diff --git a/docs/web3.eth.rst b/docs/web3.eth.rst
index 6259f668ed..bdfda41eb7 100644
--- a/docs/web3.eth.rst
+++ b/docs/web3.eth.rst
@@ -328,6 +328,35 @@ The following methods are available on the ``web3.eth`` namespace.
         })
 
 
+.. py:method:: Eth.waitForTransactionReceipt(transaction_hash, timeout=120)
+
+    Waits for the transaction specified by ``transaction_hash`` to be included in a block, then
+    returns its transaction receipt.
+
+    Optionally, specify a ``timeout`` in seconds. If timeout elapses before the transaction
+    is added to a block, then :meth:`~Eth.waitForTransactionReceipt` returns None.
+
+    .. code-block:: python
+
+        >>> web3.eth.waitForTransactionReceipt('0x5c504ed432cb51138bcf09aa5e8a410dd4a1e204ef84bfed1be16dfba1b22060')
+        # If transaction is not yet in a block, time passes, while the thread sleeps...
+        # ...
+        # Then when the transaction is added to a block, its receipt is returned:
+        AttributeDict({
+            'blockHash': '0x4e3a3754410177e6937ef1f84bba68ea139e8d1a2258c5f85db9f1cd715a1bdd',
+            'blockNumber': 46147,
+            'contractAddress': None,
+            'cumulativeGasUsed': 21000,
+            'from': '0xa1e4380a3b1f749673e270229993ee55f35663b4',
+            'gasUsed': 21000,
+            'logs': [],
+            'root': '96a8e009d2b88b1483e6941e6812e32263b05683fac202abc622a3e31aed1957',
+            'to': '0x5df9b87991262f6ba471f09758cde1c0fc1de734',
+            'transactionHash': '0x5c504ed432cb51138bcf09aa5e8a410dd4a1e204ef84bfed1be16dfba1b22060',
+            'transactionIndex': 0,
+        })
+
+
 .. py:method:: Eth.getTransactionReceipt(transaction_hash)
 
     * Delegates to ``eth_getTransactionReceipt`` RPC Method
diff --git a/tests/core/eth-module/test_transactions.py b/tests/core/eth-module/test_transactions.py
index 4489f2f0de..67c0a82205 100644
--- a/tests/core/eth-module/test_transactions.py
+++ b/tests/core/eth-module/test_transactions.py
@@ -3,6 +3,9 @@
 from web3.exceptions import (
     ValidationError,
 )
+from web3.middleware.simulate_unmined_transaction import (
+    unmined_receipt_simulator_middleware,
+)
 
 
 @pytest.mark.parametrize(
@@ -31,7 +34,6 @@ def test_send_transaction_with_valid_chain_id(web3, make_chain_id, expect_succes
         'to': web3.eth.accounts[1],
         'chainId': make_chain_id(web3),
     }
-
     if expect_success:
         # just be happy that we didn't crash
         web3.eth.sendTransaction(transaction)
@@ -40,3 +42,17 @@ def test_send_transaction_with_valid_chain_id(web3, make_chain_id, expect_succes
             web3.eth.sendTransaction(transaction)
 
         assert 'chain ID' in str(exc_info.value)
+
+
+def test_unmined_transaction_wait_for_receipt(web3, extra_accounts):
+    web3.middleware_stack.add(unmined_receipt_simulator_middleware)
+    txn_hash = web3.eth.sendTransaction({
+        'from': web3.eth.coinbase,
+        'to': '0xd3CdA913deB6f67967B99D67aCDFa1712C293601',
+        'value': 123457
+    })
+    assert web3.eth.getTransactionReceipt(txn_hash) is None
+
+    txn_receipt = web3.eth.waitForTransactionReceipt(txn_hash)
+    assert txn_receipt['transactionHash'] == txn_hash
+    assert txn_receipt['blockHash'] is not None
diff --git a/web3/eth.py b/web3/eth.py
index 2ebf2739c0..90a01baeed 100644
--- a/web3/eth.py
+++ b/web3/eth.py
@@ -43,6 +43,7 @@
     get_buffered_gas_estimate,
     get_required_transaction,
     replace_transaction,
+    wait_for_transaction_receipt,
 )
 
 
@@ -202,6 +203,9 @@ def getTransactionFromBlock(self, block_identifier, transaction_index):
             [block_identifier, transaction_index],
         )
 
+    def waitForTransactionReceipt(self, transaction_hash, timeout=120):
+        return wait_for_transaction_receipt(self.web3, transaction_hash, timeout)
+
     def getTransactionReceipt(self, transaction_hash):
         return self.web3.manager.request_blocking(
             "eth_getTransactionReceipt",
diff --git a/web3/middleware/simulate_unmined_transaction.py b/web3/middleware/simulate_unmined_transaction.py
new file mode 100644
index 0000000000..21b8321880
--- /dev/null
+++ b/web3/middleware/simulate_unmined_transaction.py
@@ -0,0 +1,21 @@
+import collections
+import itertools
+
+counter = itertools.count()
+
+INVOCATIONS_BEFORE_RESULT = 5
+
+
+def unmined_receipt_simulator_middleware(make_request, web3):
+    receipt_counters = collections.defaultdict(itertools.count)
+
+    def middleware(method, params):
+        if method == 'eth_getTransactionReceipt':
+            txn_hash = params[0]
+            if next(receipt_counters[txn_hash]) < INVOCATIONS_BEFORE_RESULT:
+                return {'result': None}
+            else:
+                return make_request(method, params)
+        else:
+            return make_request(method, params)
+    return middleware
diff --git a/web3/utils/transactions.py b/web3/utils/transactions.py
index bffc4a4615..b32587442f 100644
--- a/web3/utils/transactions.py
+++ b/web3/utils/transactions.py
@@ -1,5 +1,4 @@
 import math
-import random
 
 from cytoolz import (
     assoc,
@@ -50,13 +49,13 @@ def fill_transaction_defaults(web3, transaction):
     return merge(defaults, transaction)
 
 
-def wait_for_transaction_receipt(web3, txn_hash, timeout=120):
+def wait_for_transaction_receipt(web3, txn_hash, timeout=120, poll_latency=0.1):
     with Timeout(timeout) as _timeout:
         while True:
             txn_receipt = web3.eth.getTransactionReceipt(txn_hash)
             if txn_receipt is not None:
                 break
-            _timeout.sleep(random.random())
+            _timeout.sleep(poll_latency)
     return txn_receipt