Summary:
Mempool launches an off-chain accelerator to expedite unconfirmed Bitcoin transactions.
Users can pay extra fees via Lightning or traditional payment methods with no sign-up required.
Service backed by five mining pools, covering 40% of Bitcoin's hashrate.
Higher service charges make it suitable for larger priority transactions only.
Provides an alternative to on-chain methods like RBF and CPFP.
Introduction
Mempool has recently launched an off-chain accelerator service designed to help users expedite unconfirmed Bitcoin transactions. This innovative service is facilitated through partnerships with five prominent mining pools.
How it Works
The Mempool Accelerator allows users to get their transactions confirmed faster by paying an extra miner fee along with a service charge. Users can easily locate their transaction on mempool.space, select the accelerate option, and make payments in Bitcoin using Lightning or through Cash App, Apple Pay, or Google Pay without the need for a sign-up process.
Mining Pool Partners
The service is backed by five initial mining pool partners: Foundry USA Pool, MARA Pool, SBICrypto, SpiderPool, and Ocean Pool, which collectively represent about 40% of Bitcoin's global hashrate. Mempool forwards the acceleration requests to these partners, who can opt to expedite the transaction based on the newly set fee rate.
Transparency and Limitations
To promote transparency, the acceleration bids are publicly visible on Mempool’s block audit dashboard. However, once an acceleration request is submitted, it cannot be modified, and some may be canceled without refunds to prevent abuse of the service.
Alternative Solutions
This accelerator service provides an alternative to existing on-chain methods like replace-by-fee (RBF) and child-pays-for-parent (CPFP), which involve creating new transactions to increase fees. Mempool's service uses an out-of-band payment instead, which does not require signing a new transaction. However, it does mean relying on a centralized third party, which is a departure from Bitcoin's peer-to-peer network.
Cost Considerations
The service charge is significantly higher, approximately 100 times the average transaction fee of about $0.39, making it more suitable for larger priority transactions. The service test indicates that transactions can be prioritized by up to 43.4% of miners, potentially reducing the expected waiting time for the first confirmation to about 9 minutes.
Use Cases
Mempool encourages users to use RBF or CPFP whenever possible but acknowledges that the accelerator is beneficial in scenarios with limited wallet functionality, multisig complexities, or when retaining the same transaction ID is necessary.
Disclaimer
This article is for informational purposes only and does not constitute legal, tax, investment, or financial advice.
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