Homework on Mempool - Questions

[jimgriffiths]

1. What is the mempool?

Mempool is where unconfirmed transactions are stored on each node. Miners will process valid txns from the mempool starting with the highest fee payers.

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

# of unconfirmed transaction in the mempool continues to grow.

3. How does a growing mempool effect transaction fees?
   Fees increase.

[mikekai]

1. The mempool is a data structure that contains unconfirmed transactions.
2. The mempool grows larger and the miners would take more time to pull your transaction out of the mempool and add it to the block chain.
3. The larger the mempool the longer the wait so more people wanting to get their transaction on the block chain and to not have to wait would probably cause the transaction fee to increase.

[hamzastrife]

1. a mempool is where unconfirmed transactions reside
2. the mempool will increase
3. miners will maximize their satoshi/byte received, therefore if there are transactions that are smaller in byte size irrespective of the actual value they are transmitting, the transactions with larger sat/byte ratio will be prioritized, ergo increasing transaction fees

[mikesjones]

What is the mempool?

what I believe a mempool is, a pool of unconfirmed transactions waiting in the node, waiting to be picked up by the to added to the next block.

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

i imagine the mempool continues to grow until miners can get a handle on all the incoming unconfirmed transactions.

How does a growing mempool effect transaction fees?

i imagine that the miners begin to prioritize the unconfirmed transactions with the highest fees first then after they’ve handled all the big fees, work their way down to the unconfirmed transactions with the smaller fees.

[Jay]

Homework on Mempool - Questions

1. What is the mempool?
   Answer: The mempool consists of “unconfirmed” bitcoin transactions. These are available for miners to place in the next block and earn rewards.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   Answer: The fees increase and motivate more work.
3. How does a growing mempool effect transaction fees?
   Answer: As the mempool increases you must pay more to be “first in line” since the miners are profit motivated.

[Albert_A]

1. List of transactions yet to be mined into a block

2. The number of pending transactions builds up.

3. It raises the fees needed to be includad in the next block.

[MSeeman]

1. Staging area for transactions maintained on each full node in the Bitcoin Network.

2.Transactions will continue to “backup” resulting in extended approval times.

3. Will result in prioritization of transactions by fees, transactions with higher fees will receive priority.

[MrHunk]

1. Mempool is a list of all transactions.

2. The miner can pick the transactions from the mempool with the highest fee.

3. Transaction fees increase.

[Sergey]

1. Place where all transactions are stored, that were checked by node, but still are unconfirmed.

2. Miners will always pick TXs with highest fee and put them in the block. Since size of the block is limited, miner will take only TXs that are most suitable for him.

3. Fees are increasing. More TX -> more competition.

[wafflemakr]

@Jay

motivate more work

Hi there! What type of motivation do you mean here?

[filip4900]

1. Mempool is a list of all unconfirmed transactions
2. If the miners can’t keep up with the rate of the new transaction, it will be unconfirmed until the miners catch up and the mempool grows.
3. A growing mempool that takes up more space increases transaction fees as there is more competition among miners to get the transaction to the blockchain

[strenev]

1. Mempool is a pool of transactions not yet mined, where the transactions with biggest fees get mined first
2. The mempool size gets bigger, transaction fees get bigger and the network might clog and thus increase waiting times
3. A growing mempool increases transaction fees as there are more transactions to be mined

[patryan]

1.The mempool is a list of unconfirmed transactions which are passed along and added to by the nodes.
2.If the miners can’t keep up with the transactions then the time to confirm BTC transactions will take longer.
3. A growing mempool may increase prices as miners will pick the transactions with the highest fee and put them into the next block .

[itsellageee]

1. A mempool is a collection of unconfirmed transactions.

2. If miners can not keep up with the rate of new transactions, the pool size will increase as will the transaction time waiting to be confirmed.

3. A growing mempool will mean an increase in transaction fee with the competition of transactions waiting to be confirmed by miners, who are incentivised to choose transactions with the highest fee.

[jackswango]

1. A mempool is a collection of unconfirmed transactions.

2. It will take longer to process transactions

3. Transaction fees are increased as miners compete.

[santiago]

1. What is the mempool?

It’s a database containing all unconfirmed transactions. Every node has a mempool and when your wallet broadcasts a transaction to the network it will be stored in the mempool until a miner includes it into a block.

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

The mempool will increase in size.

3. How does a growing mempool effect transaction fees?

It will drive transaction fees up because the transactions with the highest fees will be prioritised by the miners.

[Samore]

1. A collection of unconfirmed transactions held temporarily by Nodes and Miners until confirmed.
2. Mempool grows.
3. Minors prioritize by fees, and fees will increase with demand for confirmation.

[Gunnar.Lovett]

1. The mempool is where all unconfirmed transactions wait, all transactions in the mempool are “valid” in that they make sense and will eventually get added to a block.

2. The mempool will fill, and the time it takes for a transaction to be confirmed is longer.

3. Miners prioritize transactions that have a higher fee, so the average fee increases.

[cryptologos]

• The mempool is a node’s list of unconfirmed transactions, or the collection of mempools across nodes.
• If the miners can’t keep up with the new transactions, the mempool increases in size and the transactions with the highest fees (measured in sats per byte) are confirmed first.
• A growing mempool drives up fees because transactions slow down and senders will increase their fees to ensure their transactions are confirmed with higher priority.

[MEC]

Homework on Mempool - Questions

1. What is the mempool?
   The mempool is a list of all transactions that have been reviewed by the node and “makes sense”, but they have yet 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 in volume.
3. How does a growing mempool effect transaction fees?
   The fees will increase because the miners will prioritize the higher fees, so the average fee rate that will get your transaction confirmed increases.