Homework on Mempool - Questions

  1. What is the mempool?
    -it is the list of all unconfirmed transactions that is held by the node or miner until it can be included in a block.

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

  • the time for transactions to be confirmed takes longer.
  1. How does a growing mempool effect transaction fees?
    -it increases the transaction fees because you have to pay higher fees to ensure that your transactions get included in the block, otherwise you can wait very long for it to be confirmed.
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  1. A mempool is basically a list of unconfirmed transactions.

  2. If miners cannot keep up with the rate of the new transaction, then the mempool will build up, and the transactions with the lower tx fee would have to wait even longer if there are new tx with higher fees.

  3. The higher the tx fee, the higher chance it would be picked up by miners and be amended on the blockchain.

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  1. A mempool is where bitcoin transactions reside until they are confirmed by a miner.

  2. The mempool grows, therefore creating an environment where the transaction fees will adjust upward to handle the influx.

  3. Miners want to take the transactions that have the highest assigned fees. So, if you want your transaction processed quicker, and the mempool is growing or is large already, you will have to pay a higher fee to get your transaction to the top of the mempool list.

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The mempool is something each node has which contains a list of all transactions which are not yet confirmed but which seem valid to that node. Each new transaction is sent across to all different nodes and validated by each to ensure they are valid and hold them each within their individual mempool until they are confirmed and added to the blockchain by miners.

If the mempool grows, the transaction times will therefore take longer as the miners have more transactions to sort through and those with the higher fees will be taken first. This means the transaction fees will also grow as each person wants to have their transaction validated quickly and so increases transaction fees in order to be confirmed faster.

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

  1. What is the mempool? Unconfirmed transactions gather in a nodes mempool. The node validates the transaction such as ensuring the wallet where the transaction came from has sufficient BTC for the transaction.
  2. What happens if the miners can’t keep up with the rate of the new transaction? The mempool builds up with unconfirmed transactions and fee’s increase making mining more lucrative.
  3. How does a growing mempool effect transaction fees? As transaction fees build up in the mempool so does the financial incentive for a miner to confirm all the transactions in the mempool.
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Homework mempool.

  1. The Mempool is where transactions hang out until they get picked up by miners to confirm.

  2. If the miners can’t keep up with the flow of transactions then the Mempool gets congested and it takes longer to get them confirmed.

  3. If the Mempool gets congested than fees will raise to incentive the miners by picking up transactions with high fees so they can earn more money.

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1.Mempool is the place where TX are uncofirmed waiiting to be picked by miners each 10 minutes.
2.Slow transactions.
3.Fees go up.

Enjoyed reading your answers. Pretty creative. Time is for sure a valuable currency. :slight_smile:

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Do you know where the mempool is located?

Glad to hear you are interested in the programming courses. All of this new information should eventually make sense. I hope you mastered the blockchain and bitcoin technology. Keep up the great work. :wink:

All of them will be waiting, but the ones with the lower fees will be there longer due to the competition. :smiley:

The transaction would go with the same speed as before. But since we got a ton of new transactions, the network will feel slow due to the competition between users. I hope that this makes sense. :smiley:

The mempool is a data base in a node that shows all the unconfirmed transactions.

If a miner can’t keep up the rate with the transactions, it will pick the ones with the largest fees.

The effect is that the transaction fees will go up.

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A mempool is a data structure that each node holds. It is like a ‘waiting area’ for all transactions that follow protocol and are awaiting confirmation from miners to be added to the blockchain. Miners choose transactions based on the amount of space the transaction takes up in their block, and are financially incentivized. Therefore, a miner will prioritize transactions with the highest fees per bite to be included on the next block, then that transaction will be taken out of the mempool and added to the blockchain. When miners cannot keep up with the rate of new transactions, nodes will start prioritizing transactions by setting up a minimal transaction fee threshold. Transactions with lower fees than the minimal threshold will be automatically removed from the mempool, and higher transaction fees may result.

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What is the mempool?

It is a list of transactions that are not confirmed but makes sense to a paritcular node. This transactions are spread trough the network.
Every node has such a list but not every node has the complete list of transactions.

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

Longer transaction times

How does a growing mempool effect transaction fees?

The miner classifies the transactions by the fee of the transactions. The transactions with the most fee will be put into the blockchain first. The other transactions have to wait.

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Transactions with lower fees may be removed if they stay in the mempool for too long. (This depends on the miners settings.) But most of them will eventually be confirmed when the average fee drops. :slight_smile:

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  1. The mempool is the place nodes keep unconfirmed transactions until a miner comes and confirms the transaction. Then when the transaction is added to the blockchain. it is removed from the mempool.

  2. Transaction times will increase. Also the fees will increase meaning low fee transaction could be stuck in the mempool for a long time.

  3. The fees will become higher, as miners pick transactions with the highest fees to add to the next block.

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  1. What is the mempool?

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

  3. How does a growing mempool effect transaction fees?

  4. The mempool is a list of uncomfirmed transactions. They are essentially waiting to be picked up by a miner to be added to the next block and thus become confirmed.

  5. If miners cannot keep up with rate of new transactions, mempool will grow larger thus slowing down the speed at which transactions are added to the blockchain.
    3.They effect the fees because miners are incentivised confirming transactions. So they will pick up the transactions with the largest fees. In bitcoin fees are charged in satoshis per byte, thus transactions with many inputs and outputs require more bytes to create(occupy more space on the blockchain). A transaction of high value can have a lower fee than one of higher value if it has less inputs and outputs.

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  1. Mempool is a storage of all unconfirmed transactions on a node.

  2. The block size is limited, so the miners will prioritize the transactions that offers the highest fees first. Other transactions will be left in mempool until the miner includes it in a new block, increasing the mempool size

  3. The miners are financially incentivized, so a higher price will take place to “confirm”
    the transaction in blockchain because the large amount of UTXOs

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  1. The mempool is a data structure that each node can access that lists all the transactions that ‘make sense’ but are unconfirmed . (Mempools may vary across nodes at points.) When a node receives a transaction that makes sense it will put into their mempool until a miner looks at it and adds it to a block at which will only then become confirmed.

  2. If miners cannot keep pace with the rate of new transactions then the mempool will increase in size and transactions with a fee that is set too low will remain unconfirmed for longer.

  3. In the scenario of a growing mempool transaction fees will increase meaning that one needs to pay more satoshis per byte (sat/b) even if the transaction itself has no additional complexity to it.

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