Binance is working to allow Bitcoin (BTC) lightning community withdrawals for its customers after experiencing points as a result of quantity of pending transactions.
In a Might 8 Twitter thread, the trade defined that it needed to briefly pause BTC withdrawals as a result of massive quantity of pending transactions. It continued that there have been massive volumes of BTC withdrawal transactions from the trade that had been but to be processed.
In line with Binance, the latest surge in BTC fuel charges triggered this failure. Nonetheless, it mentioned it might substitute pending transactions with greater charges so mining swimming pools may course of them.
The trade finally reopened BTC withdrawals after about 2 hours, saying that it had elevated the transaction charges.
“To forestall an identical recurrence sooner or later, our charges have been adjusted. We are going to proceed to watch on-chain exercise and modify accordingly if wanted,” it added.
In the meantime, this isn’t the primary time Binance has paused BTC withdrawals. The trade had earlier paused withdrawals on Might 7 for about one hour. On the time, it cited community congestion points.
There have additionally been cases the place Binance paused withdrawals and deposits for different digital belongings because of technical points on the trade. In December 2022, the trade paused USDC withdrawals as a result of the trade was conducting a token swap involving the Circle-backed stablecoin.
BTC community charges surge
Bitcoin transaction charges have risen considerably in the previous couple of months and are presently round $10 after rising to as excessive as $26 a number of hours in the past. There are additionally over 424,000 unconfirmed transactions on the community as of press time.
Whereas $10 might sound low, it’s comparatively excessive, provided that Bitcoin transaction charges had been round $1 about six months in the past. Binance CEO Changpeng Zhao mentioned the rise in transaction charges is an indication of a bull market.
Blockchain analytical agency Glassnode reported that the community was “experiencing extraordinarily excessive demand for blockspace pushed by BRC-20 tokens, using text-based inscriptions, and ordinals.”
Glassnode added that the typical payment paid per block has risen to 2.9 BTC — almost as excessive as previous bull peaks.
The submit Binance working to allow Bitcoin lightning community appeared first on CryptoSlate.