Bitcoin Lightning Network Capacity Surpasses $ 2 Mln Despite Bear Market


The capacity of the Bitcoin (BTC) Lightning Network (LN) has surpassed $ 2 million on Sunday, Dec. 23, according to data provided by BTC statistics website

Despite the year-long bear market, the Bitcoin Lightning network has seen strong growth in 2018.

As of Dec. 23, node channels that support the lighting scaling protocol were able to facilitate 496.8 BTC, almost reaching a landmark point of 500 BTC. At that time, the amount was worth about $ 2 million.

The number of channels that are connecting to the first time has grown visibly in the last two months, totaling up to 14.352 unique channels by late December.

As Cointelegraph previously explained, scalability is one of the biggest issues for the Bitcoin network. Despite many improvements made within last ten years, that may be due to the growing number of users and transactions, which may be drastically increased.

The BTC Lightning Network, a second layer payment protocol that operates on top of the BTC blockchain, aims to solve the problems with the use of payment channels. until the moment the channel is closed.

Crypto-related businesses are now available for the benefit of the "crypto winter." For example, the number of crypto ATMs around the world .

Canadian BTC mining company Hut 8 claimed a record high $ 13.5 million for Q3 2018, and Japanese IT giant GMO reported that its crypto businesses, including mining equipment and its crypto exchange, has gained 2.6 billion yen ($ 22.8 million) during the same period.

However, some Chinese competitors allegedly started selling equipment by weight, as opposed to price per unit.

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