Mining Namecoins is now 2x more profitable than Bitcoins - page 13.

simonk83

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Quote from: Yannick on July 22, 2011, 06:32:55 PM

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)

I'm also running around 800Mhash.

Yannick

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

simonk83

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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?

MaGNeT

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Quote from: shivansps on July 22, 2011, 05:43:38 PM

Quote from: MaGNeT on July 22, 2011, 12:57:19 PM

Quote from: Iyeman on July 22, 2011, 12:42:24 PM

Quote from: Sukrim on July 22, 2011, 12:22:29 PM

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...

forexmasterja

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Quote from: grue on July 22, 2011, 05:30:35 PM

Quote from: forexmasterja on July 22, 2011, 05:07:49 PM

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 ?

shivansps

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Quote from: MaGNeT on July 22, 2011, 12:57:19 PM

Quote from: Iyeman on July 22, 2011, 12:42:24 PM

Quote from: Sukrim on July 22, 2011, 12:22:29 PM

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.

grue

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Quote from: forexmasterja on July 22, 2011, 05:07:49 PM

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.

forexmasterja

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Activity: 130

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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 ?

Kartoff

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Quote from: forexmasterja on July 22, 2011, 02:55:48 PM

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

Oldminer

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Quote from: relm9 on July 22, 2011, 01:01:19 PM

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

jackjack

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May Bitcoin be touched by his Noodly Appendage

Quote from: forexmasterja on July 22, 2011, 02:55:48 PM

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

forexmasterja

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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 ?

joker060

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

Iyeman

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Quote from: joker060 on July 22, 2011, 01:20:42 PM

Quote from: Oldminer on July 22, 2011, 11:44:30 AM

Quote from: joker060 on July 22, 2011, 11:39:31 AM

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.

joker060

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Quote from: Oldminer on July 22, 2011, 11:44:30 AM

Quote from: joker060 on July 22, 2011, 11:39:31 AM

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...

relm9

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Quote from: Oldminer on July 22, 2011, 11:34:42 AM

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

MaGNeT

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Quote from: Iyeman on July 22, 2011, 12:42:24 PM

Quote from: Sukrim on July 22, 2011, 12:22:29 PM

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....

Iyeman

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Activity: 1183

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Quote from: Sukrim on July 22, 2011, 12:22:29 PM

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).

people HAVE to still mine NMC or the difficulty will not change, and the transactions will not process...

What is needed is a blend of people speculating on NMC while mining BTC and people mining NMC to process those transactions and get to the next difficulty change, and while mining NOT sell at a loss, but hold out and drive the price to an equilibrium. Will this happen? we will see. 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.

Sukrim

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Quote from: JohnDoe on July 22, 2011, 11:50:49 AM

Quote from: Sukrim on July 22, 2011, 09:18:02 AM

The idea is to keep NMC mining as profitable as BTC mining. If the exchange rate is even slightly (let's say 1%) higher than BTC, you can earn 1% more by mining NMC and selling them - something a LOT of people might do and that would be MUCH cheaper for NMC enthusiasts than mining NMC at a 25-40% loss.

That's the idea but I doubt it will happen. The value of NMC would have to rally past .056 by Sunday. If it ends up short even a little then most miners will go back to Bitcoin and probably end up panic selling their remaining NMC. Then the value will hover below the difficulty rate and we'll have a slow ass cycle yet again.

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).

If all NMC enthusiasts do this, they get far more hash rate for NMC by arbitrage miners + far smaller losses than mining NMC directly. It might even induce another speculative upward swing like what's happening right now, where people are buying NMC like crazy in the hopes that they get worth 0.0556 or more, so you could even make real profits by short term subsidizing NMC mining with a fairly small amount of BTC alltogether.

jackjack

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May Bitcoin be touched by his Noodly Appendage

Quote from: MaGNeT on July 22, 2011, 12:13:52 PM

I just made myself a promise:

When difficulty goes up I leave one GPU mining Namecoins (427Mhash/s @ PoolMunity) to keep the network going.
If 1 out of 10 does that, Namecoin might "survive" this increase quickly.

Good idea, I'm with you with 350Mhps

Topic: Mining Namecoins is now 2x more profitable than Bitcoins - page 13. (Read 55320 times)