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Thursday, December 1, 2022

Everything you need to know about running a bitcoin node | CNBCTV

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Operating your own node will add to the network’s strength. 

The Bitcoin blockchain is a distributed ledger maintained on hundreds of thousands of computers worldwide. Each of these computers has its own copy of the entire chain and is responsible for verifying and updating transactions. Two kinds of nodes are complete and light (or lightweight). Light nodes do not retain the whole blockchain but rather validate transactions using simplified payment verification (SPV). A mining node is an improved form of the node known as a complete node. 

Full nodes on the Bitcoin network equipped with adequate computational and processing power may also be utilized to mine Bitcoin. Each miner in the network competes to be the first node to produce a new block and to provide evidence that it has completed the operation. By operating your own node, you help to make the BTC network even more robust and impregnable. Currently, there is no method to generate income from the BTC node. However, using layer 2 payment protocols like the Lightning Network, you might receive a tiny part of the transaction amount in exchange for operating the node and routing transactions. To use a full Bitcoin node, you need a computer running the most recent version of Windows, macOS, or Linux, 7GB of accessible disk space with a minimum read/write speed of 100 MB/s, and an unmetered broadband Internet connection. 

Source:https://www.cnbctv18.com/cryptocurrency/bitcoin-node-and-everything-you-need-to-know-about-running-it-14166132.htm 

 

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