Home Cryptocurrency BitMEX Research Reveals 72% Channels are Public in Bitcoin Lightning Network

BitMEX Research Reveals 72% Channels are Public in Bitcoin Lightning Network

  • BitMex queried the API of the lightning network statistics website 1ml.com.
  • BitMex ran this query for all the 60,000 channels that closed for non-cooperation with the help of their sweep methodology.
  • BitMex concluded that the results could not be extrapolated accurately as they only include the channels that were identified by their sweep methodology.

After the January 2020 piece from the BitMex database, which mentioned 60,000 non-cooperative lightning network channels were closed, they questioned how many of these channels were private and how many were public. After analyzing the 1ml.com database and its database, BitMex concluded that 28% of closed channels were private ones.

Bitrefill CEO Sergej Kotliar first asked this question. He asked BitMex if they could provide an estimate for the number of private channels in their published dataset. BitMex stated that they did not mention the forecast in their original report, and after Sergej Kotilar’s advice, they started to conduct the analysis.

For this estimate, BitMex queried the API of the lightning network statistics website 1ml.com. It is considered a comprehensive database of all public lightning channels. BitMex ran this query for all the 60,000 channels that closed for non-cooperation with the help of their sweep methodology.

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The result showed that 72.2 percent of channels were identified as public and 27.8 as private by the sweep. The exact figures are given in the table below.

Annotation 2020-01-28 174111In the end, BitMex concluded that the results could not be extrapolated accurately as they only include the channels that were identified by their sweep methodology. These channels were closed down for their non-cooperation and selected from within all the available lightning channels.

BitMex further states that there could be numerous reasons why most of the lightning channels closed for non-cooperation were private. Still, they believe that this estimate is the best possible figure they could get for the closed individual channels to date.

An interesting fact that emerged from this analysis is that one can use these figures to find out the capacity of the lightning network. As per txstats.com, there are 895 bitcoins present in the public channels. This means that the total size of the network, inclusive of open channels is 1240 bitcoins.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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