A semi-empirical global model for a nitrogen discharge in a strong magnetic field is developed. The model is based upon experimental data from high-resolution Doppler and extreme-ultraviolet vacuum spectroscopy, which establish the plasma composition, discharge parameters, and, most importantly, electronic transitions. This allows the number of required molecular systems and atomic/ionic states to be reduced, thereby retaining only the essential plasma chemistry reactions. The set of 35 stiff non-linear ordinary differential equations is numerically integrated using an unconditionally stable adaptive method. Simulations show the existence of two solution branches with low and high electron temperature, respectively. A distinct hysteresis is exhibited by the discharge and illustrated for three typical N2 mass flow rates. The dependencies of the plasma parameters on the applied power are presented and discussed in detail, including in the vicinity of the bifurcation points. The efficiency of operation in the opposing limits of N2 discharge behavior as either a source of plasma or light emission is examined, with special emphasis on electric propulsion capabilities.