Homework on Mempool - Questions

Blockchain and Bitcoin 101
#83
  1. The mempool is a list of all unconfirmed transactions.
  2. Then the mempool grows larger and there are longer transaction times.
  3. Larger fees are offered to miners to get the transaction to be picked first.
#84

  1. The mempool is the waiting queue containing all the pending transactions which have not yet been included into a block (i.e. unconfirmed transactions). It is calculated in Satoshi per Bytes, which will be the reward fees for the miners. Each 10 minutes (in average) a new block is found and the mempool diminishes by removing the pending transactions which have been included in the new block.

  2. If the miners can’t keep up with the rate of the new transaction, the mempool will become bigger and bigger.

  3. A growing mempool has an effect on transaction fees because the miners will have the choice and naturally they will include in new blocks the transactions with the higher fees. By consequence : the fees go up. The transactions with lower fees will have to wait until the mempool is nearly empty, in order to be validated.

#85
  1. What is the mempool?

A mempool is a temporary storage allocated at each node that holds the details of unconfirmed transactions that are ready to be picked by miners to add them to new blocks.

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

Miners put low-fee transactions at the bottom of their priorities, which takes these sort of transactions a longer time to get confirmed.

  1. How does a growing mempool effect transaction fees?

The transaction fees goes up in correlation with how much Sat/Byte a transaction takes.

#86

1.) Mempool is a database each node has, which stores the unconfirmed TXs. If a TX is confirmed, it will be removed from the mempool and put within a block (by the miners)
2.) the mempool size will grow, TX (with lower fees) will be longer be in the mempool, TX get slower confirmed (in the block(chain)), fees will increase to speed up confirmation, because miners will pick the TX with higher fees, which goes to miners = their income
3.) as mentioned in 2.), miners earn money and pick TX with the higher fees, (new) TX will have higher fees to be prefered/prioritised to confirm. Means, that fees will increase, if mempool is growing.

#87

  1. a mempool is a holding area that is linked to the nodes. Miners have them as well. The unconfirmed transactions are waiting in the memepool to be confirmed. The miners select the transactions from the memepool - they will tend to collect the highest paying transactions first - they bundle them into a block - the blocks are distributed into the blockchain every ten minutes.

  2. The mempool keeps growing

  3. and this pushes up the transaction fees.

#88

1- Pool of transactions
2- The number of Transactions grow in the pool.
3- People will want their transactions to be processed before everyone else’s transactions. Miners only care about money. Miners will want to process transactions with higher fees. So people will need to increase transaction fees while sending bitcoins if they want their transaction to be prioritised.

#89

Is the place where unconfirmed transactions sit, waiting to be picked up by a miner.
The Mempool will grow in size.
Users will have to pay a higher price in order for the transaction to be processed faster.

#90

  1. List of all unconfirmed transactions of a node/network

  2. The mempool grows

  3. The fees are rising, since the transactions with the highest fees are chosen to be part of a block. Therefor to be included into a block the fees need to be increased in order to increase the chance of the transaction being chosen by a miner to be include it into the block.

#91
  1. It’s the group of unconfirmed transactions
  2. There will be a backlog of unconfirmed transactions.
  3. People will pay more in fees to get their transactions processed faster
#92

1. What is the mempool?
A list of unconfirmed transactions waiting for the miners to confirm and add to the next block.
2. What happens if the miners can’t keep up with the rate of the new transaction?
The Mempool increases.
3. How does a growing mempool effect transaction fees?
It increases the fees because the miners will choose the tx with the largest fee first.

#93

All unconfirmed transactions that adhere to the protocol and are valid (with enough bitcoin to spend in the transaction) will be put in a mempool. A transaction will never make it to the mempool if it’s not valid.

The miners have to select each transaction to be put in a candidate block and then ‘solve the puzzle’ before the transaction is confirmed at which point it’s then added to the blockchain.

#94

#2 - I’m pretty sure the un-mined transactions will just sit in the mempool until they’re selected by the miners for a block. It’s a competition by the miners so eventually every valid transaction will be mined.

#95

Mempool is a list of unconfirmed transactions kept by each node. To make it into the mempool a transaction must be valid, in that you have to have the “coins” to spend, and it must follow the bitcoin protocol. Since bitcoin is a global system not every node will receive transactions in the same time. It is expected that each node’s mempool will look slightly different from the mempools on other nodes.

Miners select the transactions from their mempool, or from other nodes’ mempools which they’ve queried, with the highest fees. Unconfirmed transactions will sit in the mempool until selected by a miner who can successfully list the transactions in a block and append the block to the blockchain. If there are many transactions to process, the transactions with the lowest fees will sit in the mempool the longest.

At times when there is congestion on the network the size of mempools will grow. The incentivized miners will continue to pick the transactions paying the highest fees for bytesize. Newly incoming transactions will be given higher fees by their wallets in order to compete. Across the board fees will rise and those transactions with the lowest fees may take a long time to be processed.

#96
  1. The mempool is the list of valid bitcoin unconfirmed transactions, stored on a node, that are waiting to be put in a block by a miner.
  2. If the miners cannot keep up with the rate of new transactions then the pool will grow larger and larger and transactions with the lowest fee will have to wait longer to get mined in a block.
  3. When the mempool grows in size, transactions with the highest fee (Sat/B) will be prioritized first in order for the miner to maximize their profitability.
#97
  1. What is the mempool?

A mempool is a data structure on the nodes that confirms unspent outputs they stay unconfirmed on the mempool until picked up by the miners and but into blocks.

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

The mempool will grow in size which creates longer transaction times.

  1. How does a growing mempool effect transaction fees?

Growing mempools increase transactions fees those offering higher fees will get picked of first.

#98
  1. What is the mempool?
    It’s the list of all unconfirmed transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows.
  3. How does a growing mempool effect transaction fees?
    Transaction fees rise because of rising demand for transactions at a given, constant supply.
#99
  1. Mempool is a list of transactions received by, validated by and kept by each node.
  2. The list of unconfirmed transactions gets bigger. The Mempool grows.
  3. More satoshis per bite on average in the block.
#100

1- The Mempool is where the unconfirmed transactions are located until the miners take them out and confirm them by creating a new block.

2- The unconfirmed transactions will increase in the mempool and they will have to wait longer to be confirmed.

3- When the mempool gets bigger and bigger transactions fees will increase because miners confirm transaction with higher fees first.

#101
  1. A mempool is a list of unconfirmed transactions which are not confirmed in a block yet. All nodes are sharing unspended transaction and miner store them in their memepool.
  2. the number of unconfirmed transaction increase in the memepool causing scalability issues.
  3. the price of the fees will go higher because people will want their transaction to be confirm and to get out of the mempool they will have to increase the fees of their transaction
#102

  1. A mempool is where unconfirmed transaction go to wait for a miner to confirm it.

  2. If the miners can’t keep up with the rate of the new transaction the mempool will get bigger.
    they will choose the ones with higher fees.

  3. A growing mempool can make fees higher