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Author Topic: Who is mining namecoins and why?  (Read 5720 times)
bcpokey
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July 07, 2011, 05:06:58 AM
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I noticed a pretty serious uptick in namecoin mining, enough to jump the expected difficulty drop date from august to mid july. What is causing the sudden interest in namecoin mining all of a sudden? Still seems like a losing proposition at the current price / difficulty, or are people just eager to get the difficulty down so they can get it up again? hah.
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imperi
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July 07, 2011, 05:49:54 AM
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Namecoin price jumped up almost 50% a couple days ago, if you didn't notice. Since then it went back down, however.
kr105
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July 07, 2011, 05:53:12 AM
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On this moment, is more profitable (for me) to mine namecoins and then exchange them to btc later Smiley

BTC: 1JiTB1STs22DrqJRcHtEwhKQgPaSVBhJLE - CAT: 9p14KjgEPrRMHGdcfc5QpoeDaN4yQjWXm8 - BLC: BrhzYC8aiuYMqU2BpRciW6cm13VrPAqF3z
syb3ria
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July 07, 2011, 06:02:29 AM
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Namecoin price jumped up almost 50% a couple days ago, if you didn't notice. Since then it went back down, however.
That happend because BTC price droped and people was looking for an alternative.
talpan
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July 07, 2011, 08:58:30 AM
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You can give it a try and mine some NCs at PoolMunity.com


regards, talpan
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July 07, 2011, 09:53:38 AM
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On this moment, is more profitable (for me) to mine namecoins and then exchange them to btc later Smiley
That seems very unlikely. Namecoins are traded for 0.033 - 0.034, and the difficulty ratio between Namecoin and Bitcoin is 0.0357.
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July 07, 2011, 10:02:59 AM
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You are still far better off mining BTC than NMC, that is if you are after dollar profit. But, the next NMC mining difficulty adjustment will be a decrease (50% ish), and we will see another rush on the NMC, as long as the NMC price stays as it is or rises.

NMC / BTC difficulty adjustment forecast tables
http://dot-bit.org/tools/nextDifficulty.php

Get ready to hit NMC in 6 days time Smiley
misch0ng
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July 07, 2011, 10:19:57 AM
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I am mining Namecoins, because my prefered BTC-pool (BTCguild) is down Wink
talpan
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July 07, 2011, 10:22:36 AM
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If you are mining Namecoin, I'd need a little bit of help, starting a new Namecoin/Bitcoin.
I'd appreciate it Smiley.

regards, talpan
Chucksta
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July 07, 2011, 10:32:54 AM
 #10

I am mining Namecoins, because my prefered BTC-pool (BTCguild) is down Wink

I did exactly the same thing, then realised the difficulty is still too high for NMC, so I switched to Slush's pool.

I would have gone to Deepbit, but that email they are supposed to send when activating/recovering an account, just won't come through, so I gave up.

It does look like more people are going over to NMC. I'll wait till the decrease in difficulty.

NMC mining batch files at the ready Smiley
misch0ng
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July 07, 2011, 10:51:05 AM
 #11

I tried to use slush's pool, but i failed Undecided
Can't get a connection. I think my username or the host are wrong.
Anyway, i'll wait for btcguild to come back while I'm mining NMC Smiley
Elokane
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July 07, 2011, 02:06:59 PM
 #12

How do I mine namecoin with several workers without a pool (i.e. solo)?

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joulesbeef
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July 07, 2011, 02:33:34 PM
 #13

yu mine solo namecoins the same as you do bitcoin.

go to namecoins.us.. download their hacked version of the bitcoin client.

set up rpcuser and rpcpass and point your miner at 127.0.0.1 instead of teh pool.


as for namecoins, is it me or is the price, sorta linked to bitcoins difficulty?  seems like it adjusts sometimes to keep it just barely under bitcoin in profitability.

well everytime i have checked the namecoin calculators, i tend to get a couple dollars less a month than on the bitcoin ones, even right after the bitcoin difficulty jump.



mooo for rent
elpresidente
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July 07, 2011, 03:53:37 PM
 #14

Right now, it seems that mining for BTC and buying NMC might be a good idea.
CydeWeys
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July 07, 2011, 04:38:52 PM
 #15

I noticed a pretty serious uptick in namecoin mining, enough to jump the expected difficulty drop date from august to mid july. What is causing the sudden interest in namecoin mining all of a sudden? Still seems like a losing proposition at the current price / difficulty, or are people just eager to get the difficulty down so they can get it up again? hah.

People who are mining Namecoin at the moment are doing it because they believe in Namecoin.  They like the idea and they want it to succeed.  It's no different than people who are putting time and effort into Bitcoin because they like the idea and they want it to succeed.  And Namecoin won't succeed if the hashing power is so low that anyone can trivially take over the network, or if new blocks are being found very infrequently because the difficulty rocketed up when it was more lucrative than Bitcoin mining, but then everyone left when it wasn't.
snailbrain
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July 07, 2011, 05:06:54 PM
 #16

i am mining namecoins

but really it's silly, as it's more profitable to mine BTC...

which means, you can mine bitcoins then trade them for namecoins and have more namecoins than if you was soloing mining them (on average)..

BUT (again)... I like the gambling feeling of solo mining and getting 50 name coins Smiley


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Huntercoin - https://bitcointalk.org/index.php?topic=300538.0
imperi
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July 07, 2011, 06:34:22 PM
 #17

Namecoins are more fun to mine because you get more of them. I know it's silly, but that's how it is to me. Of course I just have my one gaming computer. Also nobody is DDOSing the pool.
grod
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July 08, 2011, 12:26:51 AM
 #18

There, we have our answer.  People who can't or won't do math are mining namecoins.

Good by me, it just means instead of the difficulty drop on the 21st it looks like it'll be around the 11th instead.  THAT is when the great BTC hordes will descend on namecoin once again, mine out all 2016 blocks in a day or so, and leave the chumps to 'support' another month mining at an artificially bogus difficulty.

Y'all are giving up .07 per namecoin by mining NMC rather than BTC at current exchange rates.  Good thing you make up for those losses with higher volume! 

In a free market (which this is), and assuming rational actors we would have everyone mining BTC and buying NMC until NMC reached price parity.  That's how rational people would support NMC.  The current subsidy yoyo with NMC miners lining up to *give* money to BTC miners for destabilizing NMC will have predictable effects.
grod
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July 08, 2011, 12:28:10 AM
 #19

Namecoins are more fun to mine because you get more of them. I know it's silly, but that's how it is to me. Of course I just have my one gaming computer. Also nobody is DDOSing the pool.

So wait, what you're saying is it's fun to have fewer namecoins than more?  At the end of the day you just see a balance -- your balance would be higher by mining BTC, even with one card or CPU and *buying* NMC.  Higher numbers are more fun than lower numbers, or did I misunderstand?

imperi
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July 08, 2011, 12:30:23 AM
 #20

Namecoins are more fun to mine because you get more of them. I know it's silly, but that's how it is to me. Of course I just have my one gaming computer. Also nobody is DDOSing the pool.

So wait, what you're saying is it's fun to have fewer namecoins than more?  At the end of the day you just see a balance -- your balance would be higher by mining BTC, even with one card or CPU and *buying* NMC.  Higher numbers are more fun than lower numbers, or did I misunderstand?



When you buy Namecoins, you need to buy upwards and you lose sometimes several percentage points of value.
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