Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1005
  1. It’s all the unconfirmed transactions that have not yet been mined in a block
  2. The mempool grows larger, effecting transactiontimes negatively
  3. Transaction fees rise, because participants want to get prioritized transactions
1 Like
#1006
  1. The Bitcoin mempool is an area where all the transactions are waiting to be confirmed and verified and mined by the miner.
  2. The Bitcoin mempool will keep growing making the fees to go up.
  3. A growing mempool effect will increase the fees.
1 Like
#1007
  1. The mempool is a memory structure each node has of unconfirmed transactions.
  2. If the miners can’t keep up, the mempool grows and transaction times increase.
  3. As the mempool grows costs go up and higher fee transactions get taken first.
2 Likes
#1008

  1. Mempool is a data structure that each node has. Each node have basically list of unconfirmed transaction which is called MEMPOOL.

  2. The confirmation process will takes longer time and the mempool grows

  3. Increase in transaction fees

2 Likes
#1009

  1. A Mempool is a log of transactions on a whole node, it is a memory of constructed transaction before it is picked up by a miner and placed into a block.

  2. Then the transactions site in whole node’s “Mempool”

  3. fee’s will rise as miners will need higher incentives to pick up the transactions.

2 Likes
#1010

  1. What is the mempool?
    It is where unconfirmed transactions are kept within nodes.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    A back log of transaction on the mempool.

  3. How does a growing mempool effect transaction fees?
    Transaction fees will increase as miners can choose to process transactions with higher fees. This will create a higher fee structure.

1 Like
#1011
  1. What is the mempool?
    Mempool is where all the valid transaction wait to be confirmed by the bitcoin network.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool should increase, the transaction will have to wait longer time, which make the transaction with bigger fee be added to blockchain network in advance.
  3. How does a growing mempool effect transaction fees?
    A growing mempool means that there are growing transaction waiting to be confirmed, so miner will choose the transaction with higher fee to process first, which increases the transaction fee then.
1 Like
#1012
  1. Mempool is a list of unconfirmed transactions inside any individual node.
  2. The mempool will growing up the list of unconfirmed transactions.
  3. Transaction fee increases because unconfirmed transaction need to set high fee in order to get fill in the blockchain.
1 Like
#1013
  1. simply put, a storage unit for unconfirmed transactions
  2. they put them in the mempool
  3. since miners are monetarily incentivized they will choose the transactions with the highest fee
1 Like
#1014
  1. What is the mempool? A mempol is where unconfirmed transactions are stored before nodes and miners add them to the next block.

2.What happens if the miners can’t keep up with the rate of the new transaction? It gets kept in the mempol and the mempol gets bigger.

  1. How does a growing mempool effect transaction fees? The transactions fees will increase.
1 Like
#1015 
1. What is the mempool?

The mempool is a node that stores all verified uncomfirmed transactions for the miner to add to its next block.

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

They will pick the unconfirmed transactions with the highest fees to be processed.

How does a growing mempool effect transaction fees?

Most likely transaction fees will increase due to competition under people wanting to have their transaction added to one of the next blocks

1 Like
#1016
  1. mempool stores uncoufirmed transactions
  2. If the miners can’t keep up with the rate of the new transaction the mempool grows bigger.
  3. Growing mempool effect transaction fees in such a way that the miner selects the transaction with the highest fee. It’s a fee market.
1 Like
#1017

A mempool is a list of all unconfirmed transactions.

The mempool grows in size and miners selectively choose the most profitable TXs to process first.

Fees will go up in order to be processed faster.

1 Like
#1018

  1. What is the mempool?
    A list of all unconfirmed transactions that make sense to a node

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows, fees go up, transaction time goes up.

  3. How does a growing mempool effect transaction fees?
    fees will likely go up to make the transaction go through and wait less time.

1 Like
#1019

Mempool Homework

  1. A mempool is where unconfirmed transactions reside before a miner picks it up.
  2. If a miner can’t keep up with the rate of a new transaction the mempool will grow in size.
  3. A growing mempool will affect transaction fees because miners are financially incentivized and will choose transactions with higher fees. Thus it is a fee competition.
1 Like
#1020
  1. What is the mempool?

The mempool is a holding area for a node’s unconfirmed transactions, a memory pool of unconfirmed transactions that each node maintains. The transactions are waiting for a miner to pick them up, confirm them and add them to a block.

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

Once the Mempool reaches full capacity, the nodes start prioritizing transactions by setting up a minimal transaction fee threshold.

Transactions with a fee-rate lower than the threshold are immediately removed from the Mempool and only new transactions with a large enough fee are allowed access to the Mempool.

If new transactions arrive at a higher rate than they are cleared from the mempool into blocks, a “traffic jam” will occur and transactions can take a long time to get approved (depending on their size and attached fee).

If, for example, the Mempool size is around 3MB then most transactions will have to wait at least one or two blocks until they get confirmed. This is since each block is 1MB in size so it can take up to 3 confirmations to clear the whole mempool (assuming no new transactions are coming in).

  1. Read more: What is the Bitcoin Mempool? A Beginner’s Explanation (2020 Updated) | 99Bitcoins

  2. How does a growing mempool effect transaction fees?

Fees will increase with the number of unconfirmed transactions as everyone tries to get their transactions into the block.

If new transactions arrive at a higher rate than they are cleared from the mempool into blocks first.

2 Likes
#1021

Is a collection of all transactions that have not been confirmed yet by a miner.

If miner are unable to confirm enough transactions the mempool will increase in size.

Fees increase due to a higher demand for transactions to be confirmed.

1 Like
#1022

GERMAN

  1. Der Mempool bildet sich aus Transaktionen, welche noch nicht von einem Miner in die Blockchain integriert worden sind.

  2. Wenn die Miner nicht nachkommen, wird sich die Transaktionsdauer verlängern. (Die Hash-Rate nimmt ab???)

  3. Da Miner die Transaktionen mit den höchsten Fees bevorzugen, werden mit einem wachsenden Mempool auch die Fees steigen.

1 Like
#1023

1 A collection of unconfirmed transactions that each node has verified.

  1. The mempool collects unconfirmed transactions and so it will take longer to confirm each one.

  2. It will increase the transaction fees because each new unconfirmed transaction will compete to be added to the blockchain and in turn pay higher fees. Note that fees represent how many bites your transaction takes up within the block. Meaning that sending a large amount of money may cost less in fees than sending a smaller amount.

1 Like
#1024
  1. where transactions are stored until “confirmed” and added to the blockchain.
  2. the tx is held in the mempool until it can be processed
  3. sat/Bit creates competition of fees. highest fee priority.
1 Like