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bitcoind_setup.md

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Setup Bitcoin Node

The staking indexer requires a synced bitcoind node as the backend.

Below, we provide instructions on setting up a signet bitcoind node in Ubuntu.

1. Download and install bitcoind:

# Download Bitcoin Core binary
wget https://bitcoincore.org/bin/bitcoin-core-26.0/bitcoin-26.0-x86_64-linux-gnu.tar.gz

# Extract the downloaded archive
tar -xvf bitcoin-26.0-x86_64-linux-gnu.tar.gz

# Provide execution permissions to binaries
chmod +x bitcoin-26.0/bin/bitcoind
chmod +x bitcoin-26.0/bin/bitcoin-cli

2. Create and start a Systemd Service:

Please update the following configurations in the provided file:

  1. Replace <your_rpc_username> and <your_rpc_password> with your own values. These credentials should be utilized in the sid.conf configuration file generated via sid init.
  2. Ensure that the <user> is set to the machine user. In the guide below, it's set to ubuntu.
  3. If you want to enable remote connections to the node, you can add rpcallowip=0.0.0.0/0 and rpcbind=0.0.0.0 to the bitcoind command.
# Create the service file
sudo tee /etc/systemd/system/bitcoind.service >/dev/null <<EOF
[Unit]
Description=bitcoin signet node
After=network.target

[Service]
User=<user>
Type=simple
ExecStart=/home/ubuntu/bitcoin-26.0/bin/bitcoind \
    -deprecatedrpc=create_bdb \
    -signet \
    -server \
    -rpcport=38332 \
    -rpcuser=<your_rpc_username> \
    -rpcpassword=<your_rpc_password>
Restart=on-failure
LimitNOFILE=65535

[Install]
WantedBy=multi-user.target
EOF
# Start the service
sudo systemctl daemon-reload
sudo systemctl enable bitcoind
sudo systemctl start bitcoind
# Check the status and logs of the service
systemctl status bitcoind
journalctl -u bitcoind -f

Notes:

  1. Expected sync times for the BTC node are as follows: Signet takes less than 20 minutes, testnet takes a few hours, and mainnet could take a few days.
  2. You can check the sync progress in bitcoind systemd logs using journalctl -u bitcoind -f. It should show you the progress percentage for example it is progress=0.936446 in this log 
    Jan 29 18:55:50 ip-172-31-85-49 bitcoind[71096]:
2024-01-29T18:55:50Z UpdateTip: new best=00000123354567a29574e6bdd263409b8eab6c05c6ef2abad959b092bf61fe9a
height=169100 version=0x20000000 log2_work=40.925924 tx=2319364
date='2023-11-12T19:42:53Z' progress=0.936446
cache=255.6MiB(1455996txo)
    Alternatively, you can also check the latest block in a btc explorer like https://mempool.space/signet and compare it with the latest block in your node.
  3. You can also use bitcoin.conf instead of using flags in the bitcoind cmd. Please check the Bitcoin signet wiki and this manual here to learn how to set bitcoin.conf. Ensure you have configured the bitcoind.conf correctly and set all the required parameters as shown in the systemd service file above.