Bitcoin Lightning Network Closures are More of Public Channels
BitMEX carried out research on closures within Bitcoin Lightning network. The result shows that more than 60k non-cooperative channels were closed (72 percent and 28 percent were public channels and private channels, respectively).
The research considered the numbers closed according to the value of Bitcoin instead of channel count-based metrics.
The amount of Bitcoin spent by the 60k non-cooperative channel closures is 1,070. Public channels and private channels spent 993 and 131 BTC respectively.
When it comes to value count, the research data set shows that the proportion of public channels is 88 percent as against 72 percent by channel count. BitMEX Research explained on Twitter:
The data shows that public channels may on average be larger than private channels
88% of closures by $BTC value are public compared to 72% of closures by channel count
— BitMEX Research (@BitMEXResearch) February 5, 2020
The result suggests that public channels are dominant. Nevertheless, the number of non-cooperative closures is not expected as 30k was anticipated.
According to past reports, these closure efforts were associated with attempts to steal funds known as breach closure. The penalty transaction comes after the detection of a breach.
The report noted that such penalty transactions are uncommon. The proportion of the non-cooperative closures that led to penalty transactions was 0.3 percent (0.22 percent by value).
Likewise, BitMEX in a past report talked about statistics of non-cooperative Lightning Network channel closures. The report noted that the trend increased after November 2018 and it attained a zenith from January to June last year, but declined to levels unseen since 2020.