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Author Topic: Mining Namecoins is now 2x more profitable than Bitcoins  (Read 52560 times)
Blitz­
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July 20, 2011, 06:54:57 PM
 #1

Current Mining difficulty ratio NMC/BTC: 0.0139
Current exchange rate NMC/BTC: 0.02700700

Sources:

http://dot-bit.org/tools/nextDifficulty.php
https://exchange.bitparking.com/main

––––

How to mine Namecoins?

1. Download and install Namecoin from http://www.namecoin.us/downloads.php

2. Navigate to %appdata%\Namecoin and create "bitcoin.conf" with the following content:

Code:
rpcuser=anything
rpcpassword=anythingelse
rpcport=8336
daemon=1
server=1

3. Start namecoind via commandline

4. Get GUIMiner, create a "solo" mining profile (mining solo is feasible even for single GPUs at difficulty of only 25k) and fill in the data from your bitcoin.conf file

5. Exchange your gathered Namecoins for more Bitcoins than you could have mined directly with the same hardware on https://exchange.bitparking.com/

6. PROFIT

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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Blitz­
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July 20, 2011, 07:33:07 PM
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Addendum:

You can also use pools if you prefer.

http://bitparking.com/pool
http://namebit.org/

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
Freakin
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July 20, 2011, 08:06:13 PM
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Anyone want to make guesses on how quickly next difficulty jump will be?

The namecoin pool shares just went through the roof in the last 30 minutes.
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July 20, 2011, 08:10:41 PM
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something went down since namecoin rate as given by http://dot-bit.org/tools/nextDifficulty.php is way down.
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July 20, 2011, 08:20:29 PM
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edit: nvm
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July 20, 2011, 08:45:38 PM
 #6

The more people jump in now, the higher next difficulty will be...
Short party...
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July 20, 2011, 08:50:37 PM
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Addendum:

You can also use pools if you prefer.

http://bitparking.com/pool
http://namebit.org/


Don't forget https://poolmunity.com/  as they let you easily switch between them.

bcpokey
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July 20, 2011, 08:52:43 PM
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Looks like about 12blocks/hr right now. So 1 week. Until more people realize that difficulty dropped today instead of tomorrow, then it'll probably be halved again to like 4 days. That's my guesstimate, 4-5 days until difficulty change.
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July 20, 2011, 08:54:21 PM
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yeah I'd say 5 days... NMC price will probably tank before then though
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July 20, 2011, 09:03:16 PM
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Whenever I try to set up Namecoin I can't seem to get the .conf file working properly. I go into appdata/roaming/namecoin and create a .txt file, name it bitcoin.conf then add:

rpcuser= blah
rpcpassword=blah
rpcport=8336
daemon=1
server=1

Saved, then I go into a command line, plug in C:/apps/namecoin/namecoind   and I get an error saying I need to set my password in a config file with owner-readable-only file permissions...

Any ideas as to what I'm missing?

*edit: Finally got it saved as a .conf file and now when I try to open it it simply makes the command window black and drives up the file sizes of my blk and blkindex files until I exit...Have I ever mentioned I hate non-GUI mining?
talpan
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July 20, 2011, 09:17:14 PM
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Wow that was quick.
Let's see how it's going, I hope the next increase won't be to big.

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July 20, 2011, 09:29:46 PM
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*edit: Finally got it saved as a .conf file and now when I try to open it it simply makes the command window black and drives up the file sizes of my blk and blkindex files until I exit...Have I ever mentioned I hate non-GUI mining?
Open the namecoind via "start namecoind". It will then open a separate cmd window and you can command it from the other via namecoind getinfo etc.

This thing frustrated me too in the beginning, I’m not sure why it behaves like that in Windows.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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July 20, 2011, 09:31:24 PM
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Don't you think NMC price will drop as soon as everyone else starts to exchange their NMC for BTC?

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July 20, 2011, 09:32:09 PM
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Don't you think NMC price will drop as soon as everyone else starts to exchange their NMC for BTC?
Yes, already happening. The profitability is a short-term window, but it could be worth it for some.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
Bitcoin_Silver_Supply
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July 20, 2011, 09:33:50 PM
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*edit: Finally got it saved as a .conf file and now when I try to open it it simply makes the command window black and drives up the file sizes of my blk and blkindex files until I exit...Have I ever mentioned I hate non-GUI mining?
Open the namecoind via "start namecoind". It will then open a separate cmd window and you can command it from the other via namecoind getinfo etc.

This thing frustrated me too in the beginning, I’m not sure why it behaves like that in Windows.

When I type in "start namecoind" I am told the system cannot find it - unless perhaps there is some other command that should precede this.

Also, in GUIMiner, do you start a solo Namecoin miner under "solo utilities"?
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July 20, 2011, 09:36:55 PM
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When I type in "start namecoind" I am told the system cannot find it - unless perhaps there is some other command that should precede this.

Also, in GUIMiner, do you start a solo Namecoin miner under "solo utilities"?
First you need to move via cd to the directory your namecoind is located at, for example "cd C:\Program Files (x86)\Namecoin\daemon".

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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July 20, 2011, 09:37:11 PM
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Currently exchange is roughly .02BTC/NMC and falling. Difficulty is roughly .015NMC/BTC. Obviously if the two numbers meet then profitability is equalized. If exchange goes below difficulty than namecoin will no longer be profitable. Something to consider.
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July 20, 2011, 09:37:21 PM
 #18

zomg thanks for the notice!

coinotron
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July 20, 2011, 09:40:32 PM
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Join www.coinotron.com - 0% fee, LP.

In our pool you can on the fly switch between mining namecoins and bitcoins. There is no need to restart your miners. Just change worker type on our website.




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July 20, 2011, 09:44:41 PM
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Maybe soon merged mining will be possible: http://dot-bit.org/Merged_Mining

Double profit for single energy investment Cheesy
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