In a groundbreaking move, Braiins pool, a prominent player in the Bitcoin mining industry, has become the first mining pool to introduce Lightning payouts, revolutionizing the way miners receive their rewards. This marks a significant step towards the integration of the Lightning Network (LN) within the mining sector, addressing challenges and unlocking new opportunities for miners.
Lightning Payouts: Braiins Pool Paves the Way
Braiins recently announced its pioneering move towards Lightning payouts, allowing miners instant access to their bitcoin rewards with no minimums or fees. The decision to integrate the Lightning Network reflects Braiins’ deep understanding of the challenges faced by the mining community, particularly the difficulties small miners encounter when withdrawing funds from pools.
Kristian Csepcsar, Chief of Propaganda at Braiins, emphasized the motivation behind this innovative step, stating:
“We recognized that there is a growing market of small miners who face difficulties while withdrawing their funds from the pools. They can have many use cases, from being used as home heating devices that can also generate small profits to a way to further decentralize mining.”
The move to Lightning payouts is not only a response to the challenges faced by miners but also a proactive approach to the changing landscape of transaction fees. Csepcsar highlighted:
“The year 2023 was marked by a really high fee rate, and we’d like to help miners take ownership of their UTXOs while spending as few fees as possible.”
Meeting Miner Demands: Lightning as a Solution
Internal research conducted by Braiins revealed that the Lightning Network was a highly requested feature among miners. Miners, known for their enthusiasm in experimenting with cutting-edge technology, saw Lightning as an opportunity to enhance privacy by avoiding address reuse. Csepcsar explained:
“Lightning could also improve their privacy by avoiding address reuse and enabling them to take advantage of all the Lightning features like lower fees and no permanent information on the blockchain.”
With Lightning payouts, Braiins aims to offer miners a faster and more seamless experience compared to traditional on-chain transactions. The innovative solution not only benefits miners by providing quicker access to their earnings but also contributes to the scalability and usability of the bitcoin network.
Csepcsar further commented:
“We believe that we’ve made a step forward for Lightning adoption; the more users and bitcoiners use Lightning, the more stable and reliable the network will become. As the first mining pool in history, we really love the dear old on-chain bitcoin, but we think that Lightning could really benefit miners and also improve the health of the blockchain by avoiding clogging it up with tiny payout UTXOs.”
Collaboration with Voltage: Shaping the Future of Mining
Braiins is collaborating with Voltage, a move that underscores the commitment to making Lightning payouts a reality for miners. Graham Krizek, Founder and CEO at Voltage, expressed excitement about the collaboration, stating:
“Very excited to be working with Braiins to enable Lightning payouts. This is going to be a game changer for pools and a huge UX improvement for their customers.”
The partnership with Voltage not only signifies the technical prowess of both companies but also promises a user-friendly experience. Krizek highlighted the ease of use Voltage brings to the table, stating, “Voltage makes it so quick and easy there’s no reason not to.”
Looking Ahead: The Potential of Lightning
In response to concerns about the perceived slow progress of Lightning Network adoption, Csepcsar expressed bullish optimism, stating:
“We are big believers in Lightning! We are seeing strong adoption in the market and from our users. We’re happy to have deployed one more node to the network!”
As Braiins prepares for the public release of Lightning payouts in the coming weeks, the mining industry watches closely. Miners who want to try this feature prior to public release, can simply ask Braiins support via this link.
This pioneering move not only sets a precedent for other mining pools but also propels the broader adoption of Lightning Network solutions across the industry. Miners, now equipped with Lightning payouts, are poised to experience a new era of efficiency and speed in receiving their well-earned sats.
