Homework on Mempool - Questions

Blockchain and Bitcoin 101
#945

Due to the competition between users of the network. It can be miners sending transactions as well, but most of the competition will be between normal users of the network. Either way great answer. :smiley:

#946

Full nodes are usually miners. Mempool is a place for unconfirmed transactions and miners do accept them. Then they mine them based on the fee they give.

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#947
  1. A place where Bitcoin transactions waiting to be verified.
  2. The transaction sits in mempool until a miner picks it up and includes in the next block.
  3. Once mempool riches full capacity, the nodes have to start prioritising transactions by setting up a minimal transaction fee threshold. Transactions that below threshold are being removed allowing only new transactions with large enough fee to access the mempool.
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#948

A mempool can be quite large if not unlimited in space. A growing mempool effects fees because the block size in bitcoin is limited to 1MB. Meaning once the mempool goes byeond 1MB a miner needs to prioritize transactions. A mempool will always add more transactions, but they will not be confirmed until a miner adds them into a block.

#949
  1. A pool of unconfirmed transactions waiting to be confirmed.
  2. The fees go up, longer processing time
    3.Causes the fees to go up.
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#950

  1. Mempool is where UTXOs go to die :wink: j/k. It’s actually where UTXOs are kept while unconfirmed by the nodes.

  2. I think that the fees will increase.

  3. There is likely more competition for the limited space in a blockchain and so the fees will likely drift higher.

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#951
  1. Mempool is a pool of unconfirmed transactions.
    2)The mempool grows bigger.
  2. The larger mempool will increase the fees to miners. Because people want their transactions confirmed quicker.
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#952

Thanks for your remark! At this point I don’t have much of the idea about crypto and how it works, only got into it last month :grin:

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#953
  1. The mempool is the set of all tx waiting for enter in the blockchain
  2. The mempool grows in size
  3. As minners choose transactions that will pay the most, the fees become higher
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#954

  1. The mempool is the collection of unconfirmed transactions held by the nodes. These are transactions waiting to be included in a block by a miner.

  2. If miners can’t keep up with the new transactions, the mempool will grow. This larger cue of transactions waiting to be confirmed on a block will drive up demand.

  3. The miners accept transactions to the block based on the amount of fees they can receive. Fees will increase to unconfirmed transactions as the mempool grows.

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#955

The mempool is a list of unconfirmed transactions that a node received.

The entries in the mempool increase. Transactions with lower fees will take longer. Higher fee transactions will get prioritized by the miners.

To get included in the next block or in reasonable time, people (and wallets) will increase fees.

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#956

  1. Where all unconfirmed transaction wait to be picked up by a miner and be added to the blockchain.

  2. Mempool will increase and transactions with the highest fees will be prioritized

  3. It will prioritize the highest transaction fees so transaction fees go up

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#957

Thanks very much for your clarifications Mauro - I really appreciate them. Do you work for the academy?

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#958
  1. the mempool are unconfirmed transactions.
    2.the transactions stay in the mempool till confirmed and added to the next block.
    3.miners will pick the transactions with the highest fees first.
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#959
  1. The memepool is the sum of all the yet unconfirmed transactions. Basically the information that is floating around between the nodes until a miner confirms it by adding the transaction into a block.
  2. the size of the memepool gets bigger.
  3. the transaction fee increases. the competition between the transactions to get added to a block increases. The smaller transactions (in byte) might get added first unless you pay higher fees for being added.
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#960

A data structure that contains unconfirmed transactions.

Transactions with a fee lower than the threshold is removed.

When the mempool reaches full capacity the nodes start prioritizing by setting up transaction fee threshold and transactions with a fee-rate lower than threshold is removed.

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#961
  1. Mempool is list of all transactions that are unconfirmed, and that are pending and waiting for miners to add them in the next block.
  2. Mempool would increase and transactions would take longer time to confirm.
  3. Transaction fees would rise because miners are incentivized to take transactions with higher fees first. And all participants would compete between themselves which transaction would confirm faster.
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#962

What is the mempool?
The mempool is the list where unconfirmed transactions are sent, waiting to be confirmed by the miners to add them in the blockchain

What happens if the miners can’t keep up with the rate of the new transaction?
Miners will choose those transactions with higher fees. Transactions with lower fees will wait, increasing the size of the mempool.

How does a growing mempool effect transaction fees?
The miners are who choose which transactions are added first -those with highest fees- so eventually it causes a rise of average fee in order to be prioritized and added to the chain

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#963

thank you Mauro, much appreciated! :grinning:

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#964
  1. A list of unconfirmed transactions waiting for Miners to confirm.
  2. The mempool will grow and if you want your transactions to go through you will want to pay a higher fee so a Miner is more likely to pick up your transaction.
  3. See (2)
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