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Author Topic: Mining Namecoins is now 2x more profitable than Bitcoins  (Read 52573 times)
MaGNeT
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July 22, 2011, 05:57:19 PM
 #141


If BTC are worth slightly more, all you need to do is to mine BTC and buy NMC for 0.0557 instead of 0.0556 BTC a piece, as many as possible and untill difficulty changes (most likely up again).


 Once this boom is over, i myself plan to mine with 1/3rd of my mining power in NMC and the other 2/3's in BTC.  And hope that the merged mining project comes to a point it can be implemented.

When merged mining is implemented, Namecoin difficulty will go up so "easy mining" of large amounts is over... I guess it can even be profitable to mine namecoins after the next difficulty increase because it's still "easy" to mine namecoins....
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July 22, 2011, 06:01:19 PM
 #142

Been mining NM for approx 18 hrs now @ 640 MHash/s - found zip LOL

Well, average time is 1 day and around 16-17 hours for that hash speed
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July 22, 2011, 06:20:42 PM
 #143

Can anyone post a detailed how to on setting up solo mining?

When I start namecoind (on Windows 7) via command prompt it does nothing and says nothing.

All you have done is start the solo server. You need to setup a miner too.

When i start up Guiminer and point it to localhost (correct port as well) it gives me a error code.  Something along the lines of 801901...

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July 22, 2011, 07:09:31 PM
 #144

Can anyone post a detailed how to on setting up solo mining?

When I start namecoind (on Windows 7) via command prompt it does nothing and says nothing.

All you have done is start the solo server. You need to setup a miner too.

When i start up Guiminer and point it to localhost (correct port as well) it gives me a error code.  Something along the lines of 801901...

Did you follow all of the steps in the original post? specifically step 2...thats the un/pwd you need to use in the miner.

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July 22, 2011, 07:19:34 PM
 #145

Yes i did all that and it returns me an error of 80190191 and stays at connecting.

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July 22, 2011, 07:55:48 PM
 #146

Can I use existing bitcoin mining calculators like http://www.alloscomp.com/bitcoin/calculator.php and just change the difficulty to what namecoin is at now to figure out how much namecoins I can earn by mining ?


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July 22, 2011, 07:57:49 PM
 #147

Can I use existing bitcoin mining calculators like http://www.alloscomp.com/bitcoin/calculator.php and just change the difficulty to what namecoin is at now to figure out how much namecoins I can earn by mining ?


Yes

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July 22, 2011, 08:13:34 PM
 #148


Well, average time is 1 day and around 16-17 hours for that hash speed

Yea thanks, I guess it has only been 24 hours so far. Maybe when I do hit gold I'll hit a purple patch  Grin

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July 22, 2011, 08:21:05 PM
 #149

Can I use existing bitcoin mining calculators like http://www.alloscomp.com/bitcoin/calculator.php and just change the difficulty to what namecoin is at now to figure out how much namecoins I can earn by mining ?



Yes you can, but you can try this :  https://poolmunity.com/tools.php  also... It is completed also with actual prices to compare... Thanks to talpan Smiley
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July 22, 2011, 10:07:49 PM
 #150

Ok when solo mining, Is it better to run separate namecoind instances or should I push all miners to one local namecoind instance and let them mine through that ?

Especially taking into consideration the whole merkle root thing i heard something about? would each machine running a separate mining instance have a different merkle root ? and is there anyway to be notified when you find a block mining solo ?

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July 22, 2011, 10:30:35 PM
 #151

Ok when solo mining, Is it better to run separate namecoind instances or should I push all miners to one local namecoind instance and let them mine through that ?

Especially taking into consideration the whole merkle root thing i heard something about? would each machine running a separate mining instance have a different merkle root ? and is there anyway to be notified when you find a block mining solo ?
it's pretty much the same.

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July 22, 2011, 10:43:38 PM
 #152


If BTC are worth slightly more, all you need to do is to mine BTC and buy NMC for 0.0557 instead of 0.0556 BTC a piece, as many as possible and untill difficulty changes (most likely up again).


 Once this boom is over, i myself plan to mine with 1/3rd of my mining power in NMC and the other 2/3's in BTC.  And hope that the merged mining project comes to a point it can be implemented.

When merged mining is implemented, Namecoin difficulty will go up so "easy mining" of large amounts is over... I guess it can even be profitable to mine namecoins after the next difficulty increase because it's still "easy" to mine namecoins....

I still dont understand what this "merged mining" is...

if people want to mine on both they can... as i do... 3 ghash to bitcoin, 2 to namecoin.

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forexmasterja
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July 22, 2011, 10:44:35 PM
 #153

Ok when solo mining, Is it better to run separate namecoind instances or should I push all miners to one local namecoind instance and let them mine through that ?

Especially taking into consideration the whole merkle root thing i heard something about? would each machine running a separate mining instance have a different merkle root ? and is there anyway to be notified when you find a block mining solo ?
it's pretty much the same.

Wouldnt it be slightly different lets take for example an extreme case suppose you were still using cpu's to do the mining and each cpu was generating 5mash on its own and you had 100 computers at this point the total output would be 500mhash but if each machine was running a different namecoind instance wouldnt the total power overall be separated? and in essence wouldnt connecting all machines to a single namecoind instance be like running a mini pool basically ??

Thoughts anyone ?

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MaGNeT
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July 22, 2011, 10:46:08 PM
 #154


If BTC are worth slightly more, all you need to do is to mine BTC and buy NMC for 0.0557 instead of 0.0556 BTC a piece, as many as possible and untill difficulty changes (most likely up again).


 Once this boom is over, i myself plan to mine with 1/3rd of my mining power in NMC and the other 2/3's in BTC.  And hope that the merged mining project comes to a point it can be implemented.

When merged mining is implemented, Namecoin difficulty will go up so "easy mining" of large amounts is over... I guess it can even be profitable to mine namecoins after the next difficulty increase because it's still "easy" to mine namecoins....

I still dont understand what this "merged mining" is...

if people want to mine on both they can... as i do... 3 ghash to bitcoin, 2 to namecoin.

With merged mining you can put the 5Ghash/s on Bitcoin & Namecoin at the same time. Than 5Ghash/s is like 10Ghash/s...
simonk83
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July 22, 2011, 11:10:35 PM
 #155

Quick question all.  I was mining in a pool most of yesterday and didn't get much for my efforts, however when I did listtransactions it showed as:

"account" : "",
"address" : "NJc6Vc5xetc
"category" : "receive
"amount" : 3.21000000
"confirmations" : 30,
"txid" : "c764b7ed687etc

"time" : 1311372031



I've switched to solo mining overnight and just found my first block, in listtransactions however it shows as:

"account" : "",
"category" : "immature",
"amount" : 50.01000000,
"confirmations" : 31,
"txid" : "d4e22dddc95a28etc

"time" : 1311371999

The difference being it doesn't show an address. 

Is this normal, and will it just show up at my address when the 120 blocks are confirmed, or have I done something wrong? Smiley
Yannick
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July 22, 2011, 11:32:55 PM
 #156

Is solo mining NMC more profitable than mining in a pool with 840 Mhash/sec?

simonk83
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July 22, 2011, 11:34:13 PM
 #157

Is solo mining NMC more profitable than mining in a pool with 840 Mhash/sec?

Has been for me.   I was in the pool for 18 hours and got 15 namecoins.  I've been solo mining for about 10 hours and hit a block of 50.   That said, it's all luck so it could take you 5 days to find one (or 10 minutes) Smiley   I'm also running around 800Mhash.
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July 22, 2011, 11:39:55 PM
 #158

Is solo mining NMC more profitable than mining in a pool with 840 Mhash/sec?

Has been for me.   I was in the pool for 18 hours and got 15 namecoins.  I've been solo mining for about 10 hours and hit a block of 50.   That said, it's all luck so it could take you 5 days to find one (or 10 minutes) Smiley   I'm also running around 800Mhash.

Well, it seems like gambling to me.  Lips sealed I like a steady income, so I'll stick to a pool.  Cheesy

simonk83
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July 22, 2011, 11:56:00 PM
 #159

Is solo mining NMC more profitable than mining in a pool with 840 Mhash/sec?

Has been for me.   I was in the pool for 18 hours and got 15 namecoins.  I've been solo mining for about 10 hours and hit a block of 50.   That said, it's all luck so it could take you 5 days to find one (or 10 minutes) Smiley   I'm also running around 800Mhash.

Well, it seems like gambling to me.  Lips sealed I like a steady income, so I'll stick to a pool.  Cheesy

Sure is Smiley   At the rate I was getting in the pool though, you're better off mining bitcoins.
forexmasterja
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July 23, 2011, 12:29:05 AM
 #160

Is solo mining NMC more profitable than mining in a pool with 840 Mhash/sec?

Has been for me.   I was in the pool for 18 hours and got 15 namecoins.  I've been solo mining for about 10 hours and hit a block of 50.   That said, it's all luck so it could take you 5 days to find one (or 10 minutes) Smiley   I'm also running around 800Mhash.

Well, it seems like gambling to me.  Lips sealed I like a steady income, so I'll stick to a pool.  Cheesy

Sure is Smiley   At the rate I was getting in the pool though, you're better off mining bitcoins.

Which pool was that ?

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