Lightning bolts can not be seen from higher than about 150 blocks above the block they hit. For example if a lightning bolt hits 0 64 0, it's not visible from above y=221.
Best to reproduce with a repeating command block with the command summon lightning_bolt in it.
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migrated
migrated
Found that it will disappear at a height >130
FaRo1
Actually, it's 64 blocks above the target, I just tested that.
migrated
Some entities got a shorter render distance than others, which leads e.g. to MC-90683.
The less entities are rendered, the less lag of course, but in the cases of lightning bolts, unless it'd cause any horrendous lag issues, I'd be totally voting for using up to the whole build height, for more realism and thus logic, or let's say: Until the lightning bolt hits a solid block?
migrated
Confirmed for 1.13.1.
FaRo1
For some reason the range increased, but is still not infinite. It seems to depend on the height of the source now, but the distance is always roughly 150 blocks, sometimes closer to 160.
Avoma
Can confirm in 20w51a
Avoma
Can confirm in 21w03a.
Avoma
Can confirm in 21w05b.
Avoma
Can confirm in 21w06a.
ampolive
Can confirm in 1.17.1.
Able to confirm.