Bitcoin’s Lightning Network Reaches Best of $5.6 Million USD in Capacity and Over 8,000 Nodes
The Bitcoin Lightning Network is growing in capacity lately. At the moment, the network is already able to make over $5.6 million USD worth of BTC in transactions. The LN currently has 8,000 public nodes, a number which is growing as time passes.
In case you are not familiar with this technology, you should know that the Bitcoin Lightning Network is an off-chain scaling solution that works as a secondary layer for the Bitcoin network. Basically, you can make quick transactions even when the main network is so clogged that transactions are getting too expensive and slow.
The LN has started to grow in adoption a lot lately. There are actually good several reasons for that. One is that it was originally launched last year and it featured many bugs since then (like the chance that you may lose your money during the transaction), but now these bugs have been ironed out mostly.
Another reason is that the Lightning Torch campaign brought the technology to more mainstream audiences and there are several efforts to make the LN more popular going on. According to the official reports, not only the network now has more than 8,000 nodes, but its number of nodes rose by 5.74% over the last month.
While there are 8,000 nodes and the number is active ones is just over 4,000. Many nodes are created but they are not openly used. This number saw an increase of 3% since last month, which may mean that some of the older nodes are now inactive. Each node currently has the capacity to process around $1,335 USD at the moment, around 0.25 BTC at the time of this report.
Even the famous Andreas Antonopoulos, the author of a book called Mastering Bitcoin, has talked about the Lightning Network. According to him, the network has been running spectacularly since January last year and it is growing a lot.
He also talked about the Bitcoin Lightning Torch campaign, which is currently happening. This was initially a moe to test user nodes and wallet setups to test the capacity of the network and see how well it fares and it ended up being a huge success because many people got hyped about the idea and were very happy to see it becoming a reality.
The LN continues to grow now and we are bound to see some more improvements in the future. How much time will it take before the network has 10,000 nodes? That will probably happen soon.