Lightning Bitcoin Network Adoption Continues To Rise

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A report from Glassnode, a cryptocurrency data analysis service, shows that the use and adoption of Bitcoin’s Lightning Network has increased dramatically over the past year.

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Perhaps the two most important statistics when looking at the growth of the Lightning network are the number of lightning nodes and the number of lightning channels running on the network. Increasing these numbers allows for more capacity on the network.

Since this time last year, the number of nodes running the Lightning Network has increased by approximately 105%. A year ago, the Lightning Network had just over 7,700 nodes. Today, the network has grown to over 15,800, which has increased its capacity.

The amount of channels connecting the nodes has also increased significantly at the same time. Just over a year ago, there were less than 38,000 channels across the network. Today, there are nearly 73,000 channels connecting nodes on the network, which represents an increase of almost 92%.

The increase in nodes and channels on the network allows it to increase its transaction capacity. The capacity of the Lightning Network means the amount of Bitcoin blocked in the network’s channels. The more this amount increases, the more Bitcoin is ready for transactions within the network.

A year ago, the Lightning Network had a capacity of only 1,125 Bitcoin. Today, the network has grown to a capacity of nearly 3,000 Bitcoin. This means that the network has increased its transaction capacity by over 160% over the past year.

The more capacity the Lightning Network grows, the more it can scale Bitcoin transactions and increase its use case as a day-to-day payment system. Currently, many see Bitcoin as a store of value and an investment opportunity, but the Lightning Network may be able to make using Bitcoin as a payment system a reality.

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