Thank you for the feedback Mauro. I did clarify that issue in the other answer:
“ 1. Since the miner is financially stimulated, it will take the transaction with the higher fee in order to make more money.(more inputs= more space, more hardware used=higher fee). If the miner can’t fit all the transactions, the transactions left, will be assign to the next block. if you want your transaction to be placed quickly, you need to come up with a higher fee.”
“1. Each block has a limited size, so miners can’t fit all the transactions in one block. In fact, they don’t care how much the value of the transaction is but, the space in bites your transaction is going to take. The larger the transaction in size (Bites) the higher the fee is going to be.“
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My Answers:
- Mempools are data structures that each Node has where all the unconfirmed TX sit.
- The mempool will grow larger and cause longer TX times
- This will make the TX fees increase because it’s all competition. larger fees are picked 1st
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1: The Mempool is essentially the que for transactions that are waiting to be verified by the nodes in the network to then be processed into a block to complete the transaction.
2: If miners can’t keep up with the transactions, the Mempool (que/ waiting line) gets bigger, resulting in longer transaction times.
3: A growing Mempool can increase transaction fees as miners will choose to take higher fees first, encouraging higher fees to be paid to get transactions cleared quickest.
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- A mempool is a pool of unconfirmed transactions being transmitted amongst the nodes
waiting for a miner to pick up, confirm and add them to the blockchain. - If the miners can not keep up with the transactions then the mempool grows and fees will increase.
- Growing mempools cause transaction fees to increase.
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What is the mempool?
The mempool, located on individual nodes, is where transactions are stored until they are confirmed. -
What happens if the miners can’t keep up with the rate of the new transaction?
The mempool increases as incentives for miners to mine the coin for the transaction increase. -
How does a growing mempool effect transaction fees?
As the mempool grows in complexity then transaction fees also increase. This is based on sat/byte not on the actual amount of btc transacted.
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- Mempool is where unconfirmed tx is buffered.
2-3. Mempool backlog increase and fees could increase as a result.
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The mempool is the list of all pending transactions which are held by nodes.
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Pending transactions are held by nodes until they can be confirmed and added to a block. If miners can’t keep up the amount of pending transactions simply increases.
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As the mempool grows, so should transaction fees. A transaction with a higher fee is more likely to be selected by a miner to be added to the next block. Therefore high fee transactions will most likely be selected before low fee transactions. If a transaction is desired to be processed quickly when the mempool is large there is an incentive to add a larger fee.
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1 What is a Mempool:
A mempool is the space ( data-structure) in a full node , which containes unconfirmed transactions. Each node has it own mempool.
2. What happens if the miners can’t keep up with the rate of new transctions?
The mempool will grow in size, the miners will pick the transactions with the highest fee and put them first into a new block… as you wish your transaction to e quickly confirmed, you need to give a high fee.
3.
How does a growing mempool effect transaction fee?
When a mempool is growing with unconfirmed transactions , the transaction will be put in a later block. Every ten minutes there will be a new block adeepted to the blockchain. As the mempool is growing, the transactions with the highest fees will be first put on the new block.
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-The mempool is a place where unconfirmed transactions wait for a miner to pick them up to add to the next block.
-If the miners can’t keep up with the rate then the mempool size grows larger- there will be longer transaction times.
-Transaction fees increase with a larger mempool due to competition to get the transaction to the next block-larger fees are offered to miners to get the transaction to be picked first.
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Homework on Mempool - Questions
What is the mempool?
Mempool is a pool of transactions that are send from a wallet and cleared by a node as valide but not yet confirmed by a money and no not yet processen into the blockchain.
What happens if the miners can’t keep up with the rate of the new transaction?
Transactions will get stick in the mempool. Transaction time will go up because not all transaction will fit info the block.
How does a growing mempool effect transaction fees?
Miners will choose the transactions with higher fees. Transactions with lower fees will fill the mempool and will get stuck in it. If you want a faster transaction you have to set a higher fee. Transaction cost will go up.
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The mempool is the temporary storage area for all unconfirmed transactions broadcasted to the network (from a node’s perspective). Not all nodes will have exactly same mempool.
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If miners cannot keep up with the rate of new transactions then the mempool will grow in size.
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A growing mempool will affect transaction fees because miners will only take the highest sats/B fees transactions while leaving the lower fee ones in the mempool for long time. This will increase the average TX fee in the blockchain, and wallets will begin proposing higher and higher fees in order to compete with other transactions in the mempool.
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What is the mempool?
A mempool is a group of unconfirmed transactions. -
What happens if the miners can’t keep up with the rate of the new transaction?
Then the mempool grows larger -
How does a growing mempool effect transaction fees?
I suppose that a growing mempool will have to raise its transaction fees to attract the miner.
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So Alko89, does it mean that transactions of a high amount of BTC with only 1 input and 1 inpout would possibly take longer to get “confirmed/put in the blockchain” because they have less total bytes than another transaction of a minimal amount of BTC that has more inputs and outputs?
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it stores unconfirmd transactions
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the mempool gets longer and the time to get it confirmd also gets longer
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transaction fees get larger becuse the lager fees gets pickt by the miners first
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What is the mempool?
List of all unconfirmed transactions -
What happens if the miners can’t keep up with the rate of the new transaction?
The mempool size increases -
How does a growing mempool effect transaction fees?
A growing mempool size leads to higher fees according to the principle of supply and demand
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the mempool stores unconfirmed transactions
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the mempool grows bigger
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causes transaction fees to increase
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What is the mempool?
- It is a part of a node on the blockchains memory that stores unconfirmed transactions.
- May differ from note to node.
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What happens if the miners can’t keep up with the rate of the new transaction?
- The processing time of transactions increases
- Fees goes up to get priority transaction processing…
- Fees goes up more people join the blockchain to mine.
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How does a growing mempool effect transaction fees?
- It gets more competitive to get transaction processed so the fees goes up.
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Homework on Mempool - Questions
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What is the mempool?
Mempool is where all transactions that are to be confirmed are stored. -
What happens if the miners can’t keep up with the rate of the new transaction?
Transaction times become longer as the mempool grows. It becomes clogged in a sense. -
How does a growing mempool effect transaction fees?
The bigger the mempool grows the higher the transaction fees become. Miners incentives are fees.
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Miners will look at satoshi’s per byte to prioritize. The less inputs and outputs, the less fee in total you need to pay, but fee’s are set in sats per byte.
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Thank you. So who/what raises the ratio of sats per bytes? The mempool? Or is it automatically written in the BTC program to raise the ratio whenever necessary?