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Author Topic: Mining Namecoins is now 2x more profitable than Bitcoins  (Read 52594 times)
MaGNeT
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September 02, 2011, 04:41:39 PM
 #361

Although price of NameCoins is low (mining gives you 0,42% worth of BTC) difficulty is very low in comparison to what it will be when merged mining is implemented.

It will never be easier to mine Namecoins than it is now.

I now have 1365 Namecoins, that's 40BTC !!!
Think what would happen if price jumps to 4 (or more?) and MtGox opens an exchange?

I'm still mining them with one GPU Smiley
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AngelusWebDesign
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September 02, 2011, 04:45:42 PM
 #362

Is that true? The price must be pretty high, because I thought the difficulty made NC mining unprofitable relative to BTC mining.
After the 2 day bonanza, the difficulty jumped and most people jumped with it (left Namecoin mining)

Last I checked, the difficulty WANTS to reset to 0.08 of what it was, but would be limited to 0.25 by the algorithm, and based on the current network hashrate the next difficulty reset will occur on CHRISTMAS!

Sounds like Namecoin is pretty much dead. This was only a few days ago.
MaGNeT
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September 02, 2011, 04:50:27 PM
 #363

Is that true? The price must be pretty high, because I thought the difficulty made NC mining unprofitable relative to BTC mining.
After the 2 day bonanza, the difficulty jumped and most people jumped with it (left Namecoin mining)

Last I checked, the difficulty WANTS to reset to 0.08 of what it was, but would be limited to 0.25 by the algorithm, and based on the current network hashrate the next difficulty reset will occur on CHRISTMAS!

Sounds like Namecoin is pretty much dead. This was only a few days ago.


It's pretty dead for now and it will be until block 19,200.
Then a lot of pools start mining NameCoins together with Bitcoins with "merged mining" (=try to see if a found hash that doesn't work for one chain, might be the right one for the other).
If pools don't start Merged Mining, miners will hop over to pools that do.
So no doubt if it will be a success.

What happens to difficulty when in one week, more than 50% of all Bitcoin hash-capacity comes available to the NameCoin network?

- faster transactions
- difficulty shoots up
- everyone trades small amounts because high difficulty
- price might go up (or it doesn't)


The gamble is, if the price goes up or down... I can't tell you... But after merged mining, nobody will be able to earn such a big amount of Namecoins in 24 hours. That's for sure.

If price rises to 0,1 BTC it would be big profit Smiley
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September 02, 2011, 10:33:40 PM
 #364

Think what would happen if price jumps to 4 (or more?) and MtGox opens an exchange?

Sure the price could go up significantly but it won't.

In fact, I'm willing to wager that the price of NMC wont exceed 0.1 BTC (at least not until a blizzard sweeps through Texas and all the schools close for a snow day).

Merged-mining means a lot of regular bitcoin miners will suddenly be able to obtain some free namecoins with the bitcoins they mine. Since they will now have namecoins they never really wanted, a fair number of them will be looking to trade them for more of the bitcoins they were after in the first place. But their isn't anything new pushing the demand for namecoins so the price will have to drop until it reaches the point where those you want namecoins can afford to buy everything that those bitcoin miners want to sell 'em.
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September 03, 2011, 08:06:38 AM
 #365

Think what would happen if price jumps to 4 (or more?) and MtGox opens an exchange?

Sure the price could go up significantly but it won't.

In fact, I'm willing to wager that the price of NMC wont exceed 0.1 BTC (at least not until a blizzard sweeps through Texas and all the schools close for a snow day).

Merged-mining means a lot of regular bitcoin miners will suddenly be able to obtain some free namecoins with the bitcoins they mine. Since they will now have namecoins they never really wanted, a fair number of them will be looking to trade them for more of the bitcoins they were after in the first place. But their isn't anything new pushing the demand for namecoins so the price will have to drop until it reaches the point where those you want namecoins can afford to buy everything that those bitcoin miners want to sell 'em.
+1  (though I said some similiar things I am not this guy)

from this point of view the price might just stay at where it is now.

luckily namecoins have some inner value.




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September 08, 2011, 06:01:23 PM
 #366

"merged mining" (=try to see if a found hash that doesn't work for one chain, might be the right one for the other).

That's not how merged mining works. You don't find hashes, you find nonces. A nonce that doesn't work on one chain doesn't have a higher chance than a random nonce to work for some other chain.

http://dot-bit.org/Merged_Mining

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
MaGNeT
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September 08, 2011, 07:02:04 PM
 #367

"merged mining" (=try to see if a found hash that doesn't work for one chain, might be the right one for the other).

That's not how merged mining works. You don't find hashes, you find nonces. A nonce that doesn't work on one chain doesn't have a higher chance than a random nonce to work for some other chain.

http://dot-bit.org/Merged_Mining

Ah, "nonces".. "hashes"... I got lost in the chain...
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September 12, 2011, 03:40:17 PM
 #368

If you want Namecoin to survive, start mining them now!

BitcoinEXpress is planning an attack on it and as long as we have 51% hashingpower, he won't be able to do it.

https://bitcointalk.org/index.php?topic=43465.0
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September 12, 2011, 05:22:35 PM
 #369

Please divert some mining power to namecoins. If people lend their miners there for just a few days, merged mining will be in effect. This means that both bitcoin and namecoin will be stronger. Afterwards, everyone will be able to earn both BTC and NMC with their miners and no additional work.

Save distributed DNS!

*processing payment* *error 404 : funds not found*
Do you want to complain on the forum just to fall for another scam a few days later?
| YES       |        YES |
MaGNeT
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September 12, 2011, 05:29:38 PM
 #370

Please divert some mining power to namecoins. If people lend their miners there for just a few days, merged mining will be in effect. This means that both bitcoin and namecoin will be stronger. Afterwards, everyone will be able to earn both BTC and NMC with their miners and no additional work.

Save distributed DNS!

I'm mining Namecoins @ Coinotron.com now, just to protect Namecoin against the attack.
More people want to join?

And yes, I know it's mining at loss but every coin is at loss atm so I don't really care...
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September 12, 2011, 07:37:59 PM
 #371

I'll help Wink

"If you run into an asshole in the morning, you ran into an asshole. If you run into assholes all day long, you are the asshole."  -Raylan Givens
Got GOXXED ?? https://www.youtube.com/watch?v=9KiqRpPiJAU&feature=youtu.be
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MaGNeT
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September 12, 2011, 07:48:56 PM
 #372

I'll help Wink

Great! Smiley
I already have 3Ghash/s on Coinotron (that's 75% of total power over there Tongue)
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September 13, 2011, 01:21:46 AM
 #373

I'm mining at davinci's namecoin pool at the moment as a tester for his pool.

I do hope we can get enough people together, but if the 51%+ attacker really has almost 1TH behind him,

I'm afraid our efforts will be futile. Can't hurt to try, right !

Join us at Davinci, he's busy implementing a BTC for NMC feature

You mine NMC but can choose to get paid (handsomely I might add) in BTC (which he will pay out of his own pocket, in exchange for your mined Namecoins)

http://www.nmcbit.com for more info

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September 13, 2011, 03:22:34 AM
 #374

Please divert some mining power to namecoins. If people lend their miners there for just a few days, merged mining will be in effect. This means that both bitcoin and namecoin will be stronger. Afterwards, everyone will be able to earn both BTC and NMC with their miners and no additional work.

Save distributed DNS!

I'm mining Namecoins @ Coinotron.com now, just to protect Namecoin against the attack.
More people want to join?

And yes, I know it's mining at loss but every coin is at loss atm so I don't really care...

Seems scammy to me... Why not just let namecoin die with dignity?

"From a small seed a mighty trunk may grow." -Aeschylus
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September 13, 2011, 03:42:49 AM
 #375

I'm mining at davinci's namecoin pool at the moment as a tester for his pool.

I do hope we can get enough people together, but if the 51%+ attacker really has almost 1TH behind him,

I'm afraid our efforts will be futile. Can't hurt to try, right !

Join us at Davinci, he's busy implementing a BTC for NMC feature

You mine NMC but can choose to get paid (handsomely I might add) in BTC (which he will pay out of his own pocket, in exchange for your mined Namecoins)

http://www.nmcbit.com for more info

Brat

handsomely?  Is he offering a premium for NMC?

I don't see that anywhere on the site...  just a 3% fee

CampBX for buying BTCs, Coinbase for selling BTCs or Vircurex or Cryptsy for trading alternate cryptocurrencies like DOGEs

PM me with any questions on these sites!  Happy to help!

Bitcoin Poker at Seals                  Strike Sapphire Casino  Free games every hour & day!
  Get Free Bitcoins here.

Spondoolies-Tech or KnC Miner for the fastest mining hardware available!

Bitpay to help your business accept bitcoin payments!
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September 13, 2011, 04:31:10 AM
 #376

Think what would happen if price jumps to 4 (or more?) and MtGox opens an exchange?

Sure the price could go up significantly but it won't.

In fact, I'm willing to wager that the price of NMC wont exceed 0.1 BTC (at least not until a blizzard sweeps through Texas and all the schools close for a snow day).

Merged-mining means a lot of regular bitcoin miners will suddenly be able to obtain some free namecoins with the bitcoins they mine. Since they will now have namecoins they never really wanted, a fair number of them will be looking to trade them for more of the bitcoins they were after in the first place. But their isn't anything new pushing the demand for namecoins so the price will have to drop until it reaches the point where those you want namecoins can afford to buy everything that those bitcoin miners want to sell 'em.

I'd watch what I said, that happened two years ago, not every school in the state, but a large portion of the big city ones

And again last year, though I wasn't there at the time
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September 13, 2011, 04:42:07 AM
 #377

I'll help Wink

Great! Smiley
I already have 3Ghash/s on Coinotron (that's 75% of total power over there Tongue)

Did you quit?  I'm mining NMC, but there's only .7 Ghash/s on coinotron....

Time to save NMC peeps!

CampBX for buying BTCs, Coinbase for selling BTCs or Vircurex or Cryptsy for trading alternate cryptocurrencies like DOGEs

PM me with any questions on these sites!  Happy to help!

Bitcoin Poker at Seals                  Strike Sapphire Casino  Free games every hour & day!
  Get Free Bitcoins here.

Spondoolies-Tech or KnC Miner for the fastest mining hardware available!

Bitpay to help your business accept bitcoin payments!
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September 13, 2011, 04:53:54 AM
 #378

I'll help Wink

Great! Smiley
I already have 3Ghash/s on Coinotron (that's 75% of total power over there Tongue)

Did you quit?  I'm mining NMC, but there's only .7 Ghash/s on coinotron....

Time to save NMC peeps!
Bah let it die already!

"From a small seed a mighty trunk may grow." -Aeschylus
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September 13, 2011, 05:49:05 AM
 #379

Davinci is ready !!!

Go the following thread for explanations: https://bitcointalk.org/index.php?topic=33612.msg522633#msg522633

It's ready!

I pay just under 20% more than what deepbit will pay help save Namecoins!

Just click PPS check box beside your worker and BOOM you are getting paid btc I keep the NMC however you can get proportional namecoins if you like.

Your shares are updated once a NMC block is found so the more blocks we find the faster you BTC end up in your wallet.

Help save namecoins !

MaGNeT
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September 13, 2011, 06:07:43 AM
 #380

I'll help Wink

Great! Smiley
I already have 3Ghash/s on Coinotron (that's 75% of total power over there Tongue)

Did you quit?  I'm mining NMC, but there's only .7 Ghash/s on coinotron....

Time to save NMC peeps!

Solo mining now, Coinotron went down 2 times for me in 12 hours.
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