Homework on Mempool - Questions

  1. Mempool is where the transaction are temporarily stored while they are not included in a block.

  2. The transactions not included in a block, wait for the next one, until a miners pick them up to include them in a block. Usually the higher the fee in a transaction, the faster is picked up by miners to be added to the block. If the number of transactions are higher than the allowed in a block… they must wait.

  3. The more transactions in a mempool, higher the fees.

1 Like

1.) A mempool is the list of unconfirmed transactions not yet appended to the block chain; these might be slightly different from node to node depending on which unconfirmed transactions reaches them first.

2.) If the miners can’t keep up with the rate of the new transactions that would lead to a priority based on the highest fees being taken care of first and to a lag time that would be longer than 10 minutes I’d imagine; briefly after the recent halving I believe we had a couple block chains that reached up to 20, or even 40 minutes if I recall correctly.

3.) A growing mempool would likely lead to higher fees as people would, in a certain sense, bid with a higher fee to get their transaction confirmed and appended to the block chain.

1 Like
  1. A mempool is processing pool where unconfirmed transactions allocated by the nodes cumulate to be processed by miners.

  2. Your transaction will be stored in a nodes mempool as UTXO, until fee’s increase.

  3. Miners look for the mempool with the highest amount of fee’s to process first. Increasing fees would give you the possibility of having your transaction processed first.

1 Like
  1. The Mempool is a list of all transaction which have been broadcasted to all nodes but are not confirmed by a miner so far.
  2. Then the Mempool will fill up and transaction times will be longer.
  3. For transactions to get confirmed faster people need to pay higher fees.
1 Like
  1. Mempool is the list of transactions that are not processed in a block
  2. The mempool becomes bigger
  3. Fees will increase as a result of growing mempool
1 Like

1). Mempool is a list of unconfirmed transactions that each node has. Unconfirmed transactions will not initially show up on every node’s mempool, but over time due to network effects they will propagate through.
2). If miners cannot keep up with new transactions the mempool will increase, and the miners will only focus on the transactions with highest fees associated (thus in classic supply and demand the fees have to go up when the number of transactions go up in order for you to get your transaction to be added to the blockchain on it’s way to being fully confirmed).
3). Growing mempool will increase transaction fees so to incentivize the miners to confirm your transaction in a timely manner… like when prices are quickly changing.

1 Like

1- Mempool is chart illustration that shows all unconfirmed transactions that are not approved by miners to create a new block in the network. It has satoshi/byte on the Y axis and time along the X axis. so Larger the size of byte is , larger the transaction fees.
2- If miners cannot keep up the new transactions, mempool grows larger and heavy with longer approval times
3-Growing mempool effects the transaction fee by increasing the transaction fee. Higher transaction byte is always chosen first, hence results in inflation of Transaction fees.

1 Like
  1. A mempool is a data structure each node has of the list of unconfirmed transactions.
  2. If miners can’t keep up with the rate of the new transaction, the mempool grows.
  3. The size of the transaction determines fees. Due too an increase of growth in the mempool, people will have to pay more to process their transaction.
1 Like

What is the mempool? It is a collection of unconfirmed transactions.

What happens if the miners can’t keep up with the rate of the new transaction? The list of unconfirmed transactions sitting in the mempool will continue to grow.

How does a growing mempool effect transaction fees? The fees will increase as a mempool grows, because there is competition amongst the miners to confirm that transaction and add it to the blockchain.

1 Like
  1. Unconfirmed transactions. Data structure that each node has.
  2. Mempool goes larger, longer tx times.
  3. Transaction with higher fee goes faster.
1 Like

1.collection of unconfirmed transactions that await confirmation by all Bitcoin nodes, waiting area for unconfirmed transactions. sometimes long lists incur a waiting delay; when confirmed it is cemented into the blockchain and will remain there as long as the network is alive.
2. miners will construct a block with the highest fee transactions – since that means they get the highest reward. Therefore, the more transactions are waiting in the mempool (a backlog), the higher fees will be on the network on average
3.Fee adjustments, networks aim to keep fees very low with some tradeoffs. Some Bitcoin experts claim that these limits prevent centralization and keep full nodes affordable. BCH will process blocks larger than 1MB, meaning mempool is always cleared out every 10 minutes

1 Like

A memo is a pool of unconfirmed transactions
If miners cannot keep up with transactions then the mempool grows
Fees are based on transaction bytes.

1 Like
  1. The mempool is the location on each node that stores unconfirmed transactions waiting to be confirmed and added to a block.

  2. Transactions with lower fees are forced to wait while higher fee transactions get prioritized.

  3. The larger the mempool the higher the fees.

1 Like
  1. What is the mempool?

A data structure that each node will have. It is list of the unconfirmed transactions that node has received and verified as acceptable. The mempool of one node will vary in content to another node, as it is dependent on the order in which it has received the transactions. The mempool is the bit the miner interrogates to find out which transactions they want to take into the block they are building.

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

The mempool will grow in size because the number of unconfirmed transactions increase.

  1. How does a growing mempool effect transaction fees?

The transaction fees will rise.

1 Like

Are you talking about block times? This doesn’t have much to do with the mempool, other that that if the blocktime increases, the txs from the mempool will be taken out slower. A low fee tx can be stuck in the mempool theoretically indefinitly, but the Bitcoin core software has a limit set to 14 days I think (you can change it), until it starts removing transactions from the mempool :slight_smile:

1 Like

UTXOs are part of a transaction :slight_smile: either they will become new outputs for a user to spend or are used as an input to a new transaction :slight_smile:

1 Like

Mempool is a data structure on a node, but it can be shown in a chart yes :stuck_out_tongue:

1 Like
  1. The mempool is a database of unconfirmed transactions that each node carries. Not all nodes share identical mempools.
  2. If miners can’t keep pace with transactions, the mempool grows larger and the time between confirming transactions gets longer as well.
  3. Transaction fees get higher every time the mempool grows as miners will go after the TX that are willing to pay higher fees first; that in turn leaves all the other unconfirmed TX on the back burner.
1 Like

hehe yes, your definition makes more sense ,that gives more clarification

What is the mempool?

A mempool is a “waiting area” of unconfirmed bitcoin transactions that nodes have.



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

If transactions arrived at a faster rate than they can get cleared, a “traffic jam” will happen and transactions will take longer to be approved.



* How does a growing mempool effect transaction fees?



A growing mempool causes transaction fees to raise and gives incentive to the miners to select those transactions and add them into their block.

1 Like