Bitcoin Transaction Accelerators Explained
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3 min. read
A Bitcoin transaction can remain unconfirmed when its fee is too low for current demand. Accelerators are one possible response, but they cannot promise when the network will confirm a transaction.
Bitcoin targets an average interval of about ten minutes between blocks. An individual transaction can wait much longer, and first inclusion is different from receiving several confirmations.
At the time of writing this (August 17, 2023), the average confirmation time was 306 minutes/5 hours and back in July 2023, this reached a staggering peak of 4600 minutes/3.2 days (Source: Y Charts).
A long wait can be unsettling. Start by checking the transaction ID in a block explorer to distinguish an unconfirmed transaction from one that failed to broadcast.
A Bitcoin network fee pays miners for including a transaction; “gas” is not the usual Bitcoin term. Wallet fee estimates suggest a likely priority, rather than guaranteeing a delivery speed. The fee rate and transaction size matter more than the amount being sent.
What causes the slowdown?
When the Bitcoin network faces congestion, a buildup of unconfirmed transactions accumulates in the mempool. As a result, users often end up paying higher transaction fees to expedite their transactions. A notable instance of this was in April 2021 when average Bitcoin transaction fees soared to a staggering $59, as reported by Coindesk.
What is a Bitcoin mempool?
A mempool holds unconfirmed Bitcoin transactions, stored temporarily on each network node. As new blocks are added to the blockchain, transactions meeting the minimum fee get cleared. Those with lower fees might linger in the mempool across multiple block confirmations before processing.
So what happens, if you went with the default transaction speed/low speed option and hours in, you’re regretting your decision and wish you could give your transaction a push —can anything be done? The short answer is, yes.
Enter Bitcoin transaction accelerators
Transaction accelerators exist to help users minimize their transaction wait time by prioritizing their transactions in a special queue. Typically, Bitcoin miners offer this service by placing your transaction directly onto their mining network to enhance the likelihood of its inclusion in the next mined block.
An accelerator may prioritize an eligible transaction when a participating miner finds a block. Eligibility, charges and refund terms vary, and payment does not guarantee a confirmation time.
Our favorite Bitcoin accelerators
ViaBTC
ViaBTC offers free and paid acceleration subject to its current eligibility rules and quotas. Check the official terms for supported transactions, fees and limitations rather than relying on the old hourly limit quoted here.
https://www.viabtc.com/tools/txaccelerator
f2pool
Starting as a modest mining endeavor, f2pool quickly rose to prominence, becoming one of the world’s largest mining pools by the close of 2013. Their consistent growth is attributed to their reputation for fairness, reliability, competitive fees, efficient payouts, and advocacy for miners within the larger Bitcoin realm.
A mining pool’s payout threshold or PPS+ fee is a term for miners, not the price of accelerating someone else’s transaction. Use the accelerator’s own payment and service terms when assessing the cost.
https://www.f2pool.com/user/tx-acc
Binance Pool
Binance Pool’s mining fees and payout model are terms for miners, not evidence of an accelerator’s cost or protection from market losses. Use the current terms for the specific acceleration service being considered.
