There is a way to earn extra income with cryptocurrencies through a technique made on the blockchain. Check out the Bem Informado article to find out everything about it.
First of all, it is worth mentioning that this technique is called Lightning Node
What is a Lightning node?
A Lightning node is software that connects to the main blockchain network and the Lightning Network itself.
In other words, it is software that connects to the blockchain network and exchanges the most up-to-date data on the blockchain. Its main objective is to keep a record of every transaction on the blockchain network, making it immutable, transparent and decentralized. There are different nodes in each blockchain network; for example, the Full node and Light node are the main nodes of Bitcoin (BTC).
Instead, experts, known as miners, solve mathematical puzzles and add transactions to a trading block for block rewards and transaction fees. However, Bitcoin full nodes verify transactions but do not collect block rewards. Still, there are other reasons why users should run a full node, such as contributing to the overall security of the Bitcoin network and improving transaction security, which is critical if you plan to run multiple Bitcoin transactions daily.
A Lightning Node (LN) connects to the main blockchain network, such as Bitcoin, Litecoin (LTC), and the Lightning Network itself. Lightning network nodes differ from of the Bitcoin network in several ways, the most notable being the way they verify transactions. For example, the Bitcoin network requires nodes to validate all transactions on the blockchain, but the Lightning network only requires nodes to verify transactions that connect directly to it.
But what are the advantages of using a Lightning node? To fully explore and appreciate the benefits of LN technology, you must have at least one worker node. Regardless of your network, anyone can manage a node thanks to decentralization. So how many spoke nodes are there? The number of public Lightning nodes and merchant payments on the Lightning Network is constantly increasing.
The Lightning Network is a second-layer solution built on top of the Bitcoin blockchain to solve problems such as long transaction confirmation times. An unstructured network surrounds you and payments are made through channels, which are ad hoc peer-to-peer connections. Any number of payments can be sent in one channel. Nodes run by individuals or companies direct payments to keep the network running.
Any amount of BTC must be locked in a payment channel before using the Lightning Network. So, until the channel closes, it can be spent through LN. Whoever wants to receive a transaction creates an invoice, a long alphanumeric sequence of digits often represented by QR codes. The person making the payment just needs to scan the invoice with their Lightning wallet and confirm the payment with a digital signature.
Payment confirmation is sent instantly to the original creator of the request and takes place within a few seconds. Payments are not subject to long waiting periods or excessive fees because they are not made on the Bitcoin blockchain. This means that micropayments of just one satoshi can be made using LN. After using the network, you can exit by closing the channel to use your BTC on the main Bitcoin blockchain.
So can you make money running a lightning node? The most obvious answer is “Yes”, but your profit is not necessarily expressed in satoshis. You can earn BTC by forwarding transactions from other Lightning nodes through your node. Make sure your node is funded by sending BTC to your node's wallet address and establishing channels with other nodes so you can start earning BTC by participating in the Bitcoin Lightning Network.
Prerequisites for running a Bitcoin Lightning node include an amount of Bitcoin to fund your Lightning channel, fiat money to purchase the hardware(s), and a Lightning-compatible wallet.
Remember that Lightning nodes are not mining nodes, which means you are not mining Bitcoin, but it is vital for validating Bitcoin blocks. Validation nodes are the most common name for them. MyNode and Umbrel are two of the most popular specialized hardware options for validation nodes. In a few easy steps, you can set up a new myNode device.
To get started, download the myNode image for your device type and follow the instructions on the download page to flash it to an SD card. Then turn on the device and connect an external SSD. You will be asked to enter your product key. You can select this option if you are using the Community Edition. Otherwise, enter the product key that was emailed to you or can be found at the bottom of your device.
The device will begin synchronizing the Bitcoin blockchain. Depending on your device and network capacity, this process may take several days. The myNode device's web interface will show the current sync status. The device will automatically be connected to the Bitcoin network and display the app's home page once the initial sync is complete.
The myNode home page will appear when your myNode device is ready. If you are familiar with Linux, you can connect to your myNode device via SSH. You can connect to the device using its IP address or hostname.
Use the default credentials like Username: admin and Password: bolt (it is recommended to change the password) to start using all the features that myNode offers. The next step is to create a Lightning wallet on your myNode. Go to the myNode homepage and click on the “Lightning Wallet” button to create the wallet. Then click “Create Wallet” to get a seed phrase.
This phrase is crucial, and anyone who knows it will be able to access your money. Write this sentence down as a backup, and don't tell anyone! After writing your opening sentence, click “Continue”. Re-enter your seed phrase on the next page to ensure your backup was generated correctly. To create your wallet, click “Create”.
If your sentence is correct, you will be redirected to the Lightning home page where your Lightning wallet will begin syncing and setting up.
How to operate a profitable lightning node?
Tying a knot is more of an art than a science because special care and attention are required for each channel. When evaluating commissions, traffic flow, which channels to open and close, and rebalancing, look at how traffic moves and how much it costs to move it, focusing on a more macro view over time. So how do you earn passive income with us?
To fuel traffic, consider adjusting your channels. However, until traffic is going in both directions, it does not maintain a perfectly balanced channel. For example, if traffic travels in one direction, as it does on many channels, saturation must be constantly pushed or pulled to feed the traffic.
In addition to the above, this is a good time to analyze routes during rebalancing. For example, you can see where things can be moved cheaply, who is connected to who, and where you can open a channel to one of the connecting nodes to reduce fees and increase routing potential.
Creating an account on Tippin.me to accept tips on social media via the Bitcoin Lightning Network is perhaps the most affordable and easiest way to make money on the Lightning Network. Plus, you can earn some sats every time someone makes a transaction through your payment channel, supporting the rapidly growing Lightning Network.
Video creators may want to check out Light Tube, a YouTube-like web-based platform that allows users to post videos in exchange for BTC via the Lightning Network. Users who want to watch a high-definition video must pay the required fee (typically 100 satoshis). On the other hand, users who upload videos can use LN payments to redeem the money they earned from their videos.
But how much does it cost to manage a Lightning node? Keep in mind that making money is not a motivation for running an LN, as the profit from a Lightning node is usually a few cents per month at best. On average, the equipment needed to run a node will cost between US$ 200 and US$ 400.
