Running a Bitcoin Full Node 101: The myNode Approach

CryptoMode myNode Bitcoin Full Node Bitcoin Mempool UTXOs Chainalysis

Running a Bitcoin full node can be done in many different ways. Various pre-built solutions exist already, and more are likely to show up in the future. myNode is one of the more convenient options on the market today, and one that packs quite a punch. 

What is myNode Exactly?

As the name suggests, the myNode project is designed to get more people excited about Bitcoin network nodes. Although there are roughly 7,000 nodes securing the network, adding more of them is always a positive  trend.  After all, more nodes means a higher degree of decentralization, which is what this network is all about. 

Thanks to projects such as myNode, running a Bitcoin full node becomes a breeze. Not only does it make the process a lot easier, it can also tap into plenty of other projects and solutions to boot. This free-to-use pre-built software package makes it easier to get started in the Bitcoin world, which can often be rather daunting to newcomers. 

On the hardware front, there is an option to purchase a pre-built myNode unit as well. It comes with a Raspberry Pi 4B, aluminum case, SD card, and an optional external HD. Opting for this latter option can reduce the time needed to synchronize with the network when starting the Bitcoin full node for the very first time. 

It is important to note that all of this hardware can be bought with ease. Using a pre-built and pre-configured is worth exploring for those who simply want a convenient solution first and foremost. More advanced users will have the hardware on hand, or spend about $150 to get everything together. Having both options at one’s disposal is never a bad thing, as it caters to tech-savvy users and those with less technical knowledge. 

Benefits and Other Services

Opting for the myNode approach has a lot of benefits. It is very simple to set up and use, it comes with a lot of extra functionality, and it offers a Bitcoin full node. However, for those feeling adventurous, there are quite a few other services that can be turned on as well. All of these tools can help users support the Bitcoin network even further, or gain additional privacy while doing so.

The main extra feature to look into is supporting the Bitcoin Lightning Network. There are multiple ways to do so, including running a node with a Lightning channel to facilitate transactions. Combined with several wallet solutions capable of handling LN transactions, these options are all worth looking into.

There is also an option to run an Electrum server, which may be of interest to some. It gives an option to have a Bitcoin full node and a light BTC wallet running on the same device at the same time. 

Other options to explore include running Tor on the node – for that extra layer of privacy and anonymity – or simply setting up an existing VPN connection. All of this can be achieved from the user interface directly, making myNode a very powerful software-based solution. 

Do keep in mind that some of these features may require a Premium subscription to access, such as Whirlpool and Dojo support, as well as using BTC Pay Server to accept Bitcoin payments directly. 

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.