Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1025

  1. The mempool is a list (or pool) of all of the unconfirmed transactions (Tx’s) waiting to be confirmed by being mined and appended to the blockchain.

  2. If miners can’t keep up with the rate of new transactions, then the size of the mempool grows and therefore it will take longer (in most cases) for your Tx to mined into a block and appended to the blockchain.

  3. A growing mempool causes in imbalance in the supply and demand ratio. If there the mempool grows in size, there is either a major influx of Tx’s or a dwindling number of miners. Either way the increased demand for Tx’s to be confirmed and/or the reduced supply of mining capability will result in an increase in Tx fees. Lets say for example BTC drops 60% for some reason - you could imagine that all the true believers and hodlers are going to jump on that, therefore there would be a surge of people making Tx’s and the mempool would grow rapidly. With the volatility of the BTC price, you would want your Tx to be among the first mined, so you are going to be rather willing to increase the Tx fee in order to encourage a miner to prioritise your Tx. Simple supply and demand economics.

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#1026

1. What is the mempool?
Where unconfirmed transactions are ‘waiting’ to be confirmed by miners

2. What happens if the miners can’t keep up with the rate of the new transaction?
The mempool grows with new unconfirmed transactions and have to wait util they are mined.

3. How does a growing mempool effect transaction fees?
More transactions to be mined more fees to be paid due to higher demand.

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#1027

A temporary storage data structure for uncomfirmed transactions to be picked up by miners to be added to the blockchain.

Mempool will begin to backup increasing time for confirmed transactions and also fees.

Higher fee transaction will make their way into the next block over a lower fee transaction.

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#1028

  • What is the mempool?
    The mempool holds a list of verified transactions waiting for miners to include in new blocks on the blockchain.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    Transactions being written into new blocks will be delayed and fees will increase.

  • How does a growing mempool effect transaction fees?
    The minimum fee required to be included in the mempool is increased.

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#1029

  1. A mempool is a data structure which all nodes have that stores a list of unconfirmed transactions waiting to be picked up by a miner and added to the next block.

  2. If miners cant keep up with transaction rate, then the mempool will grow larger and transaction times will take longer.

  3. A larger mempool will increase fees because there are more transactions and therefore more competition - transactions want to be added to a block as quickly as possible and miners are looking for transactions with higher fees so those will be taken first.

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#1030
  1. What is the mempool?

Bitcoin transactions that have been signed and awaiting confirmation

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

The mempool will grow resulting in slower confirmations of transactions

  1. How does a growing mempool effect transaction fees?

Transaction fees will rise to incentivise faster processing

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#1031

Homework on Mempool - Questions

  1. What is the mempool?
    Mempool is the waiting room of all the verified transactions, ready to be confirmed.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    They are starting to select the highest fee transactions as a priority. All the other transactions are just increasing there volume and waiting to be confirmed.

  3. How does a growing mempool effect transaction fees?
    It makes it higher.

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#1032

  1. a list of unconfirmed transactions

  2. The mempool grows and only the transactions with higher fees get “fast lane” to the block

  3. The transaction fee will increase

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#1033
  1. What is the mempool?
    Each node has a copy of the mempool. They list the unconfirmed transactions on the blockchain
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The time to confirm a transaction will increase, blocks are confirmed every ten minutes so this puts a limit on how fast confirmations can be made, the more there are the longer it will take
  3. How does a growing mempool effect transaction fees?
    As the mempool grows the miners will have a greater choice of what to include in their block. This would then need higher fees to be provided so that a transaction would get a higher priority
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#1034
  1. Mempool: a list of unconfirmed transactions waiting for a miner to pick them up and put them on the next block for processing.
  2. The mempool will grow bigger and there will be more competition to get transactions processed. This causes the fees to go higher.
  3. See 2.
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#1035

  1. What is the mempool?
    Mempool is a list of all unconfirmed transactions for miners to pick them up and put in the next block.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow bigger.

  3. How does a growing mempool effect transaction fees?
    The fees go up, because miners are incentivised to pick up transactions with highest fees first.

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#1036

  1. The mempool is a list of transactions in no specific order that have yet to be included in a block. This is where a transaction first goes.

  2. The mempool will increase in size

  3. The bigger the mempool the more likely other transactions set higher fees in order to include the transaction in a block sooner therefore the market increases the fees and decentivices large number of transactions

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#1037

  1. It’s a collection of transactions that have not yet been added to a bock. Each node has a log of transactions in the mempool.

  2. The mempool starts to get clogged and transaction confirmation times get longer and longer.

  3. The fees will also be higher in a clogged mempool, since there ends up being a lot more competition

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#1038
  1. the node’s holding area for all the pending transactions
  2. the mempool size grows
  3. the fee market turns into a competition where users will compete to get their transactions into the next block by including higher and higher fees
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#1039
  1. A Mempool is:
  • A data structure attached to each node in the network
  • This data structure stores unconfirmed transactions that have been verified by the node
  • The unconfirmed transactions in the Mempool have transactions fees attached to them
  • In this scenario the following would happen:
  • The size of each Mempool would continue to grow larger and create a bottleneck for transactions
  • This would mean the average user would experience slower transaction confirmation speeds as the network would be struggling to clear the backlog of unconfirmed transactions from the Mempools
  • I would say that a growing Mempool would put upward pressure on transaction fees
  • Users would be forced into bid transaction fees higher in order to get their transactions confirmed within their specified transaction time window
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#1040

What is the mempool?
a mempool is a list of unconfirmed transactions

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

  • How does a growing mempool effect transaction fees? the transaction with the higher fees will be picked first since miners are incentivized by the fee. the transaction that has lower fee will take longer to be executed or confirmed
    [/quote]

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#1041
  1. Place to store the unconfirmed trx. Later the miner will put it in the block.
  2. Mempool will full.
  3. Fees will increase if the amount of unconfirmed trx getting bigger.
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#1042

  1. What is the mempool?
    Its a list of transactions waiting to be confirmed by the miners.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will continue to increase.

  3. How does a growing mempool effect transaction fees?
    Higher transaction fees and they will be picked first by the miners.

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#1043

  1. Mempool exists in each full node where unconfirmed transactions will remain till they are picked up by miners to inserted into blocks.

  2. If miners can’t keep up with new transactions, Mempool will be full and nodes start looking to prioritise higher fee transactions. the fee lower than threadhold will be removed from Mempool.

  3. A growing Mempool effect increases the fees, but some sender are aware that their transactions can take long time due to the size and fees. ( dust transactions)

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#1044

  1. A node’s mempool saves all the UTXOs it has heard about and that seem valid. From here, the miners take the transactions (usually starting with the UTXOs with the highest Sats/B fee) and put them into the next block. Afterwards the mempools are updated and the now confirmed and therefore spent transactions are removed.

  2. People will have to wait longer to have their transactions confirmed and put into the blockchain. Also fees will probably rise as demand for rapid transactions is growing.

  3. The more transactions compete for the miners computing power, the higher the fees will likely rise.

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