Homework on Mempool - Questions

Blockchain and Bitcoin 101
#584
  • What is the mempool?

The mempool is the node’s holding area for all the pending transactions. It is the node’s collection of all the unconfirmed transactions it has already seen enabling it to decide whether or not to relay a new transaction.

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

There will be longer transaction times as the mempool grows larger

  • How does a growing mempool effect transaction fees?

Fees will grow larger due to increased competition to get the fees into the next block. Miners are incentivized to process the transactions with the largest fees.

1 Like
#585

  1. The mempool is the aggregation of transactions that have been broadcasted to the network but that have not yet been put in a block by a miner. They are pending or unconfirmed transactions.

  2. If the rate of new transactions is too high then the mempool becomes full and miners, limited to 1 mb blocks, cannot keep up. They will begin to choose those transactions with the highest fees to include in the next block and ignore those with lower fees.

  3. The fees will rise. Senders will begin to compete to have their tx included in the next block. The fee they are willing to pay will increase. And some transaction with lower fees will not get picked up and will instead have to wait for future blocks that are less full.

1 Like
#586

Homework on Mempool - Questions

  1. What is the mempool?
    The MEMPOOL is a cache of transactions that are waiting to be processed by a miner and put into the blockchain
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Miners usually pick the transactions with the highest fees to process, so a backlog of transactions will make for a more competitive environment.
  3. How does a growing mempool effect transaction fees?
    As the mempool grows there will be motivation to transact with higher fees.
1 Like
#587
  1. The mempool is a data structure containing all of the unconfirmed transactions on a node.
  2. New transactions will have to wait multiple blocks to get confirmed and transaction fees will go up.
  3. Transactions with higher fees are prioritized by miners so a larger mempool will cause transaction fees to be higher in order for them to be confirmed faster.
1 Like
#588
  1. A mempool is a pool of unconfirmed transactions.
  2. Its internal mempool will increase, in other words its backlog grows.
  3. Fees increase as a way to reducing the number of new unconfirmed transactions added to the mempool in order to give time to the miner to mine its current mempool.
1 Like
#589

  1. A list of unconfirmed transactions.

  2. The number of unconfirmed transactions will grow in the mempool.

  3. A growing mempool will result in higher fees.

1 Like
#590

the mempool is essentially a reserve bank of unconfirmed transactions waiting to be picked up by miners and put into a block.

If miners can’t keep up with rate of new transactions the mempool grows in size.

the more unconfirmed transactions there are the more competitive the fee structure becomes. Meaning you may have to add a higher fee than during lower volume times in order to get your transaction picked up in a reasonable amount of time. Otherwise you could be waiting a long time for your transaction to be confirmed.

1 Like
#591

  1. It is a list of unconfirmed transactions shared by the nodes of the network (more or less simultaneously)

  2. The Mempool grows and it can take more time to process transaction, especially those offering lower fees.

  3. If there is a lot of impending transactions in the Mempool, the fees will increase so transactions with higher fees can be chosen in priority. The competition is basically more fierce. If your transaction offers low fees, the miners will chose another transaction with more sat/B. The more of these higher fees transactions, the longer it will take to process those offering less fees.

1 Like
#592

  1. A mempool is list with unconfirmed transactions, waiting for a miner to add them to a block.

  2. If it cant keep up with the transaction rate, the mempool grows and fees increases.

  3. A growing mempool increases fees.

1 Like
#593

Homework on Mempool

What is the mempool?
The mempool is the set of all transactions on a node that haven’t been confirmed yet by a miner and as a result are not part of the blockchain yet.

What happens if the miners can’t keep up with the rate of the new transaction?
If miners can’t keep up with the rate of new transactions, the backlog of transactions builds up and transactions will take longer to process on the blockchain.

How does a growing mempool effect transaction fees?
The transactions with the highest fees are processed first by the miners. Miners have incentive to do this because the transaction fees go to the miner.

1 Like
#594

  1. What is the mempool?
    (A) The mempool is a store of unconfirmed transactions which each node has.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If the miners can’t keep up with the rate of new transactions this results in longer transaction times as the mempool grows

  3. How does a growing mempool effect transaction fees?
    A growing mempool makes the market more expensive. the miners take the highest fees first so people increase their transaction fees to speed up their transaction

1 Like
#595

  1. What is the mempool?
    It is a list of all the transactions waiting to be put into a block to be confirmed.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The meme pool starts to stack up and wait time to get in a block increases, aka increasing transaction times.

  3. How does a growing mempool effect transaction fees?
    It leads to increasing fee sizes, since miners are incentivised to include transactions with larger fees. Therefore to make the most profitable block, miners prioritize large transaction fees.

1 Like
#596

  1. What is the mempool?
    List of unconfirmed transactions that are pending to be picked up by a miner.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    With more network traffic, there will be a longer waiting list and confirmation time, and high fees will be prioritized to be put into a block.

  3. How does a growing mempool effect transaction fees?
    It will result in higher fees and be prioritized.

1 Like
#597
  1. Bucket of unconfirmed transactions
  2. Mempool becomes a Mempond
  3. Transactions fees increase if you want to be prioritized
2 Likes
#598

  1. Mempool is a pool of unconfirmed transactions.

  2. The mempool gets backlog’d and grows in size

  3. Growing mempool increases transaction fees as a result of transactions wanting to be picked first.

#599
  1. The mempool shows all unconfirmed transactions (UTXO:s) and what fees they have.
  2. The mempool grown in size and it takes longer for transactions to be confirmed.
  3. Miners will look for transactions with the higher fees which means that fees will increase to be prioritized by miners.
#600

1: The mempool is a holding area or cache for transactions which have not been processed.

2: If miners can’t keep up with the rate of transactions, transactions will remain in the mempool longer.

3: If the mempool grows at a point where transactions are not handled as promptly as many would hope, some might need to increase their transaction fees to reduce transaction time by getting higher in the queue.

#601

What is the mempool?
The mempool is the list of unconfirmed transactions waiting to be apporoved by miners and added to the next block.

What happens if the miners can’t keep up with the rate of the new transaction?
The size of the mempool increases and miners may want higher fees to prioritise which transactions to clear first.

How does a growing mempool effect transaction fees?
If there are many unconfirmed transactions in the mempool and the size is growing this creates an incentive for people sending transactions to increase their fee so that miners will want to confirm that transaction first.

#602
  1. What is the mempool?
    • Mempool contains all the unconfirmed transactions a node has received and will propagate.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    • The miners will pick transactions with the higher fees first to add to the next block it is trying to create. Any other transactions will be left in the mempool until the miner includes it in a block.
  3. How does a growing mempool effect transaction fees?
    • Transaction fees are expected to increase.
#603

  1. Mempool is list of unconfirmed transactions

  2. They mempool becomes bigger

  3. Transactions with higher fees are prioritized