Time to revisit the Theta Guardian Node (How to mine TFUEL)

By TrocProcLock | Earning that Crypto | 5 May 2021


If you have been following me for some time you should know that I love me some TFUEL. It is what keeps me warm at night! 

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TFUEL and the Theta Network is what really drove me into the crypto space as more than a pet project. Back in the day their webportal of sorts was called sliver.tv. At its roots it was a Twitch clone. You could watch live streams, most of which were video game playthroughs. The killer aspect to the Theta network was that you earn cryptocurrency for watching the live streams. The reason you could earn crypto was because while you were watching the stream you were also broadcasting it to other people near you who wanted to watch it as well. You could earn TFUEL for watching streams. 

I did that for a few months and racked up a little pile of TFUEL. I soon realized that whatever you earned on Sliver.tv you could not withdraw to your wallet but had to spend it on the shop or tips to the streamers. It was at this point that I started to look into how to get my hands on more of this precious TFUEL. I was new to mining and all things crypto still so it was a long, dark, lonely road I walked down to get the answers I needed. I had to Google so many new terms that I had no idea what they meant.

Eventually I came to a Medium article that was talking about setting up a Node for the Theta Network. I jumped on the bandwagon immediately. I dove head first into Theta and setup my Node that night. By this time Sliver.tv was rebranded to THETA.tv (which made way more sense). A lot has changed since then and a lot has stayed the same. 

I want to help as many people earn crypto as easily as possible so I am going to walk through how to setup a Theta Node from scratch here.

- Get a Theta Account

- Download Node

- Node Overview

- Reap the rewards!


1) Get a Theta Account (for free)

The Theta approved wallet is https://wallet.thetatoken.org. In order to create a account you will need to go to https://wallet.thetatoken.org/create 

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You will need to create a password. Use something that will not be guessed easily. Click the checkbox stating that if you lose your password and keystore you are screwed. Then click on the Download Keystore button. It will download a file. YOU NEED TO KEEP THIS FILE HANDY!

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It will also show you a Mnemonic Phrase. Write this down on a piece of paper and put it in your safe or someplace 'safe'.

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After you wrote down your Mnemonic Phrase you will need to login. The easiest way to login in, is to use your password and that Keystore file. Just click on the "Choose Keystore File" and search for where you downloaded it and then type in your password.

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After you login you will see this screen. Your Theta and TFUEL balance will be empty and that is okay. Before you needed a little TFUEL in your account so that you could send some as a transaction to verify it was you. However that is not needed anymore.

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You can find your address in the top right of the webpage. It will look something like this:

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2) Download Node

Navigate here: https://docs.thetatoken.org/docs/setup-theta-edge-node 

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In that red box you will see Windows or macOS. Click on which ever OS you are running and it will download the installer for you.

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Double Click the installer.

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It should automatically install and then open the Edge Node.

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You need to past in your Wallet Address and click Save.

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3) Node Overview

Now that you have the Theta Edge Node setup what do you do? There are a few things you can do. The beauty of the Edge Node is its dual threat. It has mastered the simplicity and also mastered the multi-feature Node. After it installs and you login you don't have to touch anything to earn TFUEL each month.

Edge Cache:

The Node at it's core is caching service for the Theta Network. The Node will cache live streams and relay them to other viewers. That will earn you rewards at the end of the month. 

Edge Compute:

The node also has something called Edge Compute which is a built in [email protected] client. Just like my article about running [email protected] for Banano this is the same concept for earning TFUEL instead of Banano. It will run jobs in the background and pays you in TFUEL for the effort. This is set on by default so if you are running the Banano Miner on the same PC I would recommend turning one of them off.

Watch / Broadcast:

This is where you can watch streams. It basically replaces the need to login to the website to watch streams.

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Stake TFUEL:

If you happen to have over 10,000 TFUEL you can stake your TFUEL to earn passive staking rewards each month. If you stake only 10,000 you will only earn less than 15 TFUEL each month. So it's not a lot but it is pure passive income. 

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4) Reap the Rewards

Payouts in TFUEL happen every 5th of the month. So those of us who already have it setup should have gotten paid today. Then rewards start on the 1st of the month and end at the end of the month. I have always been paid out of time and without issue. Nor have I ever heard of an issue of anyone not getting paid out.

Theta was released in 2019 so it's still a relatively new project. When I joined the Theta bandwagon a TFUEL was worth less then a penny. Now it is worth roughly $0.40. Mark my words that TFUEL's price is worth north of $5 a pop. Right now you can trade on Gate.io, Binance and a few others. However I am HODLing my TFUEL for the long term. They have Google, Samsung, Binance as partners. They are not going anywhere.

TFUEL is the gas token of the Theta Network. The network has basically 0 transaction fee's. They do have a fee but it is so miniscule that it will never get out of hand. It is like 0.000001 TFUEL per transaction.


Now I can hear the questions now. "But TPL why would I want to run the Theta Edge Node and the Banano Miner at the same time, won't it negatively effect my computer?"

The beauty of the Theta Edge Node (if you turn off Edge Compute) it will use minimal computer resources and you don't need a great computer to run it. What it does utilize is your unused bandwidth. It is streaming content and then uploading content to others. So you will need a decent internet connection to run it. If you are on a metered connection then I wouldn't recommend running the Edge Node.

I personally have a old computer setup in the corner of my office with minimal specs that is only attached to a power cord and ethernet cable. I remote into it and run my Minecraft Server on it and my Edge Node.

 

My previous articles on Theta:

Sliver.tv and how to earn TFUEL

How to setup PGN and mine TFUEL  (this is outdated now by this article)

What is Theta & TFUEL - A Beginners Guide

TFUEL FAUCET!!

TFUEL Mining Update - Theta Edge Node

You can Stake your TFUEL now!

What I earn Staking TFUEL and running Edge Node for a month

 

 

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TrocProcLock
TrocProcLock

I am a crypto enthusiast and also a crypto noob :) Just trying to learn more each day.


Earning that Crypto
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