Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1126

Just a minor correction, as miners will choose the transactions with higher fees. It can be a 1 Million BTC transaction with a very small fee, so it won’t get picked up quicly :slightly_smiling_face:

#1127

1 - mempool is where unconfirmed transactions go to wait for the miners to confirm
2 - it will take longer to confirm a transaction
3 - it will incentivize ppl in a hurry to pay higher fees

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#1128
  1. What is the mempool?
    A list on each node of unconfirmed but validated transactions. These transactions have met the protocol and the consensus, but have yet to be added to the block.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The fee would have to increase effectively. The fee is Satosher per byte, so if miners run out of bytes, only the transactions with the smallest byte size can be added. Every ten minutes a new block is added and then the miner’s catch up.
    Transactions cannot be confirmed as fast.
  3. How does a growing mempool effect transaction fees? Growing mempool means increased demand for Blockchain space and thud pushes the transaction fee up. Transaction fee being sat/byte.
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#1129

  1. The mempool stores all the unconfirmed transactions.

  2. There will be a backlog and transactions will take longer to be processed.

  3. There will be higher transaction fees as miners favour transactions with higher fees.

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#1130

  1. The mempool is where all the unconfirmed transactions are stored.

  2. More transactions pile up in the mempool.

  3. Transaction fees go up as competition to be included in the blocks increases.

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#1131

  1. What is the Mempool?
    Each node(s) has a list with unconfirmed transactions called a Mempool.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If a fees is too small, Miners will leave the TX in the Mempool and this TX will take a longer time to complete.

  3. How does a growing Mempool effect transaction fees?
    A growing Mempool will make fees go up and TX will take longer time to complete. Miners will priority TX with the highest fee first.

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#1132
    • What is the mempool?
      A: A holding place for all unconfirmed transactions. They stay in the mempool until they are bundled together in a block to be mined.
    • What happens if the miners can’t keep up with the rate of the new transaction?
      A: The size of the mempool grows and transaction times slow down.
    • How does a growing mempool effect transaction fees?
      A: The transactions with the larger fees will be taken first, so the fees will increase to meet the demand for transaction speed.
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#1133

1.) The mempool are the not yet confirmed transactions waiting for a miner to add to a new block on the blockchain.
2.) Blocks are slower to be created making for slow transactions.
3.) In a growing mempool the transactions offering a higher mining fee gets serviced over a transaction with less.

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#1134
  1. mempool is the pool of transactions to be process in to block with diffirent fees
  2. the mempool is growing
  3. the transaction fees are bigger
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#1135

What is the mempool?

  • mempool is a collection of UTXO’s ready to be picked up by the miners

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

  • The miners will increase the fees and the miner can take more profit for mining transactions
  • To send in this enviroment some BTC you will have to pay more fees to be able for your transaction to be mined or mined fast enough
  • The time to confirmed is groing when the miner can’t keep up.

How does a growing mempool effect transaction fees?

  • first the time to confirm increases
  • then the fees will increase’
  • a new transaction will cost more (due to the avarage increase of the fees in previos blocks)
  • At this point the fees will be higher due to the increased Tx pool
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#1136

  1. The mempool is the data structure where nodes keep unconfirmed transactions

  2. If miners can’t keep up with rate of new transactions then the mempool will continue to grow and fees will go up

  3. A growing mempool will force transaction fees to be higher as transactions compete to be included in the next block

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#1137

Hi there!! Actually, the fee is set by you. You can definitely keep sending new transactions with same fee, but maybe it will take much longer, or maybe never confirmed, if the network stays congested for a long time!

Felipe.

#1138
  1. Is the place where the unconfirmed transaction broadcasted are waiting to be insert in the new block by the miner
  2. The other transactions will wait
  3. it effect transaction fee rising them
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#1139

What is the mempool?
Every node has a mempool (a datastructure) where the unconfirmed transactions go that are verified by that node as ‘making sense’.

What happens if the miners can’t keep up with the rate of the new transaction?
The mempool grows and only the transactions with the highest fees will be picked out of the mempool. That means that transactions with a lower fee will take longer to get confirmed.

How does a growing mempool effect transaction fees?
The competition grows. The bigger the mempool, the higher the transaction fees will be, because if you want your transaction to get picked by the miners, you have to pay. If you are not in a hurry you can set a lower fee but too low might end up never getting confirmed.

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#1140 
1.What is the mempool?

Is a Data structure that each Node has.Is a list of Unconform Transaction.

  1. What happens if the miners can’t keep up with the rate of the new transaction?
    Can not keep up if Mempool became or grows larger and longer transactions.

  2. How does a growing mempool effect transaction fees?
    Fees increase with a larger mempool.Miner allways pick transaction with biger fees.

1 Like
#1141

1. What is the mempool?

The mempool is a list of unconfirmed transactions that is held by each node.

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

If miners can’t keep up with the rate of new transactions, the size of the mempool will increase and time length of time needed for transactions to be confirmed will increase.

3. How does a growing mempool effect transaction fees?

A growing mempool will result in longer wait times for transaction fees to be confirmed. Users may specify a higher transaction fee, so that when their wallet broadcasts their transaction to the network, miners will likely take their transaction before others. If more and more users use this same approach, it will result in higher transaction fees overall.

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#1142
  1. Mempool is a data structure possessed by all nodes that consists of a list of unconfirmed, valid transactions waiting to be processed.
  2. If miners can’t keep up with the rate of new transactions the mempool grows in size
  3. A growing mempool increases the fees charged & time taken for processing transactions
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#1143

  1. Mempool are all unconfirmed TX on the network.

  2. The mempool grows in side

  3. increases the fees and time taken for processing transactions.

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#1144

Hi Filipe,

May i ask a question about wallets ?

Is it so that ALWAYS ALL UTXO inputs are used to create a new transaction or only a few to have enough balance together to create the new transaction. Ivan explained that all inputs are used but that makes no sence if 1 UTXO has more than enough balance. Thanks

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#1145
  1. A list of unconfirmed transactions existing at a node
  2. Transactions take longer to get picked up -> so they are slower to confirm
  3. Fee depends on trx size AND network conditions. from blockchain.com: “If the mempool is full, the fee market may turn into a competition: users will compete to get their transactions into the next block by including higher and higher fees. Eventually, the market will reach a maximum equilibrium fee that users are willing to pay and the miners will work through the entire mempool in order. At this point, once traffic has decreased, the equilibrium fee will go back down”
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