Bitcoin Lightning Network Crosses 80,000 Active Channels

The Bitcoin lightning network has reached a new milestone in terms of channels through which users can send and receive bitcoin. The latest statistical data from 1ML shows that a little above 80,000 active channels are currently operating on the network, representing a near 30% growth in just three months.

The data further showed that the network now holds over 3,000 BTC with approximately 30,000 nodes in operation.

Bitcoin Lightning Network Sees Tremendous Growth in 2021

This year has no doubt seen a noteworthy progressive increase in the usage of the Bitcoin Lightning Network. In July, the Bitcoin Lightning Network housed 2,000 BTC, the first of its kind since its creation.

At the time, there were roughly 24,000 nodes and 59,000 active channels, with approximately $76.1 million worth of bitcoins being transacted via the network.

Then, in August, barely a month later, the alternative Bitcoin payment protocol recorded a 15% growth in its capacity with about 2,290 (worth $108 million) bitcoins in its “care.” Approximately 25,000 nodes and 65,000 active channels were operating on the network then.

The remarkable growth of the Bitcoin Lightning Network within July and August made it obvious that surpassing the 3,000 BTC mark and hitting the 80,000 active channels rock was only a matter of time.

Meanwhile, several crypto exchanges have added support for the Bitcoin Lightning Network since its creation.

Bitfinex, which was the first crypto exchange to adopt the Bitcoin Lightning Network to its platform, reported in August that more than 34% of its bitcoin transaction counts were lightning transactions.

Coinfomania also recently reported that the leading peer-to-peer crypto exchange Paxful integrated Bitcoin’s Lightning Network into its platform, allowing its users to send funds outside the exchange and make payments for goods and services to merchants via the network.

Crypto exchange OKCoin was also not left out as the popular cryptocurrency exchange mentioned earlier this year that it would roll out support for the Bitcoin Lightning Network on its platform.

Considering all of this, it is clear that even as an alternative transaction option, the Bitcoin Lightning Network has a bright future ahead of it.