Bitcoin lightning node in Nigeria | Bitcointalksearch.org

Charles-Tim

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Quote from: Dr.Bitcoin_Strange on January 18, 2023, 01:09:51 PM

Africa Free Routing did not say they profited or earned 7 bitcoins. I think all they meant is that, in running the node, they have recorded or verified a transaction capacity of about 7 bitcoins.

If you check their website, https://t.co/nClBZbW4zA, they still have only 3 channels with a capacity of 0.63 bitcoin.

Quote from: Dr.Bitcoin_Strange on January 18, 2023, 01:09:51 PM

Now I grab, so running a full lighting node earn little incentive, SATs. but do Bitcoin miners earn more than running lighting node?

Node runners (onchain), they earn no reward

Lightning node runners can set fee, they can set no fee and make it free for people that open channel with them, they can set fee for people that have indirect connection with them if they want. I am not a lightning node runner, but what I have learned about it. Lightning node runners can decide to earn or not. But as of today, lightning node runners are not making profit as the reward earned from fee is very low.

Bitcoin mining is costly, they have to buy ASICs which are very expensive. They do not just go for expensive equipments for mining and paying electricity bill, it is because of the money they earn from it. But before someone can go for mining, he has to consider the budget and what can be their reward at certain period of time with the electricity used and miners bought to know if it would be profitable or not.

Dr.Bitcoin_Strange

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Quote from: sokani on January 13, 2023, 09:49:19 AM

If they can get up to 7 BTC from when they started mining to this very moment, then it is worth it.

****EDITED*****
I had to go do some googling & reading and the 7 BTC they said the are able to get as reward is wrong or should I say it doesn't make sense to me. From what I understand, Bitcoin rewards the first miner who receives the new transaction and records it.

@Sokani, I believe you already know who a miner is, but there is a difference between a miner and a node runner; a full node runner verifies transactions and does not receive block rewards like the miner does, and when running a lightning node, one needs to open channels that enable you to route payment through them, and the channels must be open to a prestigious node that has a superb capacity to send bitcoin over the network. @Charles- Tim can explain better.

Africa Free Routing did not say they profited or earned 7 bitcoins. I think all they meant is that, in running the node, they have recorded or verified a transaction capacity of about 7 bitcoins.

Advantage of running node, read below 👇. People that run Node also contribute to the Bitcoin network.

Quote from: Charles-Tim on January 12, 2023, 09:56:57 AM

To run bitcoin (onchain) node, there is no reward for it, but the reward that may be referred to is privacy, because if you run your own node using full client like Bitcoin Core with Tor, you will have privacy like not connecting to a central server that will know your IP address and wallet addresses. But some people run their own node to make bitcoin more decentralized, to help in the decentralized network. But lightning node operator can earn incentive from fee.

Now I grab, so running a full lighting node earn little incentive, SATs. but do Bitcoin miners earn more than running lighting node?

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Quote from: Charles-Tim on January 12, 2023, 09:56:57 AM

But some people run their own node to make bitcoin more decentralized, to help in the decentralized network.

This is the most important reason of running a note. You can only be known as a pioneer Bitcoiner by running a node so that you can be able to make bitcoin decisions.
Apart from this, running a node guarantees you another level of privacy in bitcoin.
Download your own bitcoin core today and run your own node so that a few people may not hijack the network in the future. The higher the node runners the lesser the possibility of 51% attack.

Quote from: Charles-Tim on January 12, 2023, 09:56:57 AM

But lightning node operator can earn incentive from fee.

Yes, the little fee charged at the opening and closing of LN channel before it is sent to onchain network.

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Quote from: sokani on January 13, 2023, 09:49:19 AM

If they can get up to 7 BTC from when they started mining to this very moment, then it is worth it

The 7 btc they said they were able to reach is not the gain made from mining but it's the total number of transaction volume they were able to run successfully..

If reward for mining is that huge for a short period as they just started then everyone could have been running a mining farm, especially those suitable in places were they don't pay a kobo for electricity

Charles-Tim

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Quote from: sokani on January 13, 2023, 09:49:19 AM

---snipped---

The total capacity for now is 0.63 BTC, with 3 channels.

You can use Alice and Bob for not to mention a username on this forum on what they may see not relevant in relation to why their names are mentioned. Alice and Bob is enough to site as an example.

Quote from: sokani on January 13, 2023, 09:49:19 AM

Note: The 6.25 BTC is Bitcoin halvening and you can find more about it here: https://bitcointalksearch.org/topic/2024-bitcoin-halving-what-are-your-expectations-5416002

6.25 BTC is bitcoin halving reward but it has nothing to do with this thread.

Quote from: Agbe on January 14, 2023, 01:10:43 AM

wealthy people are not interested to invest in bitcoin for now so the youth that is hustling can't afford to buy generator to run their nodes.

To mine in Nigeria can be difficult because no light supply. Since 3 days now in my area, I do not think we have up to 10 hours of light in 72 hours. I do not know if solar can be profitable for mining but if you want to contribute to the decentralized (bitcoin) network, the cost of solar to run full node could not be too costly as raspberry pi or computer used for it can not consume much electricity, unlike ASIC used for mining.

Quote from: Agbe on January 14, 2023, 01:10:43 AM

If the lighting network is active in Lagos then they can start from there and later, other node will be also active to mine. Nigeria cyber security is not strong before but I can't tell for now. And if I node runner is not using the country IP address then it will be wrong because the IP address will identify the location where the node is running but as for me I like bitcoin core.

If you join a mining pool, you do not need to setup a node, only solo miners need that. Using country IP address is not also necessary, it is even recommended to use Tor for it. Although, I will like to see nodes from Nigeria. As of today, no node yet, but they might mask their location with Tor.

Also there are differences to run a lightning node and to run an onchain node.

Agbe

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To run node in Nigeria is not friendly because of the power supply issue, though mining companies do not depends national power to run their node, but they take that one as an alternative power and in Nigeria the rich and the wealthy people are not interested to invest in bitcoin for now so the youth that is hustling can't afford to buy generator to run their nodes.

If the lighting network is active in Lagos then they can start from there and later, other node will be also active to mine. Nigeria cyber security is not strong before but I can't tell for now. And if I node runner is not using the country IP address then it will be wrong because the IP address will identify the location where the node is running but as for me I like bitcoin core.

sokani

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Quote from: Dr.Bitcoin_Strange on January 12, 2023, 07:58:48 AM

I am happy with their progress as well; over the past few days, they confirmed having reached 7 BTC in total capacity. It's a welcome development.

If they can get up to 7 BTC from when they started mining to this very moment, then it is worth it.

****EDITED*****
I had to go do some googling & reading and the 7 BTC they said the are able to get as reward is wrong or should I say it doesn't make sense to me. From what I understand, Bitcoin rewards the first miner who receives the new transaction and records it.

Let's say Cryptopreneurbrainboss wants to send 1 BTC to Igebotz. The first miner to receive this transaction, cross checks it to see if Brainboss actually has 1 BTC in his wallet and sends it to other nodes who receives and verify the transaction details. After verification, it is sent to a memory poll that has many bitcoin transactions from other users. The miner who first receives the transaction and solves it is rewarded with btc and the current rate is 6.25 BTC per block, so how do they arrived at 7 BTC?

Note: The 6.25 BTC is Bitcoin halvening and you can find more about it here: https://bitcointalksearch.org/topic/2024-bitcoin-halving-what-are-your-expectations-5416002

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This is a tough one because it is in an environment that is unfavourable. First, I imagine the amount of money he has to spend everyday on petrol just to ensure the node it running and active. Aside this, the possibility for this is quite limitless especially for payments. If we can have just two or more active nodes and then Nigerian bitcoiners gets connected to it, it will be great but them how many Nigerians know how to connect to the nodes? There is a lot of work that needs to be done in this area.

Quote

Free Bitcoin lightning payments node for Nigeria. Please be aware that NigeriaFreeRouting is in Lagos which has its challenges... The node is running on an old laptop, with a diesel generator over a crazy expensive and not always reliable mobile connection. So it might not always have 100% uptime like AfricaFreeRouting which is hosted in a fancy data centre. But this is life in Africa and at least we are on the ground and routing and can now work to improve our setup as we grow and are able to afford better. We are grateful for your support
Source: https://amboss.space/node/023b3ec101c9ab4e060b345d7d6b1728f5ca2db1e21bda9a88f2b9f6b1a3825ef9

Charles-Tim

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Quote from: Dr.Bitcoin_Strange on January 12, 2023, 07:58:48 AM

It may be funny, but sometime last year I asked a search engine "if it is possible to earn a passive income running a Bitcoin node." The answer I got confirmed it was a no, but it can only come with a little reward. @Charls-Tim I will be glad if you provide me with better knowledge about that.

To run bitcoin (onchain) node, there is no reward for it, but the reward that may be referred to is privacy, because if you run your own node using full client like Bitcoin Core with Tor, you will have privacy like not connecting to a central server that will know your IP address and wallet addresses. But some people run their own node to make bitcoin more decentralized, to help in the decentralized network. But lightning node operator can earn incentive from fee.

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Quote from: Charles-Tim on January 11, 2023, 01:40:49 PM

I am always surprised that no bitcoin node runner in Nigeria, but I can be wrong because a node runner can use Tor to anonymise the country IP address connection provided by ISP,

It may be funny, but sometime last year I asked a search engine "if it is possible to earn a passive income running a Bitcoin node." The answer I got confirmed it was a no, but it can only come with a little reward. @Charls-Tim I will be glad if you provide me with better knowledge about that.

Perhaps this time around, people are looking for what can earn them a living, so I won't be surprised if no Bitcoin node is running in Nigeria.

According to Finder's latest report on cryptocurrency ownership and adoption, it shows that Nigeria has the second highest number of Bitcoin owners as of October 2022, at 48%. Possibly there could also be a Bitcoin node running in Nigeria, but it would use an IP and have its privacy protected.

Quote

I am happy that this is coming from Nigeria:
https://twitter.com/FreeRoutingAf/status/1612781793576361984?s=20&t=JefpBdWZ5gwQ4W3SNzkLLg]The lightning network is now alive and routing on the ground in Lagos .

I am happy with their progress as well; over the past few days, they confirmed having reached 7 BTC in total capacity. It's a welcome development.

Charles-Tim

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I am always surprised that no bitcoin node runner in Nigeria, but I can be wrong because a node runner can use Tor to anonymise the country IP address connection provided by ISP, but according to https://bitnodes.io/, no Nigeria node runner using IP address. Although, for privacy, Tor is advisable, especially for those that are running full node on their full client wallet, like Bitcoin Core.

But about running a lightning network node, I am happy that this is coming from Nigeria:

Quote from: https://twitter.com/FreeRoutingAf/status/1612781793576361984?s=20&t=JefpBdWZ5gwQ4W3SNzkLLg

The lightning network is now alive and routing on the ground in Lagos .

Please share and support us by opening a channel to us: https://t.co/nClBZbW4zA

Although, running an onchain node do not come with incentive, but running a lightning node comes with incentive.

Topic: Bitcoin lightning node in Nigeria (Read 197 times)