Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1567

  1. Once the Nods have looked at the UTXO and verify the info is correct they then add the UTXO to the Mempool of unconfirmed transactions. The miners are incentivized by the Fee’s tied to each UTXO that are listed in the Mempool to add and validate the transactions on the blockchain.

  2. When the rate of transactions are high the miners will prioritize the UTXO’s added to the blockchain by the size of the fee tied the the transaction.

  3. The growing Mempool will make the validations of your transaction take a little bit longer because they will be prioritizing the order in which UTXO’s are being processed by the size of the fee’s.

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#1568

  1. What is the mempool?
    A list of all the unconfirmed transfers with fees noted ( not sure where the mempool is but it’s the fishing ground for miners)

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

There becomes a waiting list effect, the mempool gets larger with more and more unconfirmed transfers.

  1. How does a growing mempool effect transaction fees?

Pay more to get the transfer done, seems like a bedrock of low fee transfers sits there for a while and miners take off the better fee transfers, but the underlying unconfirmed transfers stay a while, wonder how some get transfered if the miners won’t do it for the lower fee, are there some pond bottom feeders?

#1569

You mean transactions? UTXOs are just part of a tx :slight_smile:

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#1570

Its in the memory…pool :stuck_out_tongue:

Theoretically a mempool can be limitless. But bitcoin-core does have a limit of how many transactions and how long are they stored until they get dropped from the pool :slight_smile:

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#1571

1.Mempool is where unconfirmed transaction are waiting for miners to pick them up
2. the transactions remain unconfirmed
3. Growing transactions raise the fees

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#1572
  1. A list of unconfirmed transactions
  2. Backlogs gets bigger; higher fees will get prioritized
  3. higher transaction fees
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#1573
  1. A Mempool is the place where all transactions are hold until confirmed/picked up by a miner
  2. The pool will grow, the transaction will be slower.
  3. When the Mempool is growing, the fees to make a quick transactions will be higher. Miner will pick up the transactions with the highest paying fees. If You do not include a high enough amount for fee Your transaction will be slot
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#1574

  1. Is a list of unconfirmed transactions net that not have been picked up by a miner.

  2. The new transactions on the mempool will grow and the mining fees can increase

  3. It increases the transaction fees.

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#1575
  1. The mempool consist of unconfirmed transactions, it can be slightly different for each node at a time.
  2. The mempool grows bigger and the transaction times are longer.
  3. When the mempool is larger the transaction fees increase. Unconfirmed transactions are prioratized by the miners according to the highest transaction fees.
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#1576
  1. a mempool is a list of unconfirmed transactions.
  2. the mempool grows and transaction fees rises
  3. a growing mempool rise the fees because miners will take the unconfirmed transactions which are more lucrative first.
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#1577
  1. The mempool is where all of the unconfirmed transactions accumulate while they wait to be verified by the miners.
  2. Then the mempool will get bigger as the miners prioritise the transactions with highest fees.
  3. The bigger the mempool the greater transaction fees.
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#1578

  1. What is the mempool? - Is a data structure that each node has, which is a list of unconfirmed transactions. The nodes validate the transactions and wait for a miner to add them to the a blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction? - The mempool continues to grow with pending transaction and the higher amount of bytes increases the fees.

  3. How does a growing mempool effect transaction fees? - Fees increase. Satoshis/bytes = pay. The more bytes then the miner receives more Satoshis.

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#1579

1 The mempool is made up of all the transactions which haven’t been confirmed yet. Each node’s mempool may vary, but over time the UTXOs propagate between the nodes making them match up.
2 If miners can’t keep up with the transactions the mempool grows in size
3 With more UTXOs in the mempool there is more choice for the miners, so the average fees increase.

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#1580

  1. The mempool is the list of unconfirmed transactions.

  2. If miners can’t keep up the with rate of new transactions, then the mempool grows and it will take longer for transactions to be added to the blockchain.

  3. A growing mempool increases transaction fees. Miners are incentivized to pick transactions with higher transaction fees, so in a growing mempool with longer confirmation times, the transactions with high fees will be confirmed first.

2 Likes
#1581
  1. Mempool is the unconfirmed transactions waiting to be confirmed - added to the blockchain
  2. Mempool grows bigger
  3. it increases tx fees.
2 Likes
#1582
  1. What is the mempool?
    • A list of unconfirmed, but logically sound trx waiting to get onto the next block
    • ea node has a mempool
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    • The mempool grows in size
  3. How does a growing mempool effect transaction fees?
    • Fees become more expensive as miners generally pick the trx w/the highest fees
    • Confirmation wait times will also increase overall
3 Likes
#1583

1.)
All pending transactions are stored in the mempool.
These pending transactions are being written by the miners into the new blocks.
(Transactions with high fees are preferred)

2.)
The size of the mempool will go to the moon.

3.)

  • Slow transactions / TX conformations
  • High fees
  • Roger Ver yells at bitcoin
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#1584

LOL! :sweat_smile: :sweat_smile:

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#1585

  1. Each node maintains a list of unconfirmed transactions in a dedicated memory data base which is called a Memory-pool or Mempool for short.

  2. The mempool will grow which effects transaction times by lengthening them.

  3. A growing Mempool increases the transaction fees.

2 Likes
#1586

  1. Mempool is a record of all unconfirmed transactions that are still pending waiting to be picked by miner to be validated and recorded to the blockchain

  2. Mempool grows in size, transactions wait longer in the mempool to be validated, fees go up

  3. Fees go up, mempool is a market where pending transactions compete for a miner to be picked up and miners pick up tx with higher fees first

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