Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1347

The amount you are trying to send does not influence the price of transaction, just how complex the transaction is (larger transactions require more bytes in the memory). If you want to send 1 BTC and have an UTXO pay with it will cost you less than having to construct a transaction with multiple UTXOs whose sum is equal or greater than 1 BTC. :slight_smile:

The fee is nowadays automatically determined by your walled based on how many transactions there are in the mempool. If there are a lot of transactions pending, you will have to pay a larger fee to get your transaction confirmed faster since miners will usually pick the transactions that pay more per sat/byte.
You can set this fee yourself as well :slight_smile:

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#1348
  1. What is the mempool?

The mempool is where nodes put new valid transactions they receive before they are confirmed by a miner and added to the blockchain. Invalid transactions are rejected per the bitcoin protocol rules and are not placed in the mempool.

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

The mempool grows, fees rise, and the number of transactions confirmed decreases. Transactions sent with higher fees will be prioritized while other low fee transactions will have to wait.

  1. How does a growing mempool effect transaction fees?

Transaction fees will rise as the space per bock becomes more of a premium.

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#1349

A bitcoin network does around 2.8k transactions per block. This will always stay the same, no matter how many new transactions come in. This number can only go down, and it will happen when we have less transaction in the mempool than we can fit in a single block. :smiley:

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#1350

1.) Pool of unconfirmed tx.

2.) it will be pending in the mempool until a miner picks it up.

3.) it will increase tx fees significantly.

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#1351

  1. Mempool is a collection of unconfirmed transaction on a node after it has passed the initial checks on the node ensuring the transaction makes sense

  2. The mempool will start filling up which in turn will mean that if you want your transaction to go through quicker, you must be willing to pay the surplus fee

  3. When the mempool fills up, the transaction with the highest fees take priority and be used for the next block till the pool depletes which will in turn lower the fees

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#1352

  • What is the mempool?
    The Mempool is an accumulation of Unconfirmed Transactions.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows in size filling up with the unconfirmed transactions. Confirmation times are likely to increase as a result.

  • How does a growing mempool effect transaction fees?
    The larger the mempool, the higher the transaction fees.

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#1353

It will turn into a competition where users are going to increase there fees so their unconfirmed transactions get confirmed first since the fee is higher which is what miners want.;

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#1354
  1. The mempool is a chart that shows unconfirmed transactions and their fees.
  2. If the miners can’t keep up with the rate of new transactions, then the size of the mempool grows, with a greater amount of unconfirmed transactions.
  3. A growing mempool would make it more competitive for transactions to get processed by miners, so the transaction fees would need to be higher in order to incentivize miners to process them more quickly.
#1355
  1. transactions are stored in nodes unconfirmed until a miner computer confirms the transaction, then your transaction is taken out of the mempool and placed into the blockchain
  2. transactions stay in mempool, and fees may increase if you want a quicker confirmed transaction
  3. see 2
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#1356
  1. The mempool is on the nodes and it recieves the transactions from wallets. The transactions will stay in the mempool until miners take them and put them into the blockchain.
  2. The mempool will grow and the fee and transaction time will rise.
  3. The fee will rise so the miners will take more transaction faster.
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#1357

  • What is the mempool?
    It the node’s holding area for all pending transactions.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    It will fill up, after which the nodes will prioritize transactions and only add transactions with minimum fee threshold.

  • How does a growing mempool effect transaction fees?
    The transaction fee threshold mentioned above will go up, so in order for your transaction to be confirmed, you will have to pay a higher fee.

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#1358

Users can choose how many sats /byte they wanna pay. But many wallets will give you an estimation based on how busy the mempool is (slow, normal or fast) If you choose a given sats per byte, then the actual fee in Bitcoin will be calculated based on the particular transaction (how many inputs and outputs, using segwit etcetera)

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#1359

They would have to be higher because of all the other transactions that are in the mempool. Miners will always process the transactions at the same speed. :smiley:

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#1360

  1. It’s like a “waiting area” for unconfirmed transactions to go into the next block.

  2. The mempool grows and the list of unconfirmed transactions gets bigger.

  3. When the mempool grows the transaction fees gets higher because people are willing to pay a little bit more to get their transactions confirmed.

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#1361
  1. Mempool = stores uncomfirmed transactions
  2. Mempool would grow larger
  3. Bigger mempool = bigger transactions fees
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#1362

  1. The mempool is a pool of unconfirmed transactions that are ready to be mined and put into the blockchain. Each node on the network have such a pool.

  2. The memepool will grow larger, and a transaction will take longer to be confirmed into the blockchain.

  3. When the mempool grows, the fees will grow. This happens to incentivize the miners.

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#1363

  1. Unconfirmed transactions held by nodes.

  2. The transaction just sit in the mempool until they can get to them.

  3. It arranges the transaction according to a fee hierarchy allowing the miners to get to the higher transactions first.

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#1364

  1. What is the mempool?
    Every node on the bitcoin network has a list of unconfirmed transaction that are not put in blocks yet. This is the mempool. The mempool might vary from node to node, but in the long run, the list of unconfirmed transactions will be the same. Miners (that also are nodes) will pick up the mempool from themselves or other nodes and pick unconfirmed transactions. Ideally with high fees and low sat/B.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    They will pick the transactions with the highest fees, so the miners make money. They will also pick unconfirmed transactions in the mempool that have low Sat/B.

  3. How does a growing mempool effect transaction fees?
    The transaction fees will go up, because there are limited space in every block. They have more unconfirmed transactions to pick from and can then choose the ones with highest fees and lowest Sat/B.

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#1365
  1. All pending transactions, verified by the Nodes, waiting to be chosen by a miner for inclusion in the next block.
  2. The mempool will expand, the time elapsing between the broadcast and confirmation is prolonged.
  3. Miners prioritise transactions with high fees.
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#1366
  1. Poll of unconfirmed transaction
  2. Mempool increases and transactions take more time to be confirmed on average
  3. Fees go higher because there’ll be a competition to get processed your transaction first and that will happen if you offer a higher fee
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