diff --git a/tests/core/eth-module/test_transactions.py b/tests/core/eth-module/test_transactions.py
index 2fab7fbd2b..2a1c59b468 100644
--- a/tests/core/eth-module/test_transactions.py
+++ b/tests/core/eth-module/test_transactions.py
@@ -1,12 +1,15 @@
 import pytest
 
 from web3.exceptions import (
+    TimeExhausted,
     ValidationError,
 )
 from web3.middleware.simulate_unmined_transaction import (
     unmined_receipt_simulator_middleware,
 )
 
+RECEIPT_TIMEOUT = 0.2
+
 
 @pytest.mark.parametrize(
     'make_chain_id, expect_success',
@@ -28,8 +31,9 @@ def test_send_transaction_with_valid_chain_id(web3, make_chain_id, expect_succes
         'chainId': make_chain_id(web3),
     }
     if expect_success:
-        # just be happy that we didn't crash
-        web3.eth.sendTransaction(transaction)
+        txn_hash = web3.eth.sendTransaction(transaction)
+        receipt = web3.eth.waitForTransactionReceipt(txn_hash, timeout=RECEIPT_TIMEOUT)
+        assert receipt.get('blockNumber') is not None
     else:
         with pytest.raises(ValidationError) as exc_info:
             web3.eth.sendTransaction(transaction)
@@ -37,7 +41,12 @@ def test_send_transaction_with_valid_chain_id(web3, make_chain_id, expect_succes
         assert 'chain ID' in str(exc_info.value)
 
 
-def test_unmined_transaction_wait_for_receipt(web3, extra_accounts):
+def test_wait_for_missing_receipt(web3):
+    with pytest.raises(TimeExhausted):
+        web3.eth.waitForTransactionReceipt(b'\0' * 32, timeout=RECEIPT_TIMEOUT)
+
+
+def test_unmined_transaction_wait_for_receipt(web3):
     web3.middleware_stack.add(unmined_receipt_simulator_middleware)
     txn_hash = web3.eth.sendTransaction({
         'from': web3.eth.coinbase,
diff --git a/tests/generate_go_ethereum_fixture.py b/tests/generate_go_ethereum_fixture.py
index bc212adf73..5892db5302 100644
--- a/tests/generate_go_ethereum_fixture.py
+++ b/tests/generate_go_ethereum_fixture.py
@@ -297,17 +297,11 @@ def verify_chain_state(web3, chain_data):
 
 
 def mine_transaction_hash(web3, txn_hash):
-    start_time = time.time()
     web3.miner.start(1)
-    while time.time() < start_time + 60:
-        receipt = web3.eth.waitForTransactionReceipt(txn_hash)
-        if receipt is not None:
-            web3.miner.stop()
-            return receipt
-        else:
-            time.sleep(0.1)
-    else:
-        raise ValueError("Math contract deploy transaction not mined during wait period")
+    try:
+        return web3.eth.waitForTransactionReceipt(txn_hash, timeout=60)
+    finally:
+        web3.miner.stop()
 
 
 def mine_block(web3):
diff --git a/web3/eth.py b/web3/eth.py
index cf773db5aa..dfd377eead 100644
--- a/web3/eth.py
+++ b/web3/eth.py
@@ -27,6 +27,9 @@
     LogFilter,
     TransactionFilter,
 )
+from web3._utils.threads import (
+    Timeout,
+)
 from web3._utils.toolz import (
     assoc,
     merge,
@@ -42,6 +45,9 @@
 from web3.contract import (
     Contract,
 )
+from web3.exceptions import (
+    TimeExhausted,
+)
 from web3.iban import (
     Iban,
 )
@@ -220,7 +226,15 @@ def getTransactionByBlock(self, block_identifier, transaction_index):
         )
 
     def waitForTransactionReceipt(self, transaction_hash, timeout=120):
-        return wait_for_transaction_receipt(self.web3, transaction_hash, timeout)
+        try:
+            return wait_for_transaction_receipt(self.web3, transaction_hash, timeout)
+        except Timeout:
+            raise TimeExhausted(
+                "Transaction {} is not in the chain, after {} seconds".format(
+                    transaction_hash,
+                    timeout,
+                )
+            )
 
     def getTransactionReceipt(self, transaction_hash):
         return self.web3.manager.request_blocking(
diff --git a/web3/exceptions.py b/web3/exceptions.py
index aa0671d87b..406aacae41 100644
--- a/web3/exceptions.py
+++ b/web3/exceptions.py
@@ -107,3 +107,10 @@ class InsufficientData(Exception):
     complete a calculation
     """
     pass
+
+
+class TimeExhausted(Exception):
+    """
+    Raised when a method has not retrieved the desired result within a specified timeout.
+    """
+    pass