{"id":323254,"date":"2023-05-08T08:20:51","date_gmt":"2023-05-08T07:20:51","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=323254"},"modified":"2023-08-04T15:22:13","modified_gmt":"2023-08-04T14:22:13","slug":"binance-working-to-enable-bitcoin-lightning-network","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-working-to-enable-bitcoin-lightning-network\/","title":{"rendered":"Binance working to enable Bitcoin lightning network"},"content":{"rendered":"

Binance is working to enable Bitcoin (BTC<\/a>) lightning network withdrawals for its users after experiencing issues due to the volume of pending transactions.<\/p>\n

In a May 8 Twitter thread<\/a>, the exchange explained that it had to temporarily\u00a0pause BTC withdrawals <\/span>due to the large volume of pending transactions. It continued that there were large volumes of BTC withdrawal transactions from the exchange that were yet to be processed.<\/p>\n

According to Binance, the recent surge in BTC gas fees caused this failure. However, it said it would replace pending transactions with higher fees so mining pools could process them.<\/p>\n

The exchange eventually reopened BTC withdrawals after about 2 hours, saying that it had increased the transaction fees.<\/p>\n

\u201cTo prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed,\u201d it added.<\/p><\/blockquote>\n

Meanwhile, this is not the first time Binance has paused BTC withdrawals. The exchange had earlier paused <\/span><\/a>withdrawals on May 7 for about one hour. At the time, it cited network congestion issues.<\/p>\n

There have also been instances where Binance paused withdrawals and deposits for other digital assets due to technical issues on the exchange. In December 2022, the exchange paused<\/a> USDC withdrawals because the exchange was conducting a token swap involving the Circle-backed stablecoin.<\/p>\n

BTC network fees surge<\/h2>\n

Bitcoin transaction fees have risen significantly in the last few months and are currently around $10 <\/span><\/a>after rising to as high as $26 a few hours ago. There are also over 424,000 unconfirmed transactions on the network as of press time.<\/p>\n

While $10 might seem low, it is relatively high, given that Bitcoin transaction fees were around $1 about six months ago. Binance CEO Changpeng Zhao\u00a0said<\/span><\/a> the rise in transaction fees is a sign of a bull market.<\/p>\n

Blockchain analytical firm Glassnode reported<\/a> that the network was “experiencing extremely high demand for blockspace driven by BRC-20 tokens, utilizing text-based inscriptions, and ordinals.”<\/p>\n

\"Bitcoin
Source: Glassnode<\/figcaption><\/figure>\n

Glassnode added that the average fee paid per block has risen to 2.9 BTC \u2014 nearly as high as past bull peaks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance is working to enable Bitcoin (BTC) lightning network withdrawals for its users after experiencing issues due to the volume of pending transactions. In a May 8 Twitter thread, the exchange explained that it had to temporarily\u00a0pause BTC withdrawals due to the large volume of pending transactions. It continued that there were large volumes of […]<\/p>\n","protected":false},"author":720,"featured_media":323256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,77968,78564,78756],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nBinance working to enable Bitcoin lightning network<\/title>\n<meta name=\"description\" content=\"Blockchain analytical firm Glassnode reported that Bitoin was "experiencing extremely high demand for blockspace."\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-working-to-enable-bitcoin-lightning-network\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance working to enable Bitcoin lightning network\" \/>\n<meta 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