High Fees Force Binance To Rediscover Bitcoin, Explore Lightning Withdrawals
Surging Bitcoin network fees have caused Binance to look into Bitcoin scaling solutions as well as implement fee bumping techniques.
- The largest cryptocurrency exchange by trading volume has halted and resumed Bitcoin withdrawals a couple of times during the weekend, citing Bitcoin's "congestion issue."
We've temporarily closed $BTC withdrawals as the #Bitcoin network is experiencing a congestion issue.
— Binance (@binance) May 7, 2023
Our team is currently working on a fix until the network is stabilized and will reopen $BTC withdrawals as soon as possible.
Rest assured, funds are SAFU.
- Prior to this, Binance's daily consolidation transactions have not been confirmed for a week, per mononaut.
- The issues were resolved later as Binance started utilizing its mining pool for processing withdrawals, as well as Child-Pays-For-Parent (CPFP) fee bumping technique.
and Binance is also aggressively CPFP-ing some of the remaining stuck withdrawalshttps://t.co/YAxcyDt5pW
— mononaut (@mononautical) May 8, 2023
- "To 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," the company said.
"Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations."
- "This is a learning opportunity for us and we’ll do our best to prevent this from happening again. Thank you for your patience."
