Homework on Mempool - Questions

1.What is the mempool?
Mempool is where all the TX are listed from non TX to TX

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

3.How does a growing mempool effect transaction fees?
Transaction fees will probably increase. People are willing to pay higher fees,
so that their transaction will go into the next block.

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Each node in the blockchain has a list of unconfirmed transactions which is called mempool.

When miners can’t keep up with the rate of the new transactions, the unconfirmed transactions in the mempool grows.

With a growing mempool, miners will chose the transactions with higher fees.

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  1. Fee Market, for mining. All unconfirmed transactions on each node are the mempool. If a transaction makes sense the nodes will continue each input through the mempool. The mempool of each node may look slightly different, but sooner or later everyone has a record of those transactions. A miner prioritizes the transactions with higher fees first.
  2. If a miner(node) can’t keep up with the rate of the new transactions, the mempool fills up with transactions which increase the fees in satoshi/byte.
  3. A growing mempool, means miners are having a harder time fitting transactions within blocks, so the demand creates higher fees Sat/b.
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  1. A mempool is a data structure present in each node. It contains all the transactions that have been validated but yet not been confirmed by a miner which will then have to put them into a new block.

  2. The mempool grows

  3. If the mempool grows that means that there will be more uncofirmed transactions “competing” to be appended in the next block. So fees will grow because anyone who’ll want their own transaction to be included in the next block will have to pay higher fees due to the growing request and in order to have their own transaction prioritized.

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  1. Mempool is a waiting list of unconfirmed transactions, that sits on the nodes before a miner picks them up.

  2. Longer transaction times.

  3. Increased transaction fees.

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1What is the mempool?
2What happens if the miners can’t keep up with the rate of the new transaction?
3How does a growing mempool effect transaction fees?

  1. A mempool is simply a list of unconfirmed transactions that later get confirmed by a miner.
  2. If miners cant keep up with the rate of new transactions, the mempool gets larger and a backlog effects occurs.
  3. Miners will first confirm transactions that have a higher fee attached because they keep it. With that said, a growing mempool will increase transactions fees as an effect.
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What is the mempool?
Mempool is where unconfirmed transactions are stored on a node.

What happens if the miners can’t keep up with the rate of the new transaction?
The mempool will grow if miners can’t keep up with rate of new transactions.

How does a growing mempool effect transaction fees?
Transaction fees will increase as mempool grows.

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Q). What is the mempool?

A) The Bitcoin mempool is the pool of unconfirmed Bitcoin transactions on the Bitcoin network. Once a Bitcoin transaction happens on Bitcoin’s blockchain, it is not immediately added; instead, it goes into this pool of in-motion transactions.

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

A).The Result is longer Transaction Times and Higher Fees ( Supply and Deman) comes in to play. and users will grow increasingly frustrated until miners have invested in more mining infrastructure,equipment and tools.Which is a constant ongoing process, in the mining business.

Q) How does a growing mempool effect transaction fees?

A). See above answer.

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  1. A list with all not executed transactions.
  2. This results in longer transaction times.
  3. It gets up respectively I have to rise my bid so my transaction get picked up.
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  1. It is the pool of unconfirmed transactions. The mempools of each node can differ.

2 & 3. The mempool grows and so does the confirmation time and fees.

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  1. What is the mempool?
    A pool of unconfirmed Tx’s

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    A backlog of Tx’s build up

  3. How does a growing mempool effect transaction fees?
    Tx times get longer and Tx fee’s get larger

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  1. The mempool is the list of unconfirmed transactions which all nodes and also the miners have access to.

  2. If the miners can’t keep up with the rate of the transaction, then the mempool becomes larger leading to competition.

  3. Once a memepool grows, then the transaction fees get inflated and the miners will pick the fees that are higher. The motive of the miners is to make money.

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Miners investing in equipment don’t solve the issue with transaction throughput. More miners only increase the security of the network. But the rate they can confirm transactions remains relatively the same :slight_smile:

1: The mempool is the node’s holding area for all the pending transactions. It is the node’s collection of all the unconfirmed transactions it has already seen enabling it to decide whether or not to relay a new transaction.
2: The mempool grows in size, thus slowing the speed of the transaction.
3: The fees will rise as miners are there to make a profit.

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  1. What is the mempool?
    

IT is a list of all the unconfirmed Tx a node has (every node has a different list)

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

Wow I dont know, I guess that since the bigger the mempool the bigger the fees, the more a miner would be incentivized to mine that block, hence the more transacations there is the better it is to mine

  1. How does a growing mempool effect transaction fees?
    

I think the question is how does a growing mempool AFFECT Tx fees? mempool size doesnot affect Tx fees … at least that is what we have seen so far

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1.- It is a list with all the valid transactions already verified by the node
2.- Mempool will have more and more transactions, the time to confirm transactions will increase
3.- With more transactions competing to get faster to the blockchain, as a result of this the transaction fees will increase

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Good Morning,

Hi, thx for the comments. However, I disagree and in my humble opinion. Thus by adding more processing power to your infrastructure, you can handle more throughput and transactions.
BR,

Nils,

Yes, you basically answered everything in your second answer :stuck_out_tongue:

Well if the hashpower suddenly doubles there would be some blocks that would get mined in 5 min instead of 10, but the difficulty adjusts approximately every 2 weeks (or exactly 2016) blocks so that blocks are generated approximately every 10 minutes. Therefore the increased hashrate doesn’t effect the throughput that much. :slight_smile:

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  1. a pool of unconfirmed transactions
  2. mempool grows
  3. fees are getting higher
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