Homework on Mempool - Questions

Blockchain and Bitcoin 101
#844
  1. The mempool is where the nodes stores all unconfirmed transactions. When a transaction is confirmed the nodes removes it from the mempool
  2. When the mempool fills up the miners are keen to choose transactions with high fees
  3. Miners have an economic incentive. They are more likely to choose transactions with high fees when there are many unconfirmed transactions in the mempool, which means if the fee of a transaction is to low it will take longer to get the transaction confirmed. It’s all about satoshis per byte
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#845

  1. It´s a list of all unconfirmed transactions. Each node has this list.

  2. transactions have to wait longer to be confirmed and the mempool is growing.

  3. transaction fees are going higher and miners are picking the transactions with the most fees.

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#846

1. What is the mempool?
The mempool is the set of unprocessed transactions.
2. What happens if the miners can’t keep up with the rate of the new transaction?
Miners will snag the transactions with the highest fees first.
3. How does a growing mempool affect transaction fees?
If there are more transactions than the miners can efficiently mine transaction fees will increase.

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#847

What is the mempool?

  • list of unnconfirmed transactions.

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

-mempool backlog grows

How does a growing mempool effect transaction fees?

  • transaction fees increase
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#848

Homework on Mempool - Questions

1. What is the mempool?

  • The memory pool is a waiting room for UTXO’s waiting to be accepted into a block by a miner. This memory pool can vary from Node to Node as what is in a nodes pool is based on what UTXO’s it has had broadcasted to it.

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

  • The pool grows and so does the potential that people might pay in satoshi’s. The size of the transaction as well as the fee that a transactor is willing to pay, and the network activity determines if the transaction is picked to be added to the next block.

((If I have this wrong please someone correct me))

3. How does a growing mempool effect transaction fees?

  • As the mempool grows the transaction fees increase, the size of the block doesn’t change. So because of this as demand goes up so does the price a miner expects to process a transaction.
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#849
  1. A list of transactions.
  2. The mempool grows and there are longer transaction times.
  3. A growing mempool increases the transaction fees, you can pay a higher fee to ensure your transaction is processed.
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#850

  1. The Mempool is a list of transactions on a node.

  2. When the Mempool increases in size & miners can not keep up with the rate, the transactions with lower fees may take longer to process.

  3. The fees will increase for those wanting higher priority (quicker) transactions.

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#851
  1. What is the mempool?
    a list of unconfirmed transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    the mempool gets bigger.
  3. How does a growing mempool effect transaction fees?
    fees go up.
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#852

Homework on Mempool - Questions

  1. What is the mempool?
    A Mempool is a where the unconfirmed transactions wait before the are taken by a miner
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    They wait in the Mempool longer and fees are likely to rise
  3. How does a growing mempool effect transaction fees?
    The fees will go up and the miners will take the transactions with the smaller bits so they can can get more per block
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#853

A list of transactions, once miners have put the transaction in a new block it disappears from the mempool.

The mempool grows and transactions get delayed.

Transaction fee goes up because of competition for the higher fees by miners. The higher the fee the faster Miners will take the transition.

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#854
  1. A pool of pending and unconfirmed transactions.
  2. Mempool growth and longer transaction times.
  3. Transaction fees go up. Transaction offering higher fees gets picked up first.
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#855

Homework on Mempool - Questions

  1. What is the mempool?
    The mempool is a data structure. The mempool is a list of unconfirmed transactions that is held by a node. Each node has a list of transactions that are unique. Each list is slightly different as nodes communicate sharing their list of transactions that make sense. It is kind of like a node version of the transaction grapevine. As miners pick up the transactions and add the to the block those transactions are removed from the mempool. The miners have a financial incentive to add transaction to the block that are paying a higher fee. These fees are based on sats/byte. It is not based on the amount of the transaction but in terms of how much data the transaction occupies in the block.
    Said another way,
    Our wallet will construct and send a transaction.
    The tx is sent to various nodes, those nodes communicate with other nodes spreading the info of the tx around.
    These unconfirmed tx’s are placed in the nodes mempool, like a waiting room for unconfirmed tx’s.
    These unconfirmed tx’s are picked up eventually by a miner and confirmed.
    These now confirmed tx’s are removed from the mempool.
    Much joy and celebration.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows and unconfirmed transactions start to pile up.

  3. How does a growing mempool effect transaction fees?
    Being that miners are financially incentivized to add transactions to the block through fees naturally the transactions willing to pay a higher fee will get priority. We basically bid on in the miners service to confirm a transaction.

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#856

1. What is the mempool?
Basically the mempool is a list of unconfirmed transactions that is stored in the nodes. When a wallet constructs a transaction it is send to and shared amongst the nodes in the network and until the transaction has been picked up and confirmed by a miner it is waiting in the mempool.

2. What happens if the miners can’t keep up with the rate of the new transaction?
The mempool grows and transactions might take longer to process (also depending on fees).

3. How does a growing mempool effect transaction fees?
The transaction fees will go up because miners will pick the transactions with the highest return first (economic incentive).

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#857

  1. The mempool is where all unconfirmed transactions are listed.

  2. It will increase the transaction times because each block is only built every 10 minutes.

  3. The larger is mempool the more unconfirmed transactions it contains, therefore miners will be choosing transaction with higher transaction fees and the transactions with lower fees will be skipped. So in order to process a transactions the fees will be higher.

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#858
  1. What is the mempool?

The mempool is where nodes on the bitcoin network store transactions until miners are ready to add them to the blockchain. When a transaction is unconfirmed it is stored in the mempool.

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

If miners cannot keep up with the rate of new transactions the mempool will swell as it fills with unconfirmed transactions. Transactions with larger fee offerings will be prioritized as the miners wish to make as much profit as possible.

  1. How does a growing mempool effect transaction fees?

A growing mempool will cause fees to increase for a transaction to be confirmed within reasonable time. Miners will then be more incentivized to harvest these large fees until the hash rate increases and the mempool begins to shrink again. Fees will then start to decrease until an equalibrium is reached.

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#859

  1. What is the mempool? Mempools are created between the network, they are unconfirmed transactions that are being accounted for by individual nodes.

  2. What happens if the miners can’t keep up with the rate of the new transaction? the amount of transactions get built up into a large pool.

  3. How does a growing mempool effect transaction fees? by the cost of miners choosing the transaction with higher fees which can also add time to a individuals transaction speed.

#860

All transactions that are present in nodes but not in blocks

They are staying in mempool waiting the next block.Mining is slower.

Highest fees transactions are picked first for when mining a block.

#861

  1. A list of unconfirmed translations.

  2. The mempool will get larger.

  3. The fees will get higher when the mempool gets larger.

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#862

  1. What is the mempool?
    The mempool is a list of unconfirmed transactions waiting to be verified by miners before being added to the blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If miners cannot keep up with the rate of new transactions then miners will prioritize based on the highest fees associated with each transaction. This is done to maximize profit.

  3. How does a growing mempool effect transaction fees?
    A growing mempool affects transaction fees because it creates a bidding war between your transaction and all the others since miners will select the ones with the highest fees to increase their revenue.

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#863

  1. mempool is the list of all unconfirmed transaction (new transactions added by wallets to the network). each node has own mempool that is synchronised with others in the network. Miners pick the transactions from the mempool to create next blocks. When the transaction is mined to the block, it disappears from the mempool.

  2. more and more transactions will be stuck in the mempool, time needed for tx confirmation will grow. size of the mempool will grow.

  3. everyone who wants their transaction to be picked up in reasonable time will have to pay higher fees as miners will pick the transactions with highest fees first.

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