- Mempool’s new accelerator service speeds up Bitcoin transactions by paying extra fees, requiring no registration.
- Five mining pool partners, representing 40% of global hashrate, support Mempool Accelerator, ensuring higher transaction priority.
- Mempool Accelerator provides transparency with public bid boosts and prevents misuse like transaction pinning without altering original transactions.
Mempool has introduced a new off-chain service to speed up Bitcoin transactions. Named Mempool Accelerator, this service helps users expedite unconfirmed transactions by paying an extra fee. Users can locate their transaction on mempool.space, select the acceleration option, and pay via Bitcoin through Lightning Network or fiat using Cash App, Apple Pay, or Google Pay. Notably, this process does not require any registration.
This service aims to push through unconfirmed transactions by adding a higher priority fee. By doing so, users can bypass the typical waiting times associated with the Bitcoin network. This new approach could revolutionize how transactions are processed, ensuring faster confirmations.
Mempool Accelerator™ fixes this
Launch of open beta starts today!
Click Accelerate from the transaction page and pay with lightning or fiat.
No sign up necessary.Initial mining pool partners make up 40% of Bitcoin’s global hashrate: @FoundryServices, @MarathonDH, @SBICrypto,… pic.twitter.com/NIQXq53ZRb
— mempool (@mempool) July 27, 2024
Mining Pool Partnerships Enhance Service Efficiency
The Mempool Accelerator service is backed by five initial mining pool partners: Foundry USA Pool, MARA Pool, SBICrypto, SpiderPool, and Ocean Pool. These pools represent around 40% of the global Bitcoin hashrate. When a user requests an acceleration, Mempool communicates with these partners, who consider expediting the transaction based on the new fee rate.
This method does not replace the original transaction. Instead, it allows mining pools to treat it with a higher fee priority, increasing the likelihood of it being included in the next block. Bitcoin applications can also integrate this service through an API, providing more flexibility for users.
Service Transparency and Limitations
To maintain transparency, Mempool displays acceleration bid boosts on its block audit dashboard. These boosts are highlighted in purple for easy identification. However, once an acceleration request is submitted, it cannot be altered. Some requests may be canceled without refunds to prevent misuse, such as transaction pinning.
Mempool’s accelerator offers an alternative to traditional on-chain methods like replace-by-fee (RBF) and child-pays-for-parent (CPFP). While RBF involves creating a new transaction with a higher fee, and CPFP entails the recipient spending their unconfirmed transaction output to enhance the original fee, the new service offers a quicker solution.
Mempool’s new accelerator service presents a streamlined solution for users needing faster Bitcoin transaction confirmations. By leveraging partnerships with major mining pools and offering a high-priority payment option, the service enhances transaction efficiency.