I’m trying to get some information about Litecoin Node does anyone have experience installing nodes and apart from strengthening security and helping fast transactions can you generate revenue for yourself? How profitable it is to host LTC Node
Checkout https://www.reddit.com/r/litecoinmining/ Reddit’s Litecoin Mining. They have good information on it.
Thanks for the link I checked reddit.com there is a lot of information about mining but I can’t find any topic on hosting Node, overall it’s a good site to learn from other experience
Nodes are for creating transactions while miner proof them. So example u want to host a website with functionality deposit and withdraw without using 3rd party services u need a own node.
For best experience I recommend to run it on Linux at a separate Maschine without any port open to www, only Webserver should can access it in local network.
Unfortunately, nodes do not make any money. You could run a node simply by installing Litecoin Core and enabling incoming connections.
I don’t know why the protocol does not allow sharing of transaction fees for nodes.
In the context of your question I assume you are talking about mining. For this, I would say don’t bother unless you really know what you are doing, have plenty of funding and abnormally cheap electricity.
A lot of mining happens in China and they don’t even need to make a profit because its simply viewed as a way to convert RMB into USD, etc.
Also be aware of traps for the unwary. In my view its highly likely the expensive miner(s) you could buy for the job have already been used by the manufacturer to front-run the hashing power, before selling them.
Thanks… you just reminded me when I purchased my miners from a lady in the warehouse showed me she is running my machines for final checks before shipping what when miners arrived in the UK machines still had their pool logins details which I replaced with my choice of pools with my credentials
Even the box was open I didn’t bother because my miners were released by Goldshell in July 2021 and I placed an order in August 2021. Do you think there is something I should check
There is nothing to check. Mining is a mugs game.
You are obviously a fellow Linux user so maybe you want to do it for personal interest? By all means, but don’t expect to make anything.
If you want a chance to make something look at running a validator for a PoS coin. Even then, those are a race to the bottom with zero fee being common.
All my crypto comes through a combination of buying, staking rewards and other reward schemes (like CRO cash back).
Not any more. The prohibitions in regards to crypto mining, trading in China made the hashrate move. Now mining moved about 50% to the US, they even bought a high output plant. Kazakhstan were mining contributed to the recent power shortages and other countries such as Venezuela.
Hosting a node doesn’t generate a profit. It is there to validate every transaction yourself, therefore you do not have to trust anybody.
BTC lightning network nodes might be able to generate some income through fees.
You are right I am a Linux user and I want my free PCs to do some work, I think running Validators is a good suggestion I will definitely look into it
Please keep me in the loop on how it works out for you. I am very interested.