After you change the conf file do you have to restart bitcoind or anything? What's the benefit of increasing the mempool on your node?

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If you keep txns in your mempool they will propagate and eventually be mined. Bigger the mempool more txns you can store. If you want to keep low fee txns, especially your own, available to be mined, increase your mempool to like, 5000 so that you can ensure they are stored for months until the mempool

Empties in the future!

Is that what purging means? When transactions are purged does that mean they failed? If you broadcast to your node and they haven't been mined yet.

Purged doesn’t mean they failed, it means they’ve been pushed out of whatever mempool they’re being stored in. Someone else could have a larger mempool where they are still stored.

Ok, good to know that MY 1 sat/ vB transaction will live and stay in MY mempool on MY node. Thank your for your information. I really appreciated.

I had a 1.5 sat/vbyte txn stuck in the mempool for six weeks during the last ordinal run. It was purged from my own mempool, mempool.spaces mempool, and still miraculously made it through in a block one day when the mempool finally cleared. Some patron saint of mempool txns out there was kind enuf to hold onto it for me. :-)

Keep in mind though that your mempool, while bitcoind is active, is stored in RAM so you don't want over allocate.

Yup you need to restart.