Foundry

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-mining-pool-introduces-mempool-accelerator-for-faster-transaction-approvals/" data-wpel-link="internal">Bitcoin Mining Pool Introduces Mempool Accelerator for Faster Transaction Approvals</a> 
<a href="https://en.coin-turk.com/bitcoin-price-breaks-above-27000-key-levels-to-watch/" data-wpel-link="internal">Bitcoin</a> (BTC) mining pool Mempool introduced the Mempool Accelerator, a new off-chain service offering accelerated transaction approvals to Bitcoin network users. This service allows users to speed up the approval time for unconfirmed, queued transactions by paying an extra miner fee and service charge. 
<h2 style="text-align: justify" id="strong-partnership-established-with-5-mining-pools-strong">Partnership Established with 5 Mining Pools</h2> 
Users can find their transactions on mempool.space and use the acceleration option to pay via the Bitcoin network or Lightning Network. Payments can also be made with fiat currencies. No registration is required for users during this process. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-374815" src="https://coin-turk.com/wp-content/uploads/2024/07/Bitcoin-Mempool-Accelerator.png" alt="" width="557" height="666"> 
The initial partners of the service include mining pools such as Foundry USA Pool, MARA Pool, SBICrypto, SpiderPool, and Ocean Pool. These pools account for approximately 40% of Bitcoin’s global hashrate. Additionally, Bitcoin <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener" data-wpel-link="exclude">applications</a> can integrate the Mempool Accelerator service via API. 
Mempool communicates the acceleration request to these mining pools, which can prioritize and approve the transaction based on the accelerated fee rate. However, prioritization is not guaranteed. 
To ensure transparency, acceleration offers will be publicly displayed in purple on Mempool’s block audit dashboard. Once submitted, acceleration requests cannot be altered, and some requests may be canceled to prevent abuse, aiming to avoid potential manipulations of the transaction queue. 
<h2 style="text-align: justify" id="strong-emerging-as-a-significant-alternative-strong">Emerging as a Significant Alternative</h2> 
Mempool Accelerator stands out as a significant alternative to existing on-chain methods. Traditional methods include replace-by-fee (RBF) and child-pays-for-parent (CPFP). In RBF, the sender of an unconfirmed transaction creates a new transaction with a higher fee. In CPFP, the recipient spends the unconfirmed transaction output, increasing the total fee. Both methods require a new transaction signature and specific wallet support. 
Mempool Accelerator offers a method that does not require a new on-chain transaction, providing an alternative that does not rely on a centralized third party’s trustworthiness. However, the service fee is significantly higher than average transaction fees, which is considered its main disadvantage. Nonetheless, the service is deemed highly suitable for high-priority transactions. During testing, the transaction time was observed to be reduced to as short as 9 minutes. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-mining-pool-introduces-mempool-accelerator-for-faster-transaction-approvals/" data-wpel-link="internal">Bitcoin Mining Pool Introduces Mempool Accelerator for Faster Transaction Approvals</a></h5>
The post <a href="https://en.coin-turk.com/bitcoin-mining-pool-introduces-mempool-accelerator-for-faster-transaction-approvals/" data-wpel-link="internal">Bitcoin Mining Pool Introduces Mempool Accelerator for Faster Transaction Approvals</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Mining Pool Introduces Mempool Accelerator for Faster Transaction Approvals

Table of Contents

COINTURK NEWS

Other articles published on Jul 29, 2024

Investors Drive SOL’s Bullish Momentum

Can XRP buck bearish market trends? Key insights show…

Bitcoin Approaching the Crucial Resistance at $70,000: Here’s What to Expect in the Next 48 Hours!

Zoomex Unveiled: In-Depth Review, Top Features, and Easy Sign-Up Guide

Ethereum Foundation Transfers TKO Tokens to Bitcoin Suisse

Investors Show Strong Interest in Solana (SOL)

Join our free newsletter for daily crypto updates!