Bitcoin adoption increasing number of Lightning Network nodes

Bitcoin adoption increasing number of Lightning Network nodes 6

According to reports, Bitcoin Lightning nodes are increasing rapidly. This is a clear sign that Bitcoin adoption is not only increasing in words, but exists in actuality.

On 27 September, Glassnode shared a report on the growth of Bitcoin lightning network implementation and adoption.

According to Glassnode, There were 15,600 active bitcoin lightning nodes network, which was 160% growth by September. At the end of August, there were 6000 bitcoin lightning nodes, which were active. 

If we talk about the network or connections in between these nodes, then there were a total of 73000 connections, which was the biggest hit. So we can say that there are 4.6 channels per lightning node. 

And if we talk about the most recent report, it was found that there are 9.3 channels per node on 26 September, reported by Bitcoinvisuals.

“This is around double the number of channels that were live through the period from 2019-20, with most of this growth occurring since May 2021.”

According to Glassnode, this year growth in the Bitcoin Lightning Network expanded rapidly compared with last year. 

If we talk about the capacity of the lightning network, then we will see it has around 2,904 BTC. While this capacity was very low with 514 BTC in 2019 to 2020. So this year capacity growth of LN is 170%, while last year capacity growth was 22%.

The capacity of bitcoin sent limit is 0.04BTC. while earlier this year it was around 0.028BTC, so there is net growth of 43% in the mean channel size.

In the present time, if we want Increase the bitcoin adoption, then we need to go through the Bitcoin Lightning network instead of direct on-chain bitcoin transactions because the lighting network enables people to facilitate Bitcoin transactions at almost zero cost and high speed. And recent steps of El Salvador’s Chivo wallet, Strike app, Cash app are best examples of Bitcoin adoption with lightning network concept.

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