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Author Topic: Anyone else considering mining Namecoin?  (Read 8736 times)
Reikoku
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June 09, 2011, 03:47:34 PM
 #21

I'm still waiting for OSX namecoin to come out. Sad

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June 09, 2011, 04:36:36 PM
 #22

Just devoted half a 5830 to it. 
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July 14, 2011, 07:56:10 PM
 #23

Namecoin/Bitcoin forex rates are basically the same as the difficulty difference, so you won't really profit much from switching to namecoins.

If you look at nmcwatch.com daily charts you will see that you were wrong. Oh so very wrong.

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July 14, 2011, 07:59:38 PM
 #24

19 times less income mining those...

bitcoin difficulty = 567358.22457067
namecoin difficulty = 2815.22139486

ratio =  2815.22139486/567358.22457067
         = 0.004961982
Current price 1 namecoin = 0.0067 BTC

How is mining namecoins 19 times less income than mining bitcoins? 


http://www.alloscomp.com/bitcoin/calculator.php

I put my hashrate 1330
price was 0,008(seen higher offers, with your price it is 25 times less)

$73.68 vs. $3,80 per day = 19-something less
Namecoin difficulty is at 2815 - not ~570k!

Don't worry he just doesn't know how to use the calculator correctly.

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July 17, 2011, 11:06:38 AM
 #25

How much are namecoins worth in cash?

Like how many NMC to GBP?
and NMC to US$?

Where can I exchange them for cash?
or bitcoins?

Are these nmc more profitable than BTC?or are they about the same?

BTC keeps dropping in value now,does this mean they are worthless?

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July 17, 2011, 04:00:12 PM
 #26

https://exchange.bitparking.com/main

At the moment they are only convertible to BTC (for a fee), so anything applicable to bitcoin is also applicable to namecoin, except even more so.  Also at the moment there's a 40% discount built into bitcoin (for miners).  On the 22nd or so you will be able to mine one namecoin to every .013 bitcoins, and they're currently trading at .025 -- which means there's already a 100% appreciation priced in even with namecoin miners accepting 40% loss for their processing power this minute.

In other words, you would be mining at a 40% loss relative to mining bitcoin and buying namecoin if you did it now, and have a 50% potential downside built in.

But don't let that stop you, plenty of people are doing it anyway.  I'm waiting till the 22nd to mine, and prices below .012 to possibly buy.
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July 17, 2011, 09:01:40 PM
 #27

No more other ****coins until the final fall of bitcoins for me...
It doesn't worth it just because it's not really original (yes, I know about all the dns stuff issues).
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July 17, 2011, 09:24:00 PM
 #28

I'm wondering if namecoin's next difficulty level will ever come. It's been postponed forever (from July 15 to July 22).

Well, I know it'll eventually come as long as there're people mining namecoin. Just wondering when that'll happen and at what exchange rate to BTC then...

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July 17, 2011, 10:55:13 PM
 #29

I'm wondering if namecoin's next difficulty level will ever come. It's been postponed forever (from July 15 to July 22).

Well, I know it'll eventually come as long as there're people mining namecoin. Just wondering when that'll happen and at what exchange rate to BTC then...

That's not a mystery at all.  The reason the difficulty has been postponed is many namecoin miners learned to use a calculator.  They figured out they'd be making at least 30% more nmc/day buy mining bitcoins and buying namecoins.

http://dot-bit.org/tools/nextDifficulty.php

That difficulty calculator is a bit off.  I expect the actual difficulty to be lower than 22,000 but let's use their estimate.

22600/1696899.99 (their estimate of btc difficulty on the 19th) = .0133.  Current exchange rate is double that at .025, so for about a day namecoins will become 2x as profitable as bitcoins to mine, which means we'll all dogpile on.  Or price of namecoins will drop to the current discounted rate of 40% vs bitcoin, or roughly .008 BTC/nmc (1/4 current price) and nobody joins.

Assuming we all dogpile on and mine out all 2016 blocks in 20 hours or so we'll have a difficulty jump to about 80k.  Which would give us an NMC price of .0532 - well over current .04.

But wait!  People will anticipate that BTC difficulty increase and the next NMC difficulty drop after ~2 months or so of NMC miners eager to mine at a loss, so we'll be right back to roughly current trading levels.  Except NMC miners will enjoy giving away another 10-20%.

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July 18, 2011, 05:45:37 PM
 #30

I'm wondering if namecoin's next difficulty level will ever come. It's been postponed forever (from July 15 to July 22).

Well, I know it'll eventually come as long as there're people mining namecoin. Just wondering when that'll happen and at what exchange rate to BTC then...

That's not a mystery at all.  The reason the difficulty has been postponed is many namecoin miners learned to use a calculator.  They figured out they'd be making at least 30% more nmc/day buy mining bitcoins and buying namecoins.

http://dot-bit.org/tools/nextDifficulty.php

That difficulty calculator is a bit off.  I expect the actual difficulty to be lower than 22,000 but let's use their estimate.

22600/1696899.99 (their estimate of btc difficulty on the 19th) = .0133.  Current exchange rate is double that at .025, so for about a day namecoins will become 2x as profitable as bitcoins to mine, which means we'll all dogpile on.  Or price of namecoins will drop to the current discounted rate of 40% vs bitcoin, or roughly .008 BTC/nmc (1/4 current price) and nobody joins.

Assuming we all dogpile on and mine out all 2016 blocks in 20 hours or so we'll have a difficulty jump to about 80k.  Which would give us an NMC price of .0532 - well over current .04.

But wait!  People will anticipate that BTC difficulty increase and the next NMC difficulty drop after ~2 months or so of NMC miners eager to mine at a loss, so we'll be right back to roughly current trading levels.  Except NMC miners will enjoy giving away another 10-20%.



Guys, read this post, namecoin difficulty is going to go through the roof.
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