Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1908

  1. The mempool is the transactions that have yet to be collected by the miners and written to the blockchain.

  2. They will pick the transactions with the highest fee (sat/byte) and only process those first until the current block is full. For users this will mean longer transaction times as the mempool backlog builds up.

  3. Transactions the want to be proritised in a growing mempool need to pay more fees to be processed.

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#1909

  • What is the mempool?
    Ans: Mempool is a data structure at every node and it contains the unconfirmed transactions at that node.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    Ans: In that case, (I’m not sure but I think) they will first pick only the transactions with higher transaction fees.

  • How does a growing mempool effect transaction fees?
    Ans: I’m not sure but I think It doesn’t affect the transaction fees.

#1910

There will be much more unconfirmed transactions in the mempool, more transaction than there is place in 1 block. Miners will prioritize transactions with the highest FEE first (sats/byte)
So transactions with low fee will take a much longer time to get confirmed.
So people who want their transaction confirmed asap, will have to pay more fee.
(it’s basically a bidding war for blockspace)

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#1911
  1. where unconfirmed transactions are kept
  2. they choose the ones with the highest fee and then teh rest stay in the mempool to be mined later.
  3. it usually raises fees.
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#1912

  1. The mempool is a list of unconfirmed transactions, waiting to be placed in a block to be confirmed.

  2. Miners failure to keep up with rate of new transactions will result in a slow down of processing time and the preference of processing transactions with the higher fees.

  3. Growing mempool allows for higher processing fees which is based on byte size. Therefore the traffic with the higher fees gets to be selected for processing.

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#1913

  1. A list of all transaction on bitcoin blockchain.
    2.The information is put into the mempool un
    .til it is confirmed.

  2. The transaction with the highest are prioritized first.

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#1914

  1. All unconfirmed transactions in a block will be added into mempool to be picked up by a miner in order to get confirmation and it indicates time, amount of transactions and their fees.

  2. The mempool grows in size

  3. The fee will be higher

#1915

Unconfirmed transactions are not yet in a block. But in some datastructure called the mempool.
Miners select unconfirmed transactions from the mempool and put them into a block. When a miner successfully mines transactions into a block it gets a confirmation.

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#1916

  1. The mempool is a list of unconfirmed transactions waiting to be validated and added to the blockchain.

  2. The mempool grows larger and waiting times will become longer.

  3. Fees will go up. Miners are incentivized by money and will prioritze transactions with higher fees / byte size to include in the next block.

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#1917

a mempool is a place where unconfirmed transactions are kept before
a miner adds them to the blockchain

the transactions remain pending until they get added on the blockchain making it a longer process

fees are higher and the more you pay the faster your transaction. Miners favour transactions with higher fees and add as many of them on the next block

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#1918
  1. What is the mempool?
    The mempool is every transaction that is still waiting to be writtenvto the chsin and confirmed
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Then algorithmicly mining becomes easier allowing the minera to catch up
  3. How does a growing mempool effect transaction fees?
    Since the miners are incentivized to mine they are after the transaction with the highest fees first. Therefore as transactions pile up, people increase fees to get their transactions through first.
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#1919

Thanks a lot for the clarification.

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#1920

  1. Mempool can be remembered because it’s short for memory pool (stored in the node’s ram memory) as transactions that haven’t been added to the blockchain yet.

  2. If the minors can’t keep up with the rate of new transactions, confirmation will be slower for transactions with lower fees

  3. A growing mempool raises transaction fees, because minors are incentivized to add transactions that pay the most to their blockchain .

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#1921

Homework on Mempool - Questions

  1. What is the mempool?
    Each node and miner has storage (a temporary holding place; a data structure), call the Mempool, which is used to store unconfirmed transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Not sure. Think they continue to build up on the mempool until serviced, resubmitted with a higher fee, or that node is rebooted. Each node probably has an upper limit in number of unconfirmed transactions that it holds, though it is probably quite large. Options would be to displace lower fee transactions with newer higher fee transactions, or it could simply stop taking new transactions.
    Is NOT clear to me what happens to BTC when the overall transaction rate continuously exceeds the 1 block per 10 minute capacity.
  3. How does a growing mempool effect transaction fees?
    Doesn’t directly, but people/wallets will pay higher fees as the network gets congested.
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#1922

Basically transactions wait for the next block or until there is enough space that they can get confirmed. If there are a lot of transactions there are some limits in the software that drop the transactions with really low fees or if they are really old (14 days by default, but can be changed by the one running the node). :slight_smile:

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#1923
  1. Mempool is bunch of unconfirmed transaction. They wait to be picked by miners and added to block.
  2. Mempool is growing to size and time to be transaction confirmed is getting longer.
  3. Miners pick transaction with high fee first. So whoever wants to confirm transaction early, have to increase fee. ( wallet probably increase fee automatically ).
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#1924
  1. The mempool is the where all unconfirmed transaction go, when they are broadcast from the wallet to a full node. Each node, including miner nodes, has a mempool. There are slight differences in the mempools on different nodes because all nodes are not updated with all transactions at all times.

2, 3) If the miners can’t keep up with the transactions, the fees will rise and the size of the mempools will grow because the miners can’t confirm the transactions fast enough. Then miners are incentivized by fees they collect from mining, so they will focus on the transactions paying the highest fees. Also high fees enough more miners to start mining.

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#1925
  1. What is the mempool?
    A mempool is a place where a node/miner stores the received broadcast unconfirmed transactions. In the mempool those transactions wait to be confirmed. It is a buffer of sorts.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
  3. How does a growing mempool effect transaction fees?
    When the mempool gets filled with unconfirmed transactions, the confirmation process takes longer, the cost for the new transactions to be included in the mempool increases to incentivise miners
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#1926
  1. What is the mempool?

It’s the place where the nodes store all of their unconfirmed transactions.

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

Longer transaction times, fees will increase.

  1. How does a growing mempool affect transaction fees?

Fees will increase (supply and demand).

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#1927

1)A Mempool is a list of all unconfirmed transactions.
2)The list grows, transactions take longer and miners will more likely accept transactions with the higher fees.
3)The bigger the pool the longer the list the more the fees will be to get on the block.

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