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0 sats \ 7 replies \ @OgFOMK 25 Dec 2023 \ on: SlushPool(Braiins) is dying. Here's how to save it bitcoin
I don't mean to be dumb but don't people have to put sats onto the lightning network from on chain Bitcoin rewards?
no...that is definitely not how it works. To receive all you need is a wallet with a lightning address (alby, zbd, etc.) or a mobile node (such as zeus) with a channel (you don't need to allocate your own funds to a channel to receive) or your own node with a channel.
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To receive a lightning payment you have to have the sender with liquidity. That liquidity is Bitcoin in a multi-signature on chain that has channels to other nodes. If you are receiving rewards those rewards are coming from fees and new mined Bitcoin on chain. Those on chain funds must be moved to lightning.
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But they could do a bulk move of on chain to lightning once a month or so, and then do individual lightning rewards payments.
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That's a very large amount of Bitcoin to move onto Lightning.
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You think everyone would switch to lightning payouts? I don't. Although I appreciate the bullishness.
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Not everyone, just the really small S9 miners trying to capture heat etc. Really, anyone with a 1year or longer payout to avoid relative % pool withdraw fees would probably opt for lightning option. No? I don't see why anyone in that position wouldn't.
I run an S9 at ~7TH/s to heat a big bathroom in our house. With Braiins. With 100,000 sats reward I would still pay a 10,000 sat fee to withdraw. That might not even include network fees? I'm not sure. But anyway, that's about 4 months to get to 100k sats. I may as well wait as long as possible before paying the 10k fee. Plus I only use this S9 in winter, so realistically I won't bother asking for payout until April 2025.
But yeah, if your reward is 1M sats per month, I guess you don't care about 10k sats. Fair.
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I'm thinking now that maybe lightning is possible for the small payments. Plus you can sell your liquidity. The stinker is the one chain fees but they're can also be miner pools who specify a transaction to lightning with no fee and put it into the block.
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