Homework on Mempool - Questions

[Faisal_Harianawalla]

• What is the mempool?
  A list of propogated transaction to be put onto the blockchain by the miners
• What happens if the miners can’t keep up with the rate of the new transaction?
  The mempools would become larger
• How does a growing mempool effect transaction fees?
  In theory a competition to get onto the next block will drive the amount of fees up charged by miners up

[przpgo]

@ivan

Homework on Mempool - Questions

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?

1. A pool of unverified transactions
2. They store them in the mem pool until some miner is able to take and verify.
3. More unverified txs means that there is more demand for verification, this may lead to an increase in fees.

[Alko89]

@colgate_fresh

When creating a “block”, does that mean the winning miner just created a block of new bitcoins, and that’s where the new transactions stored in the mempool eventually go? So if no new bitcoins are being created, transaction can no longer be processed?

Miner picks up the transactions from the mempool and constructs a new block. In this block there is also a special kind of transaction know as the coinbase. This is the transaction that contains the new coins and the transaction fees. Eventually the block reward will be dropped to 0 and that will mean no new Bitcoins will be created. By then it is thought that the price will be so high, the miners will be able to compensate their work with fees alone

[Alko89]

Hey its great that you did your own research and came to the conclusion by yourself!
Yes that is indeed correct the mempool is limited by RAM (in fact in the previous bull run I had to turn off my node since it was making my server unresponsive). But in theory there is no limit

[Alko89]

@Melki

the number of successfully mined tx. put on the block chain will slow down.

The number of mined tx is more or less constant (it varies based on the size of the transactions in the block). What would happen is that the mempool would grow in size

[cryptoforyou]

#1. a place where unconfermed transactions are stored.

#2. not going to mine it.

#3. it makes the fees higher

[Simeon_Pickers]

• What is the mempool?

The mempool is the repository for transactions that are pending to be confirmed. Each miner would naturally select the transactions with the highest fees for any newly mineable block first. This means, there is always some backlog of transactions with lower fees. These are being stored in the mempool until they can be included in a newly mined block.

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

The mempool builds up, as more new transactions will be added to the mempool than miners can process transactions.

• How does a growing mempool effect transaction fees?

A growing mempool tends to increase transaction fees, as transactions would need to include / offer higher fees to ensure swift confirmation.

[wafflemakr]

@cryptoforyou

not going to mine it.

Hi there!! Ok, but what happens to the mempool?

[cryptoforyou]

@wafflemakr

Hi there!! Ok, but what happens to the mempool?

i meant that the miners wont mine the transaction that is in the mempool.

[AndreLim]

1. Is a list of unconfirmed transactions

2. mempool grow larger and longer transaction time

3.Transaction fee will go up. competition for transaction to be in the next block

[Fabrice]

@Alko89

The mempool doesn’t really have any limit to its size so it would grow indefinitely, there is no minimum threshold to put transactions in the mempool. They can potentially stay there indefinitely or at least until you would create a new tx with a higher fee using the same UTXO, invalidating the tx stuck in the mempool.

Each node can choose it’s size:

-maxmempool = (n)

Limit the memory usage of mempool transactions to a maximum of (n) Megabytes
(default 300)

You also can set how long to keep unconfirmed transactions:

-mempoolexpiry = (n)

Don’t keep transactions more than (n) hours old
Default = 2weeks

[TonyMorse]

Homework on Mempool - Questions

1. What is the mempool?
   A. The store where unconfirmed TXs are held
2. What happens if the miners can’t keep up with the rate of the new transaction?
   A. There are longer transaction times and fee’s increase
3. How does a growing mempool effect transaction fees?
   A. Larger fee’s are offered to prioritise TXs

[Crypto_Daddy]

1. unconfirmed transactions goes on mempool list until confirmed by miner and added to block

2. Longer transaction times

3. It increases fees that miners charge to confirm the transaction on the blockchain

[Mark_Reeves]

1. What is the mempool?
   The mempool is where all accepted but not confirmed transactions are held till the miners confirm and add to the blockchain.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   The blocks with the highest fee will be mined first.
3. How does a growing mempool effect transaction fees?
   the more transactions the the higher the fee as who ever offers the highest fees will be mined first.

[chommp]

A mempool is a list of unconfirmed transactions in a node. If the transaction can be verified it is added to the pool.

If a miner can’t keep up with the rate of new transactions the pool will grow leading to longer transaction times.

A growing mempool affects transaction fees as more transactions that want to go through faster will need to increase their transactions fees to do so.

[EHorst]

Unconfirmed transactions.
The mempool will grow and the miners will pick the Tx with the highest fees.
Larger the mempool, the greater the fees.

[Agnie]

1. Mempool is a list of unconfirmed transactions
2. The mempool will build a backlog and increase in size
3. The fees are likely to increase - there is an incentive to the sender to put higher fee, as these transactions will be put in the block first ( this is an incentive to the miners).

[Alko89]

Yea, but that is a function of the bitcoin core. The protocol itself doesn’t specify this afaik so in theory it has no limit.

[marc.berchtold]

1. What is the mempool?

A list of valid but not confirmed transactions

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

The mempool increases and the transaction confirmation need more time than usual

3. How does a growing mempool effect transaction fees?

Fees go up. Once the Mempool reaches full capacity, the nodes start prioritizing transactions by setting up a
minimal transaction fee threshold.

[Fabrice]

Yeah, right. But good to know that most nodes are using these default settings.