Homework on Mempool - Questions

Blockchain and Bitcoin 101
#704

  1. Mempool is simply a waiting list where all unconfirmed but verified transactions are kept waiting for miners to pick them up and put them in the next block.

  2. If the miners can’t keep up with the rate of transactions, the mempool will be crowded and the time of confirming transactions would be longer.

  3. If the mempool gets larger, confirming transactions would take longer time, Miner always goes first for the highest transaction fee, so the transaction fees will increase.

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#705

  • What is the mempool?

    It is a location found in bitcoin nodes used as temporary storage for bitcoin transactions, until such a time as when a miner has the capacity to write/confirm the transaction record stored in MemPool as an entry on the block

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

    When miners can’t keep up with the rate of addition of new transactions, these are added to the Mempool, to await the attention of miners.

  • How does a growing mempool effect transaction fees?

    Typically, a growing Mempool has the effect of increasing transaction fees, as miners have a financial incentive for confirming transactions on to the block. The higher the transaction fee, the greater the likelihood that transaction will be confirmed on to the block.

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#706

  1. What is the mempool? The mempool is a list of all unconfirmed transactions that “make sense” to a node. Miners will pick these unconfirmed transaction from the mempool.

  2. What happens if the miners can’t keep up with the rate of the new transaction? There is an increase in transaction time if the miners can’t keep up.

  3. How does a growing mempool effect transaction fees? The transaction fees will be higher and the miner will pick the transactions with the highest fees (sats per byte).

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#707

Glenn_CostaRica

1. What is the mempool?
It is a temporal space in the network – in each one of the nodes of the blockchain – where legitimate and valid signed transactions are kept during the time they must be waiting for a miner to pick them in order to include them in a block.

2. What happens if the miners can’t keep up with the rate of the new transaction?
If the number of incoming signed transactions from the mempool exceeds the limit that a miner can manage due to the limited space of a block; then, the miner will tend to choose among the incoming transactions those that offer higher fees and will include them in the next block in detriment of those that offer lower fees.

3. How does a growing mempool effect transaction fees?
A growing mempool is a synonym of huge amounts of new transactions and network congestion. This condition tends to create market pressure in favor of higher fees. As the mempool grows, people will feel in need of paying higher fees to be picked up quickly by a miner. This can make transaction fees skyrocket literally.

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#708
  1. What is the mempool?
    transactions wait for a miner to pick them up to add to the next block.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    mempool grows larger and there are longer transaction times.
  3. How does a growing mempool effect transaction fees?
    Larger fees are offered to miners to get the transaction picked first.
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#709

  1. The mempool is a list of all unconfirmed transactions. Each node has a mempool.

  2. If the miners can’t keep up with the rate of new transactions then more and more transactions will be stored in the mempool. This will most likely cause the fees to get higher.

  3. A growing mempool will cause the transaction fees to increase because there is more “competition” for transactions to be chosen by a miner and put into a block. Higher fees mean higher chances of being put into the next block because miners are financially incentivized.

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#710

  1. The mempool is the data structures that holds all the valid transactions that are waiting to be added to a block by the miners.

  2. Then the mempool will increase because blocks are limited in time and size.

  3. A growing mempool will tend to increase the time transactions need to wait before being added to a block. Since miners pick up transactions with the highest fees in satoshis/ bite.

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#711

“List” of all unconfirmed transactions waiting to be put into a Block (by a miner)

The Mempool grows, more transactions waiting for a miner to be out into a Block.

The miner chooses the transactions with highest fees, because that the way they earn money. A growing Mempool increase the transaction fees.

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#712
  1. the mempool is the pool or bucket of unconfirmed transactions waiting to be picked up by a miner and applied to a block.
  2. transactions times take longer
  3. fees increase
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#713
  1. The mempool has unconfirmed transactions placed. and there waiting for a miner to add them in a block.
  2. The mempool will be crowed.
  3. The transaction fees will be increase.
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#714

  1. When a wallet sends a transaction (checks all UTXOs) , all the nodes get it eventually. Until a miner picks it up it is unconfirmed, and it goes into the mempool, a data structure of a node. Mempool of one node may look different from another.

  2. the mempool grows larger and transactions take longer.

  3. as the mempool grows transaction fees will get higher because miners want to process those transactions with the highest fees.

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#715

What is the mempool?

  • Mempool is the list of unconfirmed transactions, it’s held by nodes.

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

  • Mempool becomes larger and larger, so transactions will be added more slowly to the blockchain

How does a growing mempool effect transaction fees?

  • A growing mempool generates more pending transactions, so also fees must increase: larger fees are needed to get a transaction added first.
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#716

  1. A list of transactions waiting to be added to a block.

  2. Transactions take long to be confirmed and added to new blocks. Slowly down the network.

  3. Increased price in Tx fees.

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#717

Is the list of all the unconfirmed transaction of each node

The mempool will have more unconfirmed transaction.

As the transactions in the queue are growing, to be confirmed faster from the miner the people will pay more fees as the miner will confirm first the transactions with the highest fee, so in general bigger the mempool will be, higher the fees will be.

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#718

I edited your reply for a better viewing format. Also feel free to add more details in your answers if you wish, as they are quite short. :slight_smile:

#719

  1. Mempool is where unconfirmed transactions are kept before they are confirmed on the blockchain.

  2. Transactions will accumulate in the mempool until miners eventually include them in the next block. Miners have limited space available in each block so they rather select transactions based on highest fee.

  3. Growing mempool will cause transaction fees to increase. Miners will only include transactions with the most fees in the next block, causing low fee transactions to pile up in the mempool. Nodes sending new transactions will bid up transaction fees in order to ensure faster confirmation times.

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#720
  1. Unconfirmed transactions
  2. Transaction time increases
  3. Transaction fees will increase to incentivize miners to choose a transaction first
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#721
  1. A temporary storage held by every node in which they store transactions that meet the protocol based on the information they have. These transactions are sent to miners every 10 minute and get processed by descending order of satoshi per byte before being stored into a block should everything check out.
  2. If the fee is too low then it gets delayed. Priority is given to transactions giving them more satoshis per byte.
  3. I guess it would increase them because some people want their transactions confirmed fast so they would rather pay a bit more fees to jump the lane.
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#722

Q1: A mempool is a collection of all the TX’s that are pending to be added to the blockchain.

Q2: A backlog of the pending TX’s will start to build up until they are added to the mempool.

Q3: A growing mempool will mean higher fees for those who are looking to make a TX get onto the blockchain faster.

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#723

  1. The mempool is where each node keep their unconfirmed transactions before the miners add them to the blockchain.

  2. If the miners can’t keep up, a backlog forms and the fees will increase.

  3. The miners are incentivized to add the transactions to the next block that have the best fees in sat/B.