Bitcoin Forum
December 05, 2016, 10:43:50 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Increasing difficulty - Bitcoin or Namecoin mining  (Read 5418 times)
Endeavour79
Full Member
***
Offline Offline

Activity: 169



View Profile WWW
June 24, 2011, 07:41:46 AM
 #1

Hi,

with the increasing difficulty of Bitcoin I am wondering if it is more profitable to mine for Namecoins?
I did not find very detailed information about Namecoins, so would you please share your thought with me?

Cheers
End.

NSW, Australia - Rigs, Mining, Pools - Local help needed? Send me a message!
1480934630
Hero Member
*
Offline Offline

Posts: 1480934630

View Profile Personal Message (Offline)

Ignore
1480934630
Reply with quote  #2

1480934630
Report to moderator
1480934630
Hero Member
*
Offline Offline

Posts: 1480934630

View Profile Personal Message (Offline)

Ignore
1480934630
Reply with quote  #2

1480934630
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480934630
Hero Member
*
Offline Offline

Posts: 1480934630

View Profile Personal Message (Offline)

Ignore
1480934630
Reply with quote  #2

1480934630
Report to moderator
1480934630
Hero Member
*
Offline Offline

Posts: 1480934630

View Profile Personal Message (Offline)

Ignore
1480934630
Reply with quote  #2

1480934630
Report to moderator
1480934630
Hero Member
*
Offline Offline

Posts: 1480934630

View Profile Personal Message (Offline)

Ignore
1480934630
Reply with quote  #2

1480934630
Report to moderator
jaminunit
Member
**
Offline Offline

Activity: 96



View Profile
June 24, 2011, 07:49:38 AM
 #2

Yeah I would love to know how to mine for namecoins using my mac. Any help would be great because I've been mining BTC and its slow going.
allinvain
Legendary
*
Offline Offline

Activity: 1988



View Profile
June 24, 2011, 09:32:02 AM
 #3

Dunno guys, but keep in mind that namecoins aren't "money". There is a bunch of namecoin threads so I first suggest you look at those.


chad
Newbie
*
Offline Offline

Activity: 28


View Profile WWW
June 24, 2011, 09:57:12 AM
 #4

Dunno guys, but keep in mind that namecoins aren't "money". There is a bunch of namecoin threads so I first suggest you look at those.



BTC isn't money either but you can trade it for money.  It all depends on the current market value of the asset you are trading for money. 

Find the market value of bitcoin and namecoin then figure out how many you can mine each day (at current and projected difficulty levels), multiply by the price and you will have your answer. 

http://ruxum.com
allinvain
Legendary
*
Offline Offline

Activity: 1988



View Profile
June 24, 2011, 10:00:26 AM
 #5

Dunno guys, but keep in mind that namecoins aren't "money". There is a bunch of namecoin threads so I first suggest you look at those.



BTC isn't money either but you can trade it for money.  It all depends on the current market value of the asset you are trading for money. 

Find the market value of bitcoin and namecoin then figure out how many you can mine each day (at current and projected difficulty levels), multiply by the price and you will have your answer. 

That's where you're wrong. BTC IS money - it's just that it is a different type of money.

Quote
Money is any object or record, that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment.[4][5] Any kind of object or secure verifiable record that fulfills these functions can serve as money.

http://en.wikipedia.org/wiki/Money

JohnDoe
Sr. Member
****
Offline Offline

Activity: 392



View Profile
June 24, 2011, 12:49:27 PM
 #6

Dunno guys, but keep in mind that namecoins aren't "money".

You realize that Namecoin works exactly like Bitcoin except that it has additional functionality right?

Endeavour79 and jaminunit, you'll probably be able to find more helpful information on the official site and forum:

http://dot-bit.org/Main_Page

http://dot-bit.org/forum/index.php
khal
Hero Member
*****
Offline Offline

Activity: 538


NamecoinID: id/khal


View Profile WWW
June 24, 2011, 02:30:42 PM
 #7

Hi,

with the increasing difficulty of Bitcoin I am wondering if it is more profitable to mine for Namecoins?
I did not find very detailed information about Namecoins, so would you please share your thought with me?

Cheers
End.
I've created this web page to help people to make a choice (for short term choices) :
http://dot-bit.org/tools/nextDifficulty.php

Compare the current BTC/NMC ratio with the market price.

NMC: N1KHAL5C1CRzy58NdJwp1tbLze3XrkFxx9 | NamecoinID: id/khal | Register .bit domain
BTC: 1KHAL8bUjnkMRMg9yd2dNrYnJgZGH8Nj6T | My bitcoin Identity: send messages to bitcoin users
Free bitcoins: Surf4Bitcoin.com | Charity Ad: Make a good deed without paying a cent
Grinder
Legendary
*
Offline Offline

Activity: 1269


View Profile
June 24, 2011, 04:13:46 PM
 #8

Unless the BTC value stays at the current level while the difficulty continues to rise, it may never be profitable to mine namecoins again. The namecoin difficulty was pushed too high in the last mining rush, and with hardly anybody mining it will take forever for it to go back down. Even if you really want namecoins you can get twice as many by mining bitcoins and trading them for namecoins.
Freakin
Full Member
***
Offline Offline

Activity: 140


View Profile
June 24, 2011, 05:59:12 PM
 #9

yeah multiple 300%+ increases put it out of profitability

next difficulty change isn't expected for a full month from now
talpan
Full Member
***
Offline Offline

Activity: 228


View Profile
July 07, 2011, 10:03:13 AM
 #10

Well some people are tired of bitcoin due to the price drop and huge difficulty increase.
Probably a few miners dont want to sell their rigs and are starting mining namecoin.
If some more are doing this the diffculty with eventually in the future be the same.

regards, talpan
CNMOH
Jr. Member
*
Offline Offline

Activity: 56



View Profile
July 07, 2011, 10:06:05 AM
 #11

At the moment, no.

http://tvori.info/bitcoin/charts/

However, at the next difficulty reset (for Namecoin) it will be much more profitable, but only for a short while. Everyone will switch to Namecoin when they realize it's more profitable again, and since these people are likely to sell right away, price will go down, and difficulty will go way, way up. This is basically what happened before as well.

smoothie
Legendary
*
Offline Offline

Activity: 1834


LEALANA Monero Physical Silver Coins


View Profile
July 12, 2011, 08:32:44 PM
 #12

Dunno guys, but keep in mind that namecoins aren't "money". There is a bunch of namecoin threads so I first suggest you look at those.



BTC isn't money either but you can trade it for money.  It all depends on the current market value of the asset you are trading for money. 

Find the market value of bitcoin and namecoin then figure out how many you can mine each day (at current and projected difficulty levels), multiply by the price and you will have your answer. 

That's where you're wrong. BTC IS money - it's just that it is a different type of money.

Quote
Money is any object or record, that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment.[4][5] Any kind of object or secure verifiable record that fulfills these functions can serve as money.

http://en.wikipedia.org/wiki/Money

You both are wrong. Dollars, bitcoins, and other currencies are NOT money. True money is Gold and silver (physical). Those I listed are just mediums of exchange (currency).

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
Grinder
Legendary
*
Offline Offline

Activity: 1269


View Profile
July 12, 2011, 08:37:57 PM
 #13

You both are wrong. Dollars, bitcoins, and other currencies are NOT money. True money is Gold and silver (physical). Those I listed are just mediums of exchange (currency).
Don't you find that using completely different definitions from everybody else wastes a lot of time? Having to explain what you mean by all the words you use differently every time you're talking with someone new, I mean.
imperi
Full Member
***
Offline Offline

Activity: 196


View Profile
July 12, 2011, 09:27:26 PM
 #14

Bitcoins and Namecoins can be used as currency in exactly the same way. They both share mostly the same source code, for Christ's sake. There's a lot of misinformation out there.
MaGNeT
Legendary
*
Offline Offline

Activity: 1050


Founder of Orlycoin | O RLY? YA RLY!


View Profile WWW
July 12, 2011, 09:30:00 PM
 #15

I took a small gamble by pointing 1 of my 7 GPU's to NameCoin mining @ PoolMunity pool.

If it become's a success after all, I have some in my wallet.dat
If it doesn't, It didn't cost me too much...
smoothie
Legendary
*
Offline Offline

Activity: 1834


LEALANA Monero Physical Silver Coins


View Profile
July 13, 2011, 12:57:08 AM
 #16

You both are wrong. Dollars, bitcoins, and other currencies are NOT money. True money is Gold and silver (physical). Those I listed are just mediums of exchange (currency).
Don't you find that using completely different definitions from everybody else wastes a lot of time? Having to explain what you mean by all the words you use differently every time you're talking with someone new, I mean.

Nope. Do you?

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
Atom
Member
**
Offline Offline

Activity: 70


"Basics Of Generational Dynamics" - Look it up!


View Profile WWW
July 13, 2011, 01:02:41 AM
 #17


I just can't help myself.

Dunno guys, but keep in mind that namecoins aren't "money". There is a bunch of namecoin threads so I first suggest you look at those.



BTC isn't money either but you can trade it for money.  It all depends on the current market value of the asset you are trading for money. 

Find the market value of bitcoin and namecoin then figure out how many you can mine each day (at current and projected difficulty levels), multiply by the price and you will have your answer. 

That's where you're wrong. BTC IS money - it's just that it is a different type of money.

Quote
Money is any object or record, that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment.[4][5] Any kind of object or secure verifiable record that fulfills these functions can serve as money.

http://en.wikipedia.org/wiki/Money

You both are wrong. Dollars, bitcoins, and other currencies are NOT money. True money is Gold and silver (physical). Those I listed are just mediums of exchange (currency).

All three of you are wrong, TRUE money is WORK!  You can represent it with various things, but without someone being willing to accept your hunk of metal in exchange for something they worked to produce, have fun eating your gold/silver.

And this coming from a PM bug Wink

BitTalk
with Atlas & Atom
A Show for the Bitcoin Universe, Fresh Episodes Weekly!
Episode 3 out now at BitTalk.tv

Liked this weeks episode of BitTalk?  Send us your 2¢ (.02BTC) 
13RVBjpo3xLeDBkB2NM64N8sWK4fariZUu
grod
Full Member
***
Offline Offline

Activity: 154


View Profile
July 13, 2011, 01:35:39 AM
 #18

This is very easy.  Divide current namecoin difficulty (not coming difficulty for both) by current bitcoin difficulty.  At the moment that's:

55882.45/1564057.45 = .036.

In other words, each NMC is worth .036 bitcoins in terms of relative computational difficulty.  With NMC trading at .0254 BTC to the namecoin, NMC miners are donating .036/.0254 or roughly 40% of their computing power to bitcoin miners. 

Thank you, namecoin miners.

airdata
Sr. Member
****
Offline Offline

Activity: 406


View Profile
July 13, 2011, 01:53:29 AM
 #19

The next projected difficulty increase is only 30-40k.
BurtW
Legendary
*
Offline Offline

Activity: 1778

All paid signature campaigns should be banned.


View Profile WWW
July 13, 2011, 12:58:25 PM
 #20

You both are wrong. Dollars, bitcoins, and other currencies are NOT money. True money is Gold and silver (physical). Those I listed are just mediums of exchange (currency).
Don't you find that using completely different definitions from everybody else wastes a lot of time? Having to explain what you mean by all the words you use differently every time you're talking with someone new, I mean.

Nope. Do you?

Sometimes it is very useful to find a definition of something that actually explains what it is, how it works and what it does.  I thought a lot about this and found that all current definitions of "money" are lacking.  Bitcoins, namecoins, gold, silver, tobacco leaves, wampum, dollars, Euros, etc. are all commodities.

Fiat currency:  dollars, Euros, and so on are a special kind of commodity where the amount of them in circulation is constantly monitored and controlled by a central bank.  The job of the central bank is to keep the supply and demand for their currency in balance – in other words to control inflation of their currency.

So what is money?  Putting aside all historical, emotional and politically motivated definitions of money I have come up with my own personal working definition:

     Money is the state of an unfinished transaction.

In other words if I do some work for you and you give me a meal then we have traded two things and the transaction is done.  But if I work for you and you promise to give me a meal in the future then we have an unfinished transaction.  This state creates money.  We can simply write down on a piece of paper “Joe owes Burt one meal” to keep track of this or we can use the state approved method of keeping track of unfinished transactions and you can give me an agreed to amount of dollars.
 
No, I do not mind telling every new person I meet my personal definition of money as it sometimes leads to new insights into the economy, bitcoins, dollars, and a myriad of other subjects.
 

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!