Homework on Mempool - Questions

[Neeraj_Nerlekar]

1. It’s a place where all unconfirmed transactions are queued.
2. The mempool grows in size, and the time taken to confirm the transaction becomes longer.
3. Once the mempool grows in size, the transactions with higher satoshis/byte get added first.

[RustyGray]

1. The mempool stores unconfirmed transactions.

2. The mempool gets bigger then.

3. The transaction fees increase.

[FilipGuldhill]

1. It s a collection of all transactions on the bitcoin network which wait to be processed (put in a block by the miners).
2. They will continually prioritize to process the transactions with the highest fees. The transactions that haven’t been accepted will need to wait longer to be put on a block, or eventually increase the fee,
3. As all transactions compete by height of fees in order to be chosen for the next block, the fees will increase in relation to the amount of transactions which are currently in the mempool.

[bpmtech87]

list of unconfirmed xtns for miners to pick from for next block
mempool backlog grows, avg transaction time to confirm increases
fees go up

[GabrielCrypto]

1. What is the mempool?

A mempool is a data structure all nodes have that show the count of unconfirmed transactions.

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

The mempool gets bigger and it prioritises transactions with higher fees

3. How does a growing mempool effect transaction fees?

It increases the transaction fees as the transactions with high fees are prefered by the miners.

[Brijay]

1. The mempool is the data structure on each node where valid unconfirmed transactions wait for a miner to add them to the next block.

2. If the miners can’t keep up with the rate of new transactions the amount of unconfirmed transactions will increase and the mempool will grow, meaning longer transaction confirmation times, especially for those paying lower fees.

3. A growing mempool will affect the transaction fees by causing them to rise, because senders will pay more to have their transactions confirmed quickly.

[MoCrypto]

1. Mempool is a database containing the unconfirmed transactions on a blockchain.

2. The network lags

3. The miner’s look for maximum sat/byte of data so a growing mempool will cause minors to choose transactions that will generate the greatest amount of fees for them.

[Mauro]

@realsloth

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.

Yes. You could check out the visualization on here. Its pretty cool.

Blockchain Transaction Visualizer - TxStreet.com

You can sometimes see people getting kicked out from a bus, meaning a node changed their block transactions as more profitable ones came. I thought this an interesting visualization.

Jump in lane, more like kick them out of a block/bus. Miners are rough when it comes to transcations.

[hoolie]

1. list of unconfirmed transactions

2. mempool grows larger

3. fees will increase

[cryp2]

1. Mempool is a list of unconfirmed transaction. every node has mempool.

2. The list of mempool count will increase, the transaction will take bit longer because of pending transaction. also depends if you have high transaction fee, the highest fee will be the first to append in the block.

3. The fee will increase because the miners will choose the highest transaction fee to append first in the block. basically the higher the transaction fee, the faster your transaction will get in the block.

[ajphminer]

1. Mempool is a list of unconfirmed transactions found in every node of a blockchain. As transactions get confirmed, they also get removed from the mempool of each node.

2. Fees can get more expensive since miners choose transactions with the highest fees to process first, people will pay more to have their transactions confirmed soonest.

3. A growing mempool means that miners are not able to cope with the number of transactions created thus fees tend to increase as explained in #2.

[Nicholas]

1. A list (pool) of all transaction. memory pool.
2. The mempool backlogs all transactions getting larger.
3. The transaction fees increase.

[Henk1]

1. What is the mempool?:
   A mempool is a list of all unconfirmed transactions. Separate from the blockchain itself.

2. What happens if the miners can’t keep up with the rate of the new transaction?:
   The mempool grows larger with transaction time increasing along with transaction fees.

3. How does a growing mempool effect transaction fees?
   Transaction fees increase because miners choose to process the transactions with larger fees. If the mempool increases the miners are more in demand.

[FlippingDave]

mework on Mempool - Questions

1. What is the mempool?
   All the UTXO’s waiting to be transacted

2. What happens if the miners can’t keep up with the rate of the new transaction?
   They take the better paying ones. So the others just wait, it gets bigger.

3. How does a growing mempool effect transaction fees?
   You’ll have to pay more to get picked.

[Hackerman]

1. It is the list of all uncofirmed transactions that each node stores.
2. It will grow the mempool.
3. The bigger the mempool the bigger the fee needs to be to have a higher probability to be included in next block.

[docbdublin]

1. Mempool is a list of unconfirmed transactions in the Miners Node that he puts together while building his next Block.
2. Other miners competing to create the next block will get the block before the one that cant keep up.
   3.the miners collect the transactions and then try to pick the highest ones so the mempool will get them the highest poss fees. if they can complete the block 1st.

[Richie]

1. A mempool is where all the unconfirmed transactions are stored. Each node will usually have their own mempool.

2. There will be a backlog of transactions. This could lead to longer transaction times and/or higher transaction fees.

3. Miners will usually select the transactions with the higher fee’s. Due to this, any growth in the mempool could lead to higher transaction fee’s to encourage them to be confirmed more quickly.

[Crypto_Tax_Fixer]

1. t is the mempool?

The mempool is the list of unconfirmed transactions.

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

They store transactions in the mempool until they can put it in a block.

3. does a growing mempool effect transaction fees?

Miners chose which transactions to process by which have the most fees. So when a mempool gets long the higher fee transactions get handled first.

[Bunbo_Hue]

1. What is the mempool?

The mempool is the pool of all transactions that have been accepted by nodes in the network and are waiting for a miner to confirm them by adding them to the next block in the blockchain.

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 new transactions, the mempool gets larger and there are longer wait times between transactions being created versus being confirmed.

3. How does a growing mempool effect transaction fees?

Transaction fees increase as the mempool grows because there is more of a demand for miners to confirm transactions. The larger the fee, the faster it will be accepted by miners and confirmed.

[johnp]

1. A mempool is temporary storage by the nodes of TX that make sense but are unconfirmed.
2. If miners can’t keep up fees will begin to rise to move TX’s onto BC with priority.
3. A growing mempool causes fee to rise to speed up confirmation.