- Mempool has launched a new accelerator service that speeds up Bitcoin transactions by paying additional fees, without the need for registration.
- With support from five mining pool partners representing 40% of the global hashrate, Mempool Accelerator ensures higher transaction priority.
- Mempool Accelerator offers transparency through public bid boosts and prevents misuse like transaction pinning without altering original transactions.
Mempool has introduced a new off-chain service called Mempool Accelerator to expedite Bitcoin transactions. Users can speed up unconfirmed transactions by paying an extra fee without the requirement of registration. To utilize this service, users can locate their transaction on mempool.space, select the acceleration option, and make the payment via Bitcoin through Lightning Network or fiat using Cash App, Apple Pay, or Google Pay.
Mempool Accelerator aims to accelerate unconfirmed transactions by adding a higher priority fee, allowing users to bypass the usual waiting times on the Bitcoin network. This innovative approach could potentially revolutionize transaction processing, ensuring faster confirmations.
Mempool Accelerator™ fixes this
Open beta launch begins today!
Click “Accelerate” on the transaction page and pay with lightning or fiat. No registration required.
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
Mempool Accelerator is supported by five initial mining pool partners: Foundry USA Pool, MARA Pool, SBICrypto, SpiderPool, and Ocean Pool, representing approximately 40% of the global Bitcoin hashrate. When a user requests acceleration, Mempool engages with these partners to potentially expedite the transaction based on the new fee rate.
This method does not replace the original transaction but rather allows mining pools to prioritize it with a higher fee, increasing its chances of inclusion in the next block. Bitcoin applications can also integrate this service via an API, providing users with more flexibility.
Service Transparency and Limitations
Mempool displays acceleration bid boosts on its block audit dashboard to maintain transparency, highlighting them in purple for easy identification. Once an acceleration request is submitted, it cannot be modified. Some requests may be canceled without refunds to prevent misuse like transaction pinning.
Mempool’s accelerator offers an alternative to traditional on-chain methods such as replace-by-fee (RBF) and child-pays-for-parent (CPFP), providing a faster solution for users in need of quicker transaction confirmations.
Mempool’s new accelerator service provides a streamlined solution for users seeking faster Bitcoin transaction confirmations. By leveraging partnerships with major mining pools and offering a high-priority payment option, the service enhances transaction efficiency.