Feb 1, 2019 16:50 UTC
Feb 7, 2019 at 12:28 UTC
It is undeniable that Bitcoin is a revolutionary as well as trustless system.
It has proven to be a safe haven for the individuals across the world against their government’s inflationary policies for many years now.
But apart from being trustless, Bitcoin is also very complex and has a demanding learning curve on its part.
Being a bitcoin enthusiast, it is important for you to make sure if you have a decent grasp of the bitcoin infrastructure and its workings.
That’s why I keep sharing Bitcoin-focused things on BTC Wires every now and then. You need to stay aware so that you don’t fall too far out of the loop.
So today, here I’m to tell you about a significant part of bitcoin transactions workflow – Bitcoin Mempool.
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What is Bitcoin Mempool?
Before getting added on the blockchain ledger, each block has to undergo a process of mining, whereby full nodes, who are connected to bitcoin network, solve a complicated mathematical puzzle and hence verify the transactions.
These miners choose the block to be mined from a list of transactions which haven’t been confirmed.
And, this pool of unconfirmed transactions is known as Mempool.
The miners than combine a list of transactions from this list and form a block that is later broadcasted on public ledger once it is mined.
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How Much Does A Miner Earn For Mining A Single Block?
The miners usually receive a block reward of 12.5 BTC for successfully mining a block on Bitcoin network.
But other than this, the lottery miners also receive a bonus for efforts to add a block to the chain. This bonus depends on the transaction fee associated with the transaction in the block.
The higher the transaction fees for transaction in the block is, the larger is the bonus amount.
The associated bonus in the reward is more for a transaction with high fees in the mempool, so miners will prefer these over low fees transactions.
And this is the prime reason why your transaction is stuck as no miner is picking up your transaction owing to the low fees.
So now, you know the reason why it takes hours for your last transaction to confirm.
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How Do You Get A Faster Bitcoin Transaction?
There are several aspects that you need to consider for avoiding delay in transaction confirmation from the mempool –
- The most obvious thing is to send the transactions with a high fees linked to it. You can search for the latest fee trends by using some of Bitcoin’s block explorers like Blockchain.info or BTC.com.
- You can even search out the number of unconfirmed transaction in the mempool by utilizing either Blockchain.info or BTC.com calculator to calculate nearly how much time it will take for your transaction to undergo.
- You can lean back and not do any other transaction, and check either of the both sites to analyze the current mempool size for deciding whether or not making a bitcoin transaction now is a good idea.
- In case your transaction gets stuck, then you can use a transaction accelerator or transaction pusher service to get a solution.
- You can use SegWit-enabled wallets because they help in getting faster transaction confirmations from the mempool.
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Understanding Bitcoin Mempool
One thing to keep in mind about Mempool is that the mempool will soon be clogged up quite badly, as more and more people are bent on becoming the part of Bitcoin realm every day.
That’s why you have to be prepared to hit this bottleneck over and over again until this issue is finally resolved.
Until that time, stay tuned to BTC Wires to learn all the tips and tweaks to speed up your Bitcoin life.
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