Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1447
  1. What is the mempool?

the mempol keeps a record of all the UTXO on each node of the blockchain, the reason being that each node might have a different mempool. the role of the miners is to take those UTXO from the mempool and process them in the block, ideally, those mempool got cleaned up after each new block.

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

the mempool keep growing bigger and bigger, then the blockchain “automatically” reduce the difficulty level. increase fee

  1. How does a growing mempool effect transaction fees?

bigger mempool = bigger fees

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#1448

1. What is the mempool?
The mempool is the database where all the unconfirmed transactions are stored.

2. What happens if the miners can’t keep up with the rate of the new transaction?
I am not sure, i cant find it back on the video. I guess that the difficulty would go down?

3. How does a growing mempool effect transaction fees?
Transaction fees will be higher so the miners will choose the transaction and put them in the block.

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#1449
  1. its the log of unconfirmed transactions kept on each node
  2. the mempool gets backlogged and will prioritize transactions with highest fees first
  3. fees will be higher and transactions with lower fees may wait longer to be processed
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#1450
  1. Mempool is used for temporary storage of transactions in a node before being picked up by a miner to be mined into the blockchain.
  2. If there are too many transactions in the mempool, it will take longer for them to be confirmed and added to the blockchain.
  3. As miners tend to prioritise transactions with higher transaction fees, the more the mempool grows, the higher transaction fees become because of people’s having to pay more to get their transactions processed and added to the blockchain more quickly
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#1451

What is the mempool? is a cryptocurrency node’s mechanism for storing information on unconfirmed transactions. It acts as a sort of waiting room for transactions that have not yet been included in a block.

What happens if the miners can’t keep up with the rate of the new transaction? it gets added in the mempool.

How does a growing mempool effect transaction?

growing mempool would indicate network demand increasing and therefore transaction fees would increase proportionally.

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#1452
  1. The transactions that are waiting to be processed
  2. The mempool will grow. Longer line of transactions waiting to be processed
  3. Fees will go up. Higher fee needed to get processed faster
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#1453

  1. The mempool is where new transactions are waiting to be included in a block by a miner. All full nodes have a copy of the mempool.

  2. Then the mempool grows in size.

  3. The bigger the mempool, the larger the fee you need for a new transaction to be included in the next block. Miners pick transactions with the largest fees first.

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#1454

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

1/ A mempool is the storage space within a node where a Transaction waits before being chosen by the miner to be included in the next block.

2/ If the miners cannot keep up with the rate of transactions, the mempools will grow in size, the fees will increase and there’ll be delays for the lesser (smaller fee) transactions.

3/ The larger the mempool gets, the higher the fees will become. The Txs with the highest fees will be chosen by the miners first. Those people wanted a speedy transaction will offer even higher fees thus delaying the earlier lesser fee transactions.

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#1455

The rate of transactions doesn’t influence difficulty in any way. What would happen is the mempool would grow in size resulting in higher fees. :slight_smile:

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#1456

The mempool is a collection of transactions that reach a node before they are confirmed by a miner. This is like a waiting room for transactions until they can either be confirmed/denied.

If miners cannot keep up with the rate of new transactions, this means that the network runs slower and it will be more difficult for someone to make a transaction. Nodes will then prioritize transactions by which have the highest fee.

A growing mempool will affect transaction fees by selecting the highest fees if the network is running too slow.

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#1457
  1. The mempool is unconfirmed transactions waiting to be picked up by a miner and put in a block.
  2. If the miners can’t keep up with new transactions the mempool will grow, longer transaction times will happen.
  3. A growing mempool makes fees higher.
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#1458

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

What happens if the miners can’t keep up with the rate of the new transaction?
If no one is doing that, there is no Bitcoin. Miners won’t stop mining because they get to earn all of the transaction fees on the transactions in the blocks, they add to the Block Chain but ultimately this can take much longer.

How does a growing mempool effect transaction fees?
A larger transaction will require a larger fee to be included in the next block especially with a growing mempool.

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#1459
  1. a mempool is a list of all TX waiting to go on to a block.
  2. If the miners can’t keep up there will be longer tx times.
    3.They take the high paying Satoshi/B and the rest will just have to wait for a spot. The are fee paid the quicker it will be added. The larger the mempool the larger the fees.
1 Like
#1460

Homework on Mempool - Questions

  1. What is the mempool?

The mempool is a pool of bitcoin transactions not yet added to the blockchain. You can find a mempool at every node.

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

If the miners cannot keep up with the rate of transactions, the mempool will grow in size.

  1. How does a growing mempool effect transaction fees?

If you want your transaction added to the blockchain quickly, you will need to pay higher fees because miners are incentivised by the fee. Miners will look for the highest fees per data (Sats/B). If the supply to the Mempool increases with transactions, the demand on the miners increases pushing fees higher than normal.

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#1461
  1. The mempool is the total sum of UTXO
  2. They fall behind and no new blocks can be generated.
  3. The bigger the mempool the higher you must set your fees to get included in the next block. Miner will select the transactions with the highest fees to include in their next block.
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#1462

  • What is the mempool?
    The mempool is a data structure listing of unconfirmed transactions. Once nodes receive a transaction, it will place it in the mempool so a miner may choose and confirm (usually the ones with the highest fee) once they are ready to produce the next block.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    If miners can’t keep up, the transactions stay unconfirmed in the mempool for a longer period of time.

  • How does a growing mempool effect transaction fees?
    If the mempool grows, fees may increase since miners will usually prioritize Tx’s with the highest fees (higher fee, higher priority).

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#1463

I have a confusion on multiple transactions . I mean when you say multiple inputs and outputs , what does it means ? because normally we do single transation only , infact there is no option where i can buy multiple currencies or send bitcoins to multiple receivers at the same time under one transaction . So what does this multiple input and output means ?
Is it possible to send Bitcoins to 10 peoples simultaneously ? or to buy multiple cryptocurrrencies in one transaction ?

#1464

I think you misunderstood the question :slight_smile: what happens when there are more txs in the mempool than miners can put in a block?

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#1465

Multiple inputs means when you use multiple UTXOs, which are the funds you received and sendit to someone. Most wallets do this in the background not visible to the end user.
Bitcoin uses script, which is a stack based language to construct transactions. Within the confines of this language there is a lot of possibilities of how to code a transaction, one of them is also sending the funds to multiple people at once.
You can also do multisig transactions, timelocks and more. :slight_smile:

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#1466

Mempool is storage for unconfirmed transactions

Mempool is growing larger due to the backlog of unconfirmed transactions

Growing mempool will cause fees to rise as transactions will compete to be added to the blockchain, tx paying highest fee will be added first to the blockchain

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