Topic: Who is mining namecoins and why? (Read 10176 times)
I am mining Namecoins
namecoin and .bit domains are really dead
Wow, who knew Namecoin had been around for so long? Well probably a lot of you.
I just thought I'd dig up this random thread from almost 3 years ago.
Namecoin continues to suffer similar problems but sits steadfastly at #8 market cap of $20.7 mil... Not too shabby.
I just thought I'd dig up this random thread from almost 3 years ago.
Namecoin continues to suffer similar problems but sits steadfastly at #8 market cap of $20.7 mil... Not too shabby.
You ready with the proper server equipment to handle the rush? I suspect you will see >1000 GH/s this time around on your pool alone. But I could be wrong, I'm just going on the potential GH/s we have out there already and assuming that less than 1/10th of it comes to NMC even for a few days.
It's been running on a dedicated server for a while now, and handled 250+ fine when I switched to it from the old VPS I was using before. I don't think we'll see 300+ again personally. I think the namecoin/bitcoin price ratio will adjust much faster than in previous times when few knew about it.I guess I was right. I seen your pool go up to 330 GH/s during the last difficulty change.
Honestly I was just asking. You don't have to be a jack-wagon.
I don't have to be anything, I just am, I'm a guy with a computer.
You forgot attitude on your list.
Honestly I was just asking. You don't have to be a jack-wagon.
I don't have to be anything, I just am, I'm a guy with a computer.
people will jump to and fro based on profitability, i'm sure there is some people that will just stick with it, but its just common sense to go where the money is.
I think there will be a rush on namecoin but not as big as we might think.
After all, namecoin isn't accepted that much yet.
probably some of the miners will stay a bit longer on namecoin, which
would plane the diffculty.
After all, namecoin isn't accepted that much yet.
probably some of the miners will stay a bit longer on namecoin, which
would plane the diffculty.
Honestly I was just asking. You don't have to be a jack-wagon.
Come to think of it, if the US government wanted to kill bitcoin today that'd be the way to do it. Ask the NSA to switch their cracking lab to mining for a few hours over a weekend, rack the difficulty up to say 20-30 million and bitcoin is history. The fact that it hasn't been done proves to me that the US gov't, at least, is utterly unconcerned with bitcoin.
I don't think the NSA has enough money for that or GPUs currently available. The difficulty can also only increase 4x per increment.
Since when was there a limit on the increase per difficulty adjustment? I thought it was proportional to the time allotted of 2 weeks, 6 blocks per hour...
Since it was put in the source code at the beginning of time?
Since when was there a limit on the increase per difficulty adjustment? I thought it was proportional to the time allotted of 2 weeks, 6 blocks per hour...
Just look at the previous nmc difficulty increases; one was going to be something like 5-6x but in the end it was 4x exactly due to the limit.
You ready with the proper server equipment to handle the rush? I suspect you will see >1000 GH/s this time around on your pool alone. But I could be wrong, I'm just going on the potential GH/s we have out there already and assuming that less than 1/10th of it comes to NMC even for a few days.
It's been running on a dedicated server for a while now, and handled 250+ fine when I switched to it from the old VPS I was using before. I don't think we'll see 300+ again personally. I think the namecoin/bitcoin price ratio will adjust much faster than in previous times when few knew about it. The highest hashing rate I have seen on your pool Chris was about 300Gh/s. What on your end does it show is the highest your pool has been at?
About 305Gh/s. It's about 1/5th of that now.You ready with the proper server equipment to handle the rush? I suspect you will see >1000 GH/s this time around on your pool alone. But I could be wrong, I'm just going on the potential GH/s we have out there already and assuming that less than 1/10th of it comes to NMC even for a few days.
Your thoughts?
The highest hashing rate I have seen on your pool Chris was about 300Gh/s. What on your end does it show is the highest your pool has been at?
About 305Gh/s. It's about 1/5th of that now. It'll be interesting to see what effect the upcoming bitcoin/namecoin cross mining changes will have on price and difficulty.
Indeed...
The highest hashing rate I have seen on your pool Chris was about 300Gh/s. What on your end does it show is the highest your pool has been at?
Come to think of it, if the US government wanted to kill bitcoin today that'd be the way to do it. Ask the NSA to switch their cracking lab to mining for a few hours over a weekend, rack the difficulty up to say 20-30 million and bitcoin is history. The fact that it hasn't been done proves to me that the US gov't, at least, is utterly unconcerned with bitcoin.
I don't think the NSA has enough money for that or GPUs currently available. The difficulty can also only increase 4x per increment.
Since when was there a limit on the increase per difficulty adjustment? I thought it was proportional to the time allotted of 2 weeks, 6 blocks per hour...
It'll be interesting to see what effect the upcoming bitcoin/namecoin cross mining changes will have on price and difficulty.
There's not enough computing resources available to make it 100x the current rate.
At current difficulty, no. If difficulty falls to 1/4 the current level (like it was when we last dogpiled on), yes. Ok, the 1000 was a bit of hyperbole, but if all BTC miners switch for a day at 15k difficulty we could mine out all 2016 blocks in around 24 hours. Leaving namecoin with a 1.5 million difficulty, and several years of massively subsidized mining at a rate of a block per week until it adjusts back.
In reality something short of that will happen.
Come to think of it, if the US government wanted to kill bitcoin today that'd be the way to do it. Ask the NSA to switch their cracking lab to mining for a few hours over a weekend, rack the difficulty up to say 20-30 million and bitcoin is history. The fact that it hasn't been done proves to me that the US gov't, at least, is utterly unconcerned with bitcoin.
I agree with your principle but not the actual numbers. At a difficulty of 26,000 it would take ~42 seconds per block and ~2650GH/s (total network hash rate) to make the 24hour mark. But that would amount to 26,000 x 14 = 364,000 difficulty and NOT 1.5 million. Once again I think you exaggerated a bit on your calculations. But I must agree with all of you, once the difficulty of NMC adjusts downward by 50% watch some fireworks take place.
I just like Namecoins and I can hit an icon on my desktop to mine them. I don't feel like mining Bitcoins and taking the trouble to exchange them, is that so bad? I could also work to make more money in USD and use that to buy Namecoins, but I'd rather just mine them.
Summary: Who is mining Namecoins?
Those who don't care about exchange prices:
Those who care about exchange prices:
Those who don't care about exchange prices:
- People who want the coins for short-term use, to pay for registering and updating names, and/or purchasing products/services.
- People who want to support the Namecoin project for the long-term
- People who just heard about Namecoin and are testing it out
Those who care about exchange prices:
- People who seek short-term profit. When they calculate the time is "right", they mine NMC in order to trade it into BTC, and then into a fiat currency.
- People who seek a long term investment. They mine NMC and hold for the long-term.
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