Bitcoin Makes Progress in Clearing Backlog, but Lightning Network Capacity and Channels Dropped Amid Congestion

In the past week, the Bitcoin web has made advancement successful resolving its congestion issues. On May 7, 2023, the fig of unconfirmed transactions reached an all-time precocious of implicit 500,000 transfers, causing a large backlog. However, arsenic of today, that fig has been reduced to 263,406. Currently, 184 blocks request to beryllium cleared to process the bulk of transactions that are inactive stuck successful the network’s mempool.

Congestion Woes Ease connected Bitcoin Network

The agelong queue of transactions is yet starting to subside arsenic bitcoin miners person started catching up with immoderate of the backlog. As we reported 3 days ago, Bitcoin.com News noted the opening of the congestion-clearing process, with unconfirmed transactions dropping from implicit 500,000 connected May 7 to conscionable supra 300,000 connected Thursday, May 11.

Onchain Bitcoin web fees according to mempool.space connected May 14, 2023.

According to mempool.io statistics, high-priority transactions were priced astatine $3 per transfer, portion low-priority transactions outgo $2.23 per transportation astatine that time. Current statistics connected May 14 amusement that onchain fees person importantly subsided connected the Bitcoin blockchain implicit the past 3 days. Just a fewer days ago, a high-priority transaction would person outgo $3, but today, that interest has dropped to $0.83.

The fig of unconfirmed transactions connected the Bitcoin network, according to mempool.space connected May 14, 2023.

A medium-priority transportation is present priced astatine $0.79, portion a low-priority transaction tin outgo astir $0.75. This is simply a important improvement, with high-priority onchain fees sliding by 72.33% implicit the past 72 hours. Additionally, the fig of unconfirmed transactions stuck successful the queue has reduced to 263,406, which is conscionable supra fractional of what it held connected May 7.

Lightning Network Capacity and Channels Drop

On May 9, the fig of transactions was astir 413,420, which means that 36.28% of the backlog has been cleared successful the past 5 days. While fees skyrocketed to astir $30 per transaction connected May 7 and person been rather volatile lately, the Lightning Network’s capacity did not improve. In fact, the fig of BTC locked into the Lightning Network dropped from 5,463 BTC connected May 5 to today’s capableness of 5,415 BTC connected May 14.

Lightning Network capableness according to bitcoinvisuals.com connected May 14, 2023.

The dip indicates that astir $1.28 cardinal successful worth near the Lightning Network amid the transaction backlog chaos. On May 8, the Lightning Network boasted 73,352 unsocial channels. However, that fig has since decreased to the existent 71,286 unsocial channels. According to mempool.space’s Lightning Network metrics, astir 5,057 BTC successful capableness is connected clearnet, portion 253 BTC of capableness is utilizing Tor. The remaining Lightning Network capableness is identified arsenic “other.”

What are your thoughts connected the caller developments successful the Bitcoin web and the Lightning Network’s capacity? Share your insights successful the comments conception below.

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