Ledger Live and Horizen Node staking
Good morning all,
I trust that you are all doing well through these trying times. At least there has been some good news of recent times, Ledger has enabled coin control to Bitcoin and bitcoin derived coins. This now makes it easy to store your node collateral on a Ledger device, where you can send only the UXTO's (Unspent Transaction Output).
This guide will help you to keep the requisite collateral stake in your staking addresses while only sending out the rewards for you nodes to a new address.
NOTE: I originally setup my staking addresses with a single transaction of 42 zen
- First is to load up and ensure you are using the latest Ledger Live application. As of writing this guide the version I am using is 2.11.1. Once you have updated and running the latest version, click the send button and select the Horizen account where you hold your collateral. Then enter an address to receive your rewards.
2. On the second page of the Send dialog, put 1 or 0.0001 zen and then click on the "Coin control" button.
3. I originally setup my staking addresses with a single transaction of 42 zen for each staking address (and my previous instructions advised to do this) so I have a single 42 zen UXTO. On the Coin control dialog I deselected all the UXTOs that had 42 zen (I run multiple node collateral addresses from a single account with different addresses each). I also deselected any other UXTO that was not associated with the reward payments.
4. Once you have deselected the UXTOs you dont want to use, click on the done button and you will be returned to the second send dialog screen. On this page there are two steps, (1) Enter a custom fee of 1 sat per byte, then (2) click on the "send max" toggle. It may take some time for the max to calculate so please have some patience. (3) Click on the continue button
5. Connect your Ledger device if it was not already connected and log into it. Then it may take some time for the authorisation to appear on the device. On my core i9 Macbook pro, it took 2 mins, 6 seconds to appear for 47 nodes worth of rewards.
6. It then took a further 1 minute, 21 seconds to broadcast the transaction to the network.
I hope that this guide helps you to manage your node rewards from the ledger device. If you have any further questions or suggestions post them below or hit me up on Discord.
Have a great day