Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4712

1. What is a mempool?

When a wallet creates a transaction, it broadcasts it to the bitcoin network. Since this transaction is unconfirmed the nodes collect it and all other unconfirmed transactions being broadcast and wait for a Miner to confirm them add the transaction to the blockchain. In other words, a mempool is a list of unconfirmed transactions held by nodes.

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

The size of the mempool will grow and it will take longer to confirm transactions and thereby add the transaction to the Blockchain.

3. How does a growing mempool effect transaction fees?

The cost of each bitcoin transaction fee increases.

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#4713
  1. What is the mempool?

A waiting area for all unconfirmed bitcoin transactions which will eventually be added to a block by a miner.

  1. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will increase in size, which will increase transaction time and therefore transactions fees will be higher to incentive the transaction to be added to the next available block.

  2. How does a growing mempool effect transaction fees?

The mempool will increase in size, which will increase transaction time and therefore transactions fees will be higher to incentive the transaction to be added to the next available block.

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#4714
  1. the mempool is a small database of unconfirmed or pending transactions which reside inside nodes
  2. If miners can’t keep up the rate new transactions they wont be able to be paid or get their higher transaction fees.
  3. when the mempool grew it cause the fees to increase for every transaction
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#4715
  1. the mempool is a collection of all the unconfirmed pending transactions that are waiting to be processed
  2. they will prioritize the transactions that have higher fees sats/byte
  3. it makes transaction fees go up because the miners can choose between more transactions and pick the highest paying ones so low fees are left a bit behind
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#4716
  1. What is the mempool?

A mempool is a list of the unconfirmed transaction on the network.

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

The network will be crowded, the transaction time will be longer, fee will go up.

  1. How does a growing mempool effect transaction fees?

The fees will go up on a crowded mempool.

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#4717

  • It’s a place where all unconfirmed - but valid - transactions are placed, until a miner puts it into a block; something like a waiting room to transactions

  • The transaction will wait until someone can put it into a block

  • From what i understand, the transaction fee is determined by a mathematical equation - almost everytime, suggested by our wallet -, so it’s something predetermined that involves the complexity of the transaction (the space that will take into the new block) and the recent historic fees. If that’s truth, doesn’t mind the growing mempool; even if we think that it may influence the historical fees (in the future), it’s an exact calculus. So it should be indifferent, maybe an indicative that miners are not working as they should or something like that. Please let me know if it’s not like that.

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#4718
  1. What is the mempool?
  • a list of unconfirmed transactions that nodes keep and broadcast until added to the blockchain or discarded
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • the mempool grows and transaction times and fees grow
  1. How does a growing mempool effect transaction fees?
  • they go up as people compete with fee sizes
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#4719

Miners have a financial incentive to prioritize the validation of transactions that include a higher fee. If the mempool is full, the fee market turn into a competition: users will compete to get their transactions into the next block by including higher and higher fees. Eventually, the market will reach a maximum equilibrium fee that users are willing to pay.

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#4720
  1. What is the mempool?
    Mempool is a place where all transactions are place and the Tx are ordered in terms of the amount of the fee.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Lots of transactions are not executed and wait to next block. the transaction fee price are growing.
  3. How does a growing mempool effect transaction fees?
    The more transaction waiting in Mempool the higher transactions fee price are.
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#4721

@Maki tyvm! Indeed, in the course it was said that we could stipulate a value to the fee, so it’s not an algorithm that’s generate the fee (although it was said that the wallet automatic proposes a fee in the majority of time). But i really appreciate your reply! Again, thank you!

#4722
  1. A Mempool is a list of unconfirmed transactions for miners.
  2. If miners can’t keep up, then the mempool gets bigger of more unconfirmed transactions.
  3. It effects the fees by raising them so that it encourages miners to mine and earn more money.
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#4723 
What is the mempool?

An area where all of the unconfirmed bitcoin transactions wait.
What happens if the miners can’t keep up with the rate of the new transaction?
It results in longer transaction times.
How does a growing mempool effect transaction fees?
It prioritizes transactions with a minimal fee threshold. Any transactions with a lower-rate are dropped from the mempool.

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#4724
  1. It has the unconfirmed Transactions

2)The mempool grows and transaction takes more time

3)Transactions with higher fees will be given first priority

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#4725

I am just wondering if there are one mempool or different ones:

https://www.theblockresearch.com/data/on-chain-metrics/bitcoin

On the chart showing the Hashrate per Pool there are: Foundry USA, 7 Others…

#4726

Each node has its own mempool. https://99bitcoins.com/bitcoin/mempool/ here is an interesting article.

#4727
  1. What is the mempool?

A representation of unconfirmed transactions.

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

The mempool will increase in size.

  1. How does a growing mempool effect transaction fees?

Transaction fees would rise. Higher transaction fees offered miners may provide incentive to process transaction before other lower fee offers.

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#4728
  1. A mempool is data structure that holds unconfirmed transactions to be picked up by miners and moved to next blocks.
  2. If miners cant keep up with the rate of new transactions the mempool builds up and causes longer transactions times.
  3. A growing mempool increases transaction fees as miners compete to get the transactions on blocks because higher fees are offered to incentivize miners to pick those transactions first.
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#4729

The waiting area for bitcoin transactions that a full node maintains for itself.

Longer transaction times.

Transaction fees will be higher.

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#4730

  1. What is the mempool?
    The list of the transaction there pending to include in a block to the blockchain

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow with an increasing number of transactions

  3. How does a growing mempool effect transaction fees?
    offer and demand, the fees will rise due to the high demand

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#4731

mempool is a place that stores unconfirmed transactions on nodes before they are picked up by miners to be added to the blockchain.

there will be longer transaction times.

as a pool grows, miners will always choose higher fees to add to the blockchain first.

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