A Bitcoin mining pool named Mempool has launched the Mempool Accelerator, an innovative off-chain service designed to expedite transaction approvals on the Bitcoin network. By paying an additional miner fee and service charge, users can significantly reduce the time for unconfirmed transactions to be processed.
Who Are the Key Partners?
Key partners in the service include major mining pools such as Foundry USA Pool, MARA Pool, SBICrypto, SpiderPool, and Ocean Pool, which collectively constitute about 40% of Bitcoin’s global hashrate. Transactions can be accelerated via payments made through the Bitcoin network, Lightning Network, or even fiat currencies, without requiring user registration.
How Does the Mempool Accelerator Work?
The Mempool Accelerator communicates the acceleration request to its partner mining pools, which can then prioritize the transaction based on the accelerated fee rate. However, it is important to note that prioritization is not always guaranteed. Transparency is ensured as acceleration offers will be publicly displayed in purple on Mempool’s block audit dashboard. To prevent potential manipulation, some requests may be canceled, and once submitted, they cannot be altered.
Key Takeaways for Users
- Transactions can be expedited by paying an additional fee.
- Multiple payment methods are available, including Bitcoin, Lightning Network, and fiat currencies.
- No user registration is needed for availing of this service.
- Acceleration requests are non-alterable once submitted and can be canceled to prevent abuse.
- The service is ideal for high-priority transactions despite higher fees.
Mempool Accelerator emerges as a viable alternative to traditional on-chain methods such as replace-by-fee (RBF) and child-pays-for-parent (CPFP). Unlike these methods, the Accelerator does not require a new transaction signature or wallet support, making it a less cumbersome option. However, this service does come with a higher fee, making it most suitable for urgent transactions.
In testing phases, the service significantly reduced transaction times to as short as 9 minutes, providing a quicker option for those needing faster transaction approvals.