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Author Topic: Mining Namecoins is now 2x more profitable than Bitcoins  (Read 52570 times)
jackjack
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July 20, 2011, 09:48:00 PM
 #21

Maybe soon merged mining will be possible: http://dot-bit.org/Merged_Mining

Double profit for single energy investment Cheesy
Double profit?
You mean double difficulties thus single profit, right?

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joulesbeef
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July 20, 2011, 10:48:55 PM
 #22

Quote
You mean double difficulties thus single profit, right?

not sure what you mean but you will earn both namecoins and bitcoins at the same time., You will be mining the same blocks


it would be no different than if you had a clone of yourself mining namecoins and one mining bitcoins.

I'm not sure if profitability will really go up that much though, since suddenly namecoin will have a hash rate the size of bitcoins.. if you look at their trade volume, I cant see how the namecoin price can hold up anywhere close to where it is now, with everyone mining them.

mooo for rent
shivansps
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July 20, 2011, 11:48:27 PM
 #23

man, you are just KILLING Namecoins by anuncing that... Namecoin is just coming out of 6 weeks at 55k difficulty, and now thanks to you, the next dificulty will be going to hell... probably 100k in 2 days, them everyone moving out because ist profitable anymore... thanks NM = dead.

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July 21, 2011, 12:17:43 AM
 #24

Really, shivansps? By making a thread I alone am making the difficulty skyrocket again? Then whose fault was it when the difficulty rose last time?

Also, if you would like to prevent such disparities in the future, you can try to

a) arbitrage the exchange rate down in advance, in case of another discrepancy of difficulty ratio and exchange ratio
b) buy up Namecoins to pay miners so they can continue to hold the hashrate of the current difficulty

I am merely providing the holy free market information, so it can act more rationally and equilibrate. Sorry you happen to dislike it.

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shivansps
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July 21, 2011, 01:40:17 AM
 #25

The problem is, that was EXACTLY what happen the last time...

a post over here... a lot of ppl moved to mine NC, and send the difficulty from 3500 to 55k... now, after 6 weeks, the difficulty finally decreased, and now is set to go again to 52k in 4 days!... when the dificulty increases again all of those that moved in because of the profit will leave... and again 2 months of low hashrate and high difficulty... if the next difficulty is somewhere near 100k NC is officially dead. Unless the price follows, who i really dont think so.

What you said it should work only if at least 50% of the ppl that moves to NC keep mining after the difficulty increase, but since all those people is just looking for the best profit, it will not.

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Bitcoin_Silver_Supply
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July 21, 2011, 02:11:11 AM
 #26

Translation: You have impacted his short term mining scheme and this has amounted to significant sand collecting in his panties.

This is the nature of mining and the more people who get into the NC/BTC guild the more there will be swings until a balance is ultimately worked out and multi-mining becomes a norm. Attempts to keep Namecoin "hush hush" does nothing but delay the inevitable.
lemonginger
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July 21, 2011, 02:22:49 AM
 #27

well perhaps it is about interrupting someone's profit, but the large swings possible because of the long time to readjust difficulty could really leave NMC open to huge vulnerabilities as even more miners move in and out. There should be some sort of 24 hour adjustment period if the "instant difficulty" strays too far from the last difficulty. I agree that "secrecy" isn't the way to fix this problem (and merged mining will fix it, if that goes through) but it is still a problem above and beyond and miners profit concerns because a huge mining exodus leaves the network so vulnerable
grod
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July 21, 2011, 03:21:43 AM
 #28

Here's a thought -- next time difficulty of NMC spikes, stop mining NMC and mine BTC. Then BUY NMC with the BTC you generate instead of subsidizing BTC miners by stubbornly mining NMC at -40% return (yes, people were mining NMC at a .037 exchange when the actual exchange was .025).  Exchange rates equalize or better, people return to mining NMC.  Difficulty keeps going up, and we're off to the pyramid races.

And yeah, the few days a month NMC is more profitable than BTC to mine is not a good time to mine & hoard NMC.  At least it wasn't last time.  Wish I had sold as soon as I mined.
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July 21, 2011, 04:50:47 AM
 #29

don't forget to mention your 7k buy order at 0.011, as you can't see it drop fast enough Wink

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July 21, 2011, 05:45:23 AM
 #30

Really, shivansps? By making a thread I alone am making the difficulty skyrocket again? Then whose fault was it when the difficulty rose last time?

Also, if you would like to prevent such disparities in the future, you can try to

a) arbitrage the exchange rate down in advance, in case of another discrepancy of difficulty ratio and exchange ratio
b) buy up Namecoins to pay miners so they can continue to hold the hashrate of the current difficulty

I am merely providing the holy free market information, so it can act more rationally and equilibrate. Sorry you happen to dislike it.

on a free Market the smart survive.... you just shorted your/our profit big time.... smart move...
greetz
bcpokey
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July 21, 2011, 06:42:01 AM
 #31

Anyway, OP assaulting aside, does anyone know if solo blocks are being orphaned by the big pools? I've solved between 2-3 blocks solo since this morning, and haven't seen any of the coins register in my wallet yet. Considering that blocks are being solved at a fantastic rate (25/hr? roughly) I'd expect that confirmations would be short and sweet.
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July 21, 2011, 06:43:57 AM
 #32

Anyway, OP assaulting aside, does anyone know if solo blocks are being orphaned by the big pools? I've solved between 2-3 blocks solo since this morning, and haven't seen any of the coins register in my wallet yet. Considering that blocks are being solved at a fantastic rate (25/hr? roughly) I'd expect that confirmations would be short and sweet.

I'd say there's a decent chance of it.  What do you get from 'namecoind listtransactions'?
shivansps
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July 21, 2011, 07:20:52 AM
 #33

this is a dissaster, nobody will mine NMC after tomorrow...

yeah really very good move ********, you just killed NMCs.

before the difficulty drop it was at about 15 confirmations/day... after this what??? 1 confirmation/day¡?!?!?! fu** y***

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bcpokey
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July 21, 2011, 07:24:34 AM
 #34

Anyway, OP assaulting aside, does anyone know if solo blocks are being orphaned by the big pools? I've solved between 2-3 blocks solo since this morning, and haven't seen any of the coins register in my wallet yet. Considering that blocks are being solved at a fantastic rate (25/hr? roughly) I'd expect that confirmations would be short and sweet.

I'd say there's a decent chance of it.  What do you get from 'namecoind listtransactions'?

Ah good command, wasn't using that before. I guess it just takes a while to confirm, 120 confirmations to mature. 2 Generates and an immature.
Bitcoin_Silver_Supply
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July 21, 2011, 08:02:36 AM
 #35

this is a dissaster, nobody will mine NMC after tomorrow...

yeah really very good move ********, you just killed NMCs my two-week mining plan.

Fixed
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July 21, 2011, 08:06:18 AM
 #36

this is a dissaster, nobody will mine NMC after tomorrow...

yeah really very good move ********, you just killed NMCs my two-week mining plan my 3.5 day mining plan.

Fixed

FTFY
shivansps
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July 21, 2011, 08:30:04 AM
 #37

i was mining for 6 weeks at 55k difficulty while you guys dissapear as soon the difficulty increase. And i was miningsince the difficulty was 3500... And i mine Bitcoins at the same time.

You are not in any position to say ANYTHING to me. Stupid manipulations like this tropic the only thing it do is destroy the network.

And the class of people that jump from one network to another for the higher profit are just killing both markets. And YOU DARE TO SAY ANYTHING TO ME? i support both networks! and i dont need to wait any "special software" for it, i just do it.

We all know that when the difficulty increases again everybody will left, at 100k dif NMC is good as dead. It going to take 3 to 4 months for the dificulty to go down again and for what? for some another id**** to post something like this again and send the difficulty to 2 millons?

yeah, wharever, do as you wish.

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Bitcoin_Silver_Supply
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July 21, 2011, 08:37:27 AM
 #38

i was mining for 6 weeks at 55k difficulty while you guys dissapear as soon the difficulty increase. And i was miningsince the difficulty was 3500... And i mine Bitcoins at the same time.

You are not in any position to say ANYTHING to me. Stupid manipulations like this tropic the only thing it do is destroy the network.

And the class of people that jump from one network to another for the higher profit are just killing both markets. And YOU DARE TO SAY ANYTHING TO ME? i support both networks!

We all know that when the difficulty increases again everybody will left...

Welcome to decentralized currency experiments in a free market. If you'd prefer a currency with less "manipulations" (free exchange of decentralized currency generation strategies) I hear there are some lovely fiat systems out there to choose from.
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July 21, 2011, 08:39:07 AM
 #39

i was mining for 6 weeks at 55k difficulty while you guys dissapear as soon the difficulty increase. And i was miningsince the difficulty was 3500... And i mine Bitcoins at the same time.

You are not in any position to say ANYTHING to me. Stupid manipulations like this tropic the only thing it do is destroy the network.

And the class of people that jump from one network to another for the higher profit are just killing both markets. And YOU DARE TO SAY ANYTHING TO ME? i support both networks!

We all know that when the difficulty increases again everybody will left, at 100k dif NMC is good as dead. It going to take 3 to 4 months for the dificulty to go down again and for what? for some another id**** to post something like this again and send the difficulty to 2 millons?

yeah, wharever, do as you wish.
y'know, seeing your response like that really makes me want to use all of my GPUs just to mine NMC, just for the hell of it.

eh, sounds like a good idea.
1.2 gh/s one the way~


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shivansps
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July 21, 2011, 08:43:17 AM
 #40

do it, But dont stop mining after the dificulty change.

Its gona take like a week or more to get the 120 confirmations, it was already taking about 4 days.

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