fee increases.
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#4659

  1. The Mempool is basically a node’s mechanism for storing information on Unconfirmed Transactions (UTs). It is essentially a waiting room for transaction not yet included in the block.

  2. It creates a large Mempool which effectively means a longer waiting period before transactions can be confirmed.

  3. The larger the Mempool the higher the fees. This is because people are willing to pay more for the transactions to be prioritized.

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#4660

  1. A mempool is in a way a digital pool where unconfirmed transactions are waiting for a miner to choose them and add that transaction to the next block.

  2. Transaction time increases, and transactions with the highest fee is usually prioritized.

  3. It increases the fee because of higher competition to get into the next block.

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#4661

What is the mempool?
area on nodes for unconfirmed transactions

What happens if the miners can’t keep up with the rate of the new transaction?
they will action transaction with the higher fees first, rest will have to wait longer

How does a growing mempool effect transaction fees?
it does not directly, but they maybe slower hence you may want to pay a higher fee to get it confirmed quicker

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#4662

  1. The mempool is where pending transactions are stored.

  2. If the mempool is filled up/backed up with pending transactions then the mempool will grow larger and transaction fees will increase.

  3. Generally speaking, the more pending transactions then the higher the transaction fees. Whoever is proposing to pay the highest fee will be prioritized for their transaction to go first.

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#4663
  1. What is the mempool?
    A list of unconfirmed transactions (that make sense) on a node awaiting to be processed by a miner.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    It will take longer to have a new transaction processed and the mempool will grow.
  3. How does a growing mempool effect transaction fees?
    Probably the fees go up as there is a competition for getting the transaction processed in time. Miners can choose the transactions with the highest fees first, there is more supply than demand, it will put upward pressure on the price by those that want to have their transaction processed fast.
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#4664
  1. The mempool is is the sum of all the unconfirmed transactions queued for nodes to process and validate to include in new blocks of the chain.
  2. If miners can´t keep up either other miners will pick up the transaction from the mempool and process it quicker than they do, or the transaction will be dealt with in the building of the next block
  3. A growing mempool will likely increase transaction fees as it equates to an accumulation of of work, just like a pile of files on top of your desk dropped by your boss :slight_smile: for each one, it will take you greater effort (or more adequately, more motivation) to process…
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#4665

mempool is a database that consists and holds all unconfirmed transactions.

  1. the transaction is sent to the mempool.

  2. transaction fees are getting more expensive

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#4666

1- it is a database infrastructure each node has. transactions ehich are not yet confirmed bt a node, stored in a special place called mempool.each node has it.
2- since miner cases about prioritizing lowest Tx size (not BTC amount but the size of process) they’ll reach nodes which are providing highest fees. Mempool will grow and be slower and Tx fees will rise due to nodes can’t empty their confirmation limit.
3- miners get fee from confirming tx’s. miners prioritize mempools with highest fees. after the miner confirms tx, they put them in the next block they going to build. fees will rise due to request of miners, due to difficulty of the process, related to energy consumption and other expenses.

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#4667

  1. What is the mempool? Mempool is where all unconfirmed transactions are kept.

  2. What happens if the miners can’t keep up with the rate of the new transaction? it will cause a delay with longer transaction times.

  3. How does a growing mempool effect transaction fees? Miners take the highest transaction fees. If there is alot of transactions in mempool the fees will be higher to get yours into the next block.

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#4668

  1. a mempool is a volatile memory which pools all unconfirmed transactions

  2. then, the mempool continues to grow

  3. a growing mempool will eventually increase the fees for the miners since they take the top 1MB of UTXO with the highest fees before creating a new block into the chain.

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#4669
  1. The mempool is a repository that holds a list of unconfirmed transactions
  2. If miners can’t keep up with the rate of the new transaction a backlog builds up
  3. A growing mempool increases transaction fees because miners are financially motivated they compete to get the transaction rewarding them with the highest fees.
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#4670

  1. Mempool is a list of unconfirmed transactions that are waiting to be verified by a miner and added to the blockchain.

  2. There will be a backlog of transactions on the mempool.

  3. Transaction fees will increase and Miners will prioritize transactions with the highest fees in sat/B.

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#4671

What is the mempool?

  • a node uses a mempool to store validated but unconfirmed transactions

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

  • the mempool grows in size

How does a growing mempool effect transaction fees?

  • The mempool will then consider transactions with higher fees first and the transactions with lower fees will take longer
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