Binance is working to allow Bitcoin (BTC) lightning community withdrawals for its customers after experiencing points because of the quantity of pending transactions.
In a Might 8 Twitter thread, the alternate defined that it needed to briefly pause BTC withdrawals because of the giant quantity of pending transactions. It continued that there have been giant volumes of BTC withdrawal transactions from the alternate that had been but to be processed.
Based on Binance, the current surge in BTC fuel charges brought on this failure. Nonetheless, it mentioned it will exchange pending transactions with larger charges so mining swimming pools may course of them.
The alternate finally reopened BTC withdrawals after about 2 hours, saying that it had elevated the transaction charges.
“To forestall the same recurrence sooner or later, our charges have been adjusted. We are going to proceed to watch on-chain exercise and regulate accordingly if wanted,” it added.
In the meantime, this isn’t the primary time Binance has paused BTC withdrawals. The alternate had earlier paused withdrawals on Might 7 for about one hour. On the time, it cited community congestion points.
There have additionally been situations the place Binance paused withdrawals and deposits for different digital property on account of technical points on the alternate. In December 2022, the alternate paused USDC withdrawals as a result of the alternate 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 at the moment 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 common payment paid per block has risen to 2.9 BTC — practically as excessive as previous bull peaks.
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