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NiceHash now sells Bitcoin mining by Lightning Network

NiceHash now sells Bitcoin mining by Lightning Network

NiceHash, one of the largest mining markets in the Bitcoin and other cryptocurrency ecosystem has announced official support for the Lightning Network (LN).

Thus, this integration will allow all users of the platform to deposit and withdraw Bitcoins without additional fees.

The decision was made by the NiceHash team this week, which recommended that its users connect to the Lightning node to take advantage of the network.

With the move, the company expects its customers to be able to enjoy Bitcoin transactions faster and with considerably lower rates.

NiceHash uses Lightning Network

Users must open a channel with the company, identified as the node ln.nicehash.com in the network Lightning.ln.nicehash.com on the Lightning Network.

The connection can be carried out directly from the NiceHash wallet or from another Bitcoin wallet, if it has functions for LN, as is the case with the Electrum, Blue Wallet, BLW and Eclair applications, among others.

The channel allows a maximum of 0.167 BTC to be processed, according to Lightning Network specifications. Similarly, NiceHash has set a withdrawal limit of 0.15 BTC for all its users.

However, he recommends that his customers mobilize even smaller amounts of Satoshi, as the Lightning Network is still an experimental project. Therefore, users can take risks with their use.

NiceHash explained in a tweet that lately transaction fees in Bitcoin are high. Therefore, they believe that it is the right time to start using the Lightning Network.

Scalability issues

Recently, a vulnerability has been discovered in Lightning Network that could compromise users ‘ privacy.

The revelation highlights that privacy can be affected through a ” time attack.”

Thus, according to an article published by Elias Rohrer and Florian Tschorsch of the Technical University of Berlin, LN may not be safe.

The potential attack is made on trading messages in HTLC (Hashed time-blocking contracts).

What do you think?

Written by S. Parmar

S. Parmar is a digital marketing and cryptocurrency enthusiast, who always learns and predicts new things. He has 4 years of experience in cryptocurrency.

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