Bitcoin Lightning has doubled in a year

30 Apr 2022

Many people already know that Bitcoin's (BTC) acceptance is rising, particularly with the Lightning network's backing. In the past year, technology has increased by about 200 percent to indicate the emergence of a new economic community.

Bitcoin Lightning network capacity has surged by 198 percent in the past year, according to Messari, an analytics company. This is the case because of growing usage and Lightning implementations in exchanges and other payment systems, like Bitpay. On Twitter, they said this.

According to Messari, the maximum capacity of 3,624 BTC was achieved in the channels. Based on current BTC pricing, at least $143 million in US dollars.

However, at the end of this note, that amount has already reached 3,681 BTC, a gain of 2% over yesterday's value, according to 1ML.

The value of bitcoins blocked or put in a contract to gain liquidity in the micropayment network is considered the capacity of public channels. Locked contracts are taken into account while determining this rise in value.

The Lightning network's capacity has reached two new peaks since 2022.

When more than 3,518 bitcoins were in circulation, the first was registered on February 15. Because bitcoin was trading at $40,000, this amounted to $150 million.

The second occurred more than a month after the first. By then, the Bitcoin network had grown to 3,534 BTC incapacity, and the Lightning network was able to trade that amount.

Since that time, the acceptance of cryptocurrencies and the Lightning network has been seen in recent months with announcements of significant firms in the ecosystem implementing Lightning services, for instance.

There has been a rise of 58% and 92% in the number of active Lightning nodes and channels, respectively, through April 2022, according to Messari. This number may be used to track the expansion of the network.

Bitfinex's Lightning network node has the greatest capacity, at 333.98 BTC, according to the statistics given by 1ML, which can be seen here.

The second capacity is 268.92 bitcoins, and it likewise responds to Bitfinex. A Bitcoin-based technology firm, ACINQ, is behind the third, which has a total of 253 BTC.

This is the fourth-largest capacity node on Kraken, which just added Lightning Network services to its platform.

The data reveals that the Lightning network is in full swing and that it is not suffocating but rather has become more entrenched in the cryptocurrency world.

As more businesses and services provide Lightning network services, more users will be able to join the network and establish it as the primary choice to use when paying with cryptocurrencies like bitcoin.

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I remember my first BTC transaction took 15 mins, can't imagine buying a coffee and waiting for that long...
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