diff --git a/docs/usage.md b/docs/usage.md
index 57b9bd4..9130e26 100644
--- a/docs/usage.md
+++ b/docs/usage.md
@@ -252,10 +252,15 @@ For clarity reasons, nix-bitcoin renames all scripts to `jm-*` without `.py`, fo
 example `wallet-tool.py` becomes `jm-wallet-tool`. The rest of this section
 details nix-bitcoin specific workflows for JoinMarket.
 
-## Initialize JoinMarket Wallet
+## Wallets
 
-By default, nix-bitcoin's JoinMarket module automatically generates a wallet for
-you. If however, you want to manually initialize your wallet, follow these steps.
+By default, a wallet is automatically generated at service startup.
+It's stored at `/var/lib/joinmarket/wallets/wallet.jmdat`, and its mnmenoic recovery
+seed phrase is stored at `/var/lib/joinmarket/jm-wallet-seed`.
+
+A missing wallet file is automatically recreated if the seed file is still present.
+
+If you want to manually initialize your wallet instead, follow these steps:
 
 1. Enable JoinMarket in your node configuration
 
diff --git a/examples/configuration.nix b/examples/configuration.nix
index edc0fa6..9346e59 100644
--- a/examples/configuration.nix
+++ b/examples/configuration.nix
@@ -260,6 +260,6 @@
   # The nix-bitcoin release version that your config is compatible with.
   # When upgrading to a backwards-incompatible release, nix-bitcoin will display an
   # an error and provide hints for migrating your config to the new release.
-  nix-bitcoin.configVersion = "0.0.49";
+  nix-bitcoin.configVersion = "0.0.51";
 
 }
diff --git a/modules/joinmarket.nix b/modules/joinmarket.nix
index e6e873d..506628e 100644
--- a/modules/joinmarket.nix
+++ b/modules/joinmarket.nix
@@ -250,17 +250,31 @@ in {
         if [[ ! -f $wallet ]]; then
           ${optionalString (cfg.rpcWalletFile != null) ''
             echo "Create watch-only wallet ${cfg.rpcWalletFile}"
-            ${bitcoind.cli}/bin/bitcoin-cli -named createwallet \
-              wallet_name="${cfg.rpcWalletFile}" disable_private_keys=true
+            if ! output=$(${bitcoind.cli}/bin/bitcoin-cli -named createwallet \
+                          wallet_name="${cfg.rpcWalletFile}" disable_private_keys=true 2>&1); then
+              # Ignore error if bitcoind wallet already exists
+              if [[ $output != *"already exists"* ]]; then
+                echo "$output"
+                exit 1
+              fi
+            fi
           ''}
+          # Restore wallet from seed if available
+          seed=
+          if [[ -e jm-wallet-seed ]]; then
+            seed="--recovery-seed-file jm-wallet-seed"
+          fi
           cd ${cfg.dataDir}
           # Strip trailing newline from password file
           if ! tr -d "\n" <"${secretsDir}/jm-wallet-password" \
                | ${nbPkgs.joinmarket}/bin/jm-genwallet \
-                   --datadir=${cfg.dataDir} --wallet-password-stdin $walletname \
-               | grep 'recovery_seed' \
-               | cut -d ':' -f2 \
-               | (umask u=r,go=; cat > jm-wallet-seed); then
+                   --datadir=${cfg.dataDir} --wallet-password-stdin $seed $walletname \
+               | (if [[ ! $seed ]]; then
+                    umask u=r,go=
+                    grep -ohP '(?<=recovery_seed:).*' > jm-wallet-seed
+                  else
+                    cat > /dev/null
+                  fi); then
             echo "wallet creation failed"
             rm -f "$wallet" jm-wallet-seed
             exit 1
diff --git a/modules/versioning.nix b/modules/versioning.nix
index 004a2c7..76c8af8 100644
--- a/modules/versioning.nix
+++ b/modules/versioning.nix
@@ -100,6 +100,29 @@ let
         [1] https://github.com/bitcoin/bitcoin/pull/15454
       '';
     }
+    {
+      version = "0.0.51";
+      condition = config.services.joinmarket.enable;
+      message = let
+        jmDataDir = config.services.joinmarket.dataDir;
+      in ''
+        Joinmarket 0.9.1 has added support for Fidelity Bonds [1].
+
+        If you've used joinmarket before, do the following to enable Fidelity Bonds in your existing wallet.
+        Enabling Fidelity Bonds has no effect if you don't use them.
+
+        1. Deploy the new system config to your node
+        2. Run the following on your node:
+           # Ensure that the wallet seed exists and rename the wallet
+           ls ${jmDataDir}/jm-wallet-seed && mv ${jmDataDir}/wallets/wallet.jmdat{,.bak}
+           # This automatically recreates the wallet with Fidelity Bonds support
+           systemctl restart joinmarket
+           # Remove wallet backup if update was successful
+           rm ${jmDataDir}/wallets/wallet.jmdat.bak
+
+        [1] https://github.com/JoinMarket-Org/joinmarket-clientserver/blob/master/docs/fidelity-bonds.md
+      '';
+    }
   ];
 
   mkOnionServiceChange = service: {
diff --git a/pkgs/joinmarket/default.nix b/pkgs/joinmarket/default.nix
index ddc1ab2..de0344e 100644
--- a/pkgs/joinmarket/default.nix
+++ b/pkgs/joinmarket/default.nix
@@ -1,10 +1,20 @@
-{ stdenv, lib, fetchurl, python3, nbPython3Packages, pkgs }:
+{ stdenv, lib, fetchurl, applyPatches, fetchpatch, python3, nbPython3Packages, pkgs }:
 
 let
   version = "0.9.1";
-  src = fetchurl {
-    url = "https://github.com/JoinMarket-Org/joinmarket-clientserver/archive/v${version}.tar.gz";
-    sha256 = "0a8jlzi3ll1dw60fwnqs5awmcfxdjynh6i1gfmcc29qhwjpx5djl";
+  src = applyPatches {
+    src = fetchurl {
+      url = "https://github.com/JoinMarket-Org/joinmarket-clientserver/archive/v${version}.tar.gz";
+      sha256 = "0a8jlzi3ll1dw60fwnqs5awmcfxdjynh6i1gfmcc29qhwjpx5djl";
+    };
+    patches = [
+      (fetchpatch {
+        # https://github.com/JoinMarket-Org/joinmarket-clientserver/pull/999
+        name = "improve-genwallet";
+        url = "https://patch-diff.githubusercontent.com/raw/JoinMarket-Org/joinmarket-clientserver/pull/999.patch";
+        sha256 = "08x2i1q8qsn5rxmfmmj4i8s1d2yc862i152riw3d8zwz7x2cq40h";
+      })
+    ];
   };
 
   runtimePackages = with nbPython3Packages; [