Binance working to enable Bitcoin lightning network

Binance is working to allow Bitcoin (BTC) lightning community withdrawals for its customers after experiencing points as a result of quantity of pending transactions.

In a Might 8 Twitter thread, the change defined that it needed to quickly pause BTC withdrawals as a result of massive quantity of pending transactions. It continued that there have been massive volumes of BTC withdrawal transactions from the change that had been but to be processed.

In keeping with Binance, the current surge in BTC fuel charges brought about this failure. Nevertheless, it mentioned it will substitute pending transactions with greater charges so mining swimming pools may course of them.

The change finally reopened BTC withdrawals after about 2 hours, saying that it had elevated the transaction charges.

“To forestall an identical recurrence sooner or later, our charges have been adjusted. We’ll proceed to observe on-chain exercise and regulate accordingly if wanted,” it added.

In the meantime, this isn’t the primary time Binance has paused BTC withdrawals. The change had earlier paused withdrawals on Might 7 for about one hour. On the time, it cited community congestion points.

There have additionally been situations the place Binance paused withdrawals and deposits for different digital belongings on account of technical points on the change. In December 2022, the change paused USDC withdrawals as a result of the change was conducting a token swap involving the Circle-backed stablecoin.

BTC community charges surge

Bitcoin transaction charges have risen considerably in the previous few months and are at present around $10 after rising to as excessive as $26 just a few hours in the past. There are additionally over 424,000 unconfirmed transactions on the community as of press time.

Whereas $10 might sound low, it’s comparatively excessive, provided that Bitcoin transaction charges had been round $1 about six months in the past. Binance CEO Changpeng Zhao said the rise in transaction charges is an indication of a bull market.

Blockchain analytical agency Glassnode reported that the community was “experiencing extraordinarily excessive demand for blockspace pushed by BRC-20 tokens, using text-based inscriptions, and ordinals.”

Bitcoin gas fees
Supply: Glassnode

Glassnode added that the typical payment paid per block has risen to 2.9 BTC — almost as excessive as previous bull peaks.

The publish Binance working to enable Bitcoin lightning network appeared first on CryptoSlate.

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