Homework on Mempool - Questions

[Markshire_Crypto]

(1) The Mempool is a “waiting area” for transactions that have not yet been put into a block.

(2) If miners can’t keep up with the rate of new transactions then there is a back-log of transactions with slows down the bitcoin core main blockchain.

(3) A growing mempool usually means higher transaction fee threshold in order for the mempool to store the transaction in the waiting area.

[jamesvoraw]

1 What is the mempool?

A mempol is a list of unconfirmed transactions. When a wallet sends a transaction, it is first broadcasted in the mempool.

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

I f miners can’t keep up with the rate of new transactions, the miners will choose transactions with a higher fees. If a certain wallet want’s a quicker transaction they would set the fees higher to give them a higher probability of a quick transaction. The transactions with a lower fee will be processed last.

3 How does a growing mempool effect transaction fees?

A growing mempool will cause transaction fees to go higher and delays in transactions.

[Erwin]

1 the Mempool is the collective of all unconfirmed transactions. Waiting for a miner to put in a block to be confirmed by the network.
2 It will take a long time for transactions to be confirmed. The mempool wil gro bigger in size.
3 The transactions with the higher fees will be prioritized and be put in a block faster.

[Kristhofer_Drost1]

1. Mempool is a pool of unconfirmed transactions waiting to be picked up by miners.

2. If the miners can’t keep up with the transcations then Mempool will just increase, due to the fact that all of them are unconfirmed.

3. When there’s more transactions, the fees go up.

[Kay]

1. Mempool is a list of unconfirmed transactions that a full node possess.
2. Miners scout for transactions with highest fees and add them to the block first
3. Miners are focused on fees, so a growing mempool will only allow miners select tx with higher fees over those with lesser fees even though those with lesser fees might have been in the mempool for a longer period

[Jiri87]

1. Mempool is a place where are stored unconfirmed transactions.

2. The mempool size is growing.

3. It’s a pressure on competion of a transaction fee size, so the average fee grows.

[kryptoshroom]

1.it stores the pending transactions
2. the mempool grows
3. you must set you tx fees higher to get a confirmed tx quicker

[carmen1408]

1. Mempool is a data structure where the unconfirmed transactions are waiting to be confirmed by miners.

2. The mempool will grow.

3. The transaction fee will grow too.

[Alko89]

@colgate_fresh

no new blocks are created

That doesn’t mean no new blocks would be created, just no more new bitcoins

[Alko89]

@Dreamer

that in turn would slow down the transaction speed. Also, under another scenario, miners potentially could increase the fee threshold and forgo all other low-fee based transactions eliminating/avoiding a bottle-neck.

Not exactly the tx speed is more or less constant since new blocks get mined approximately every 10 minutes. But it does affect the fees

[Alko89]

@ThreeHeadsUp

A question not addressed is, are any miners incentivized to take up transactions in the mempool that have extremely low fees? how long do transactions with small fees usually stay in the mempool before being taken up? what if there would be a transaction without a fee, would a miner even take it? like, a premium for the ‘weak’ transactions… or do they just stay until whenever someone deems them ripe for the taking?

Actually in “the good old days” when the mempool was not that saturated you could create a transaction without a fee and would get confirmed as for the times of day when its best to create transactions I do have to admin that I didn’t check. But since it is a global network one would expect the tx fee would be relatively constant during a short period of time. You could create a tx that would take for example a few days to get confirmed

[Daryl]

1. The mempool is a pool of unconfirmed TXs being held by the nodes until a miner chooses which TXs they want to add to the next block and then the TX is confirmed. The miner will choose the TXs with the highest fees first.
2. If miners can’t keep up with with the rate of new TXs it will take longer for the TXs to be confirmed which would probably increase TX fees as people will be willing to pay higher fees to get their TX confirmed.
3. Fees will increase.

[Dreamer]

Since I do not have any practical experience, I would not be able to provide you with my own perspective. However, I suggest that you will listen to the next lesson from the lesson’s flow for this course. You may get the answer for yourself that might elucidate you more !

[Fanon]

@ivan

1. What is the mempool?

The mempool is like a “waiting area” for unconfirmed transactions until a miner puts them into a block.

@ivan

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

A build up occurs when transactions arrive into the mempool faster than miners can process them causing transactions to be processed at a slower rate.

@ivan

3. How does a growing mempool effect transaction fees?

A growing mempool affects transaction fees by miners prioritizing transactions with larger fees. Transactions with small fees will have less priority and take longer to be confirmed.

[ThreeHeadsUp]

@dreamer sorry was not answered in the next lesson, so i posted here. i got the answer digging on stackexchange tho:

As of Bitcoin Core 0.14.0, these are the ways a transaction can leave the mempool:

• The transaction was included in a block.
• The transaction or one of its unconfirmed ancestors conflicts with a transaction that was included in a block.
• The transaction was replaced by a newer version (see BIP 125).
• The transaction was at the bottom of the mempool (when sorted by fee per size), the mempool had reached its size limit (see the -maxmempool option), and a new higher-fee transaction was accepted, evicting the bottom.
• The transaction expired by timeout (by default 14 days after entering).

so yah, the tx can go out without being added to the blockchain if nobody picks it up for 14 days apparently.

[Melki]

Thanks

[greentree]

1. The list of unspent transactions.
2. The mempool list will be longer.
3. The transaction fees will go higher.

[gillwise]

1. The mempool is a database of all unconfirmed transactions.
2. The mempool increases in size therefore the processing rate slows down increasing the need for higher transaction fees.
3. The more the mempool fulls up, the higher the transaction fee, the more likely a miner will process it to receive their financial reward.

[oligcoonpan]

1. Mempool is a pool of unconfirmed transactions that make sense to a particular node.
2. then the mempool size goes up
3. it increases transaction fees

[voconget]

1. What is the mempool?

It keeps a record of all unconfirmed but valid transactions that have not yet been added to the blockchain.

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

The mempool will get bigger and transaction fees will go up.

3. How does a growing mempool effect transaction fees?

The transaction fees go up.