Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1166

Hi there. Good, but its better to say that is list of unconfirmed transactions stored by each node, as everyone can have a different list.

1 Like
#1167

Good!!! Just an addition, as we should say that its where unconfirmed transactions wait to be picked.

Felipe.

1 Like
#1168

[quote=“ivan, post:1, topic:8438, full:true”]
Homework on Mempool - Questions

  1. What is the mempool?
    Mempool is the list of unconfirmed transactions in a node.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    In this case transactions speed is delayed
  3. How does a growing mempool effect transaction fees?
    Fees are charged based on the byte size of the transaction. In case of growing mempool, whoever pays more transaction fee, there transactions will be confirmed first.
1 Like
#1169

The mempool (memory pool) is a storage place for transactions waiting to be included in a block and added to the blockchain. Your wallet sends a proposed transaction to a node, which then shares it with other nodes (so all nodes share nearly identical transactions in their mempools). Your wallet determines the fee to add to the transaction.

As the block has a finite size if there are lots of transactions in the mempool they cannot all fit in a single block. Any transactions in the mempool that do not get placed in the next block to be mined remain in the mempool to be picked up in subsequent blocks. Miners are incentivised to pick up the transactions with the highest fees.

If the mempool increases in size you will have to add a larger fee to be competitive with other transactions in the block or your transaction will not be picked up. Perhaps in time as the block subsidy reduces miners will charge higher fees to maintain their income. But if BTC increases in price as time goes on the fact that miner get a reduced number of BTC per block might be offset by the fact that each one they get is worth considerably more.

2 Likes
#1170

Thank you for the reply answer. Makes sense. And noted on mycelium just downloaded it and will check it out on my phone!

Appreciate it!

#1171

Thank you for the reply answer. Makes sense. And noted on mycelium just downloaded it and will check it out on my phone!

Appreciate it!

1 Like
#1172

1)Mempool is the collection of unconfirmed transactions yet to be added to the blockchain.

  1. If the miners can’t keep up than the wait times become longer for transactions to complete

  2. Larger mempools mean there is a larger reward for the completion of the transaction for the miners.

1 Like
#1173

[quote=“ivan, post:1, topic:8438”]

  • What is the mempool?
    The mempool is a list of unconfirmed transactions that is held by full nodes
  • What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool and Tx times will increase.
  • How does a growing mempool affect transaction fees?
    Fees will increase
1 Like
#1174

  • What is the mempool?
    Mempool is a pool where nodes put validated but still unconfirmed transactions, miners use the mempool to pick up unconfirmed one to mine.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    Then the transactions will stay unconfirmed at the mempool,

  • How does a growing mempool effect transaction fees?
    Then miners just pickup the transaction with higher fee and so on.

1 Like
#1175

1.Each node has a mempol. It contains a list of unconfirmed transactions that have passed initial protocols. Each mempol can be different to others till fully broadcast to the network…
2. Processing will get longer and the miners will select the transactions with the highest satoshi per byte.
The question that’s in my mind is whether adding up more transactions with lesser bytes will give the same revenue as transactions with more byte and increased fees. Increased complexity would slow down the process and miners need to be compensated.
3. Fees will rise as transactions are paid per byte. Lesser byte available the miner will need more compensation to make it profitable.

1 Like
#1176

Homework on Mempool - Questions

  1. What is the mempool?
    a list of unconfirmed transactions, waiting to be picked up by miners.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Transactions will take longer and the fees go up.
  3. How does a growing mempool effect transaction fees?
    they will go up.
1 Like
#1177

  1. The number of unconfirmed transactions that a node has recorded.

  2. Longer wait times for transaction confirmations

  3. More transactions means higher fees, as you are competing for the help of a limited number of miners.

1 Like
#1178
  1. The mempool is a data structure of unconfirmed transactions that make sense to a particular node.
  2. If the miners can’t keep up with the rate of the new transactions they will prioritise the transactions from the mempool with the highest fees.
  3. A transaction with less or few inputs/outputs attracts cheaper fees than lots smaller values. Lots values take up space in the block and therefore the fees become higher because the block has limited size.
#1179
  • What is the mempool?

Mempool is a list of unconfirmed transactions.

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

Once a minor picks up a transaction, it can be deemed confirmed. If a transaction has not been picked up by a minor, regardless of reason, it gets put in the mempool.

  • How does a growing mempool effect transaction fees?

Minors are incentivized to make money. As a result, minors will look to pick up transactions with higher fees. Another factor is the byte size of transaction that is going on the blockchain. A transaction with a higher fee yield and less byte to be utilized will be a more attractive transaction for a minor to pick up.
Given these factors, a growing mempool will have transactions with smaller fees.

1 Like
#1180

Great answer!! Bravo! :clap:

#1181

Hi there! It’s always a relationship between the size and the fees specified by the spender. Many inputs and outputs mean bigger size, but the spender may specify a low fee. On the other hand, a spender can just use one input and two outputs (value and fee) and declare a high fee. Miners will always want to process the best size to fee relation!

Hope that answers your question!

Felipe.

#1182

Yes, so when miners can’t handle all the new transactions, the mempool increases!

1 Like
#1183
  1. a data structure held in each node of all unconfirmed transactions that conform
  2. the mempool size increases and may cause a back log in processing confirmations
  3. since the highest fees are taken by miners first, a growing mempool may drive up transaction fees
1 Like
#1184

[quote=“ivan, post:1, topic:8438”]

  • What is the mempool?
  1. Place where all unconfirmed TXs are put which shows fees for said TXs.
  • What happens if the miners can’t keep up with the rate of the new transaction?
    The number of unconfirmed TXs in the mempool grows
  • How does a growing mempool effect transaction fees?
    Miners are able to choose TXs with higher fees first. If your fees are higher there is more chance your TX is handled earlier.
1 Like
#1185
  • What is the mempool?

Data structure what each node has with a list of unconfirmed transactions.

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

Transaction time increases together with a transaction fees.

  • How does a growing mempool effect transaction fees?

Transaction fees are calculated by Satoshi per Bite of space, more transactions equal more unconfirmed transactions with leads to more computations to by miners with choosing the offerings with higher fees.

1 Like