BitMEX Research Shows Many Public Channels Undergo Bitcoin Lightning Network Closure
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.
Following on from our data on the breakdown of public vs private lightning channels, by number of channels. Based on community feedback, we now provide the breakdown by Bitcoin valuehttps://t.co/LYZ2yCDIgY
(Based on the 60,000 closures identified by the sweep methodology) pic.twitter.com/BX6yZkXCLe
— BitMEX Research (@BitMEXResearch) February 5, 2020
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.
by Wayne Jones
by Olowoporoku Adeniyi
by Olowoporoku Adeniyi