BitMEX Research Shows Many Public Channels Undergo Bitcoin Lightning Network Closure

News / 06.02.2020

BitMEX researched on Bitcoin Lightning Closure and found out that more than 60k non-cooperative channels got dissolved. Seventy-two percent were public channels, while twenty-eight percent were private channels.

Instead of considering channel count-based metric, the research perceived the numbers closed as per the value of Bitcoin. The amount of Bitcoin used by the non-cooperative channels amounted to 1070. The public channels used 993 Bitcoins, while the private channels used 131 Bitcoins.

When the value count gets considered, the research data reveals that the proportion of public channels is 88%, as against 72%  by channel count, as explained by the BitMEX researcher on Twitter.

What the Closure Reveals about Public Channels

The research findings reveal that public channels are not active, and as per the last report, the closure efforts got associated with attempts to steal funds called breach closure. Eventually, the penalty transaction came after breach detection.

According to the report, such penalties are rare. The proportion of the non-cooperative closures that led to penalty transactions was 0.3%, equivalent to 0.22% by value. Additionally, BitMEX’s last report talked about non-cooperative Lightning Network channel closure statistics and highlighted that the trend rose after November 2018. Nevertheless, it attained a zenith from January to June last year but declined to levels unseen since 2020.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.