Because when the bitcoin difficulty stays stagnant... and the namecoin difficulty jumps (which it inevitably will once more people get tired of mining 2 million difficulty bitcoins.. for some at least). You can make a large profit in between.
Because namecoin prices seem to be determined by their difficulty to mine them as opposed to bitcoin.
Topic: Who is mining namecoins and why? - page 2. (Read 10176 times)
At the moment namecoin miners (whose number appears to be increasing ?!?) are donating 55882.45237847/1564057.45=.03573, with .03573/.0275=1.3. In other words, they're donating 30% of their computing power to bitcoing miners. It's amazing. The worse their payback, the more miners pile on namecoin to lose money...
It's like running 3 5830s in your rig, but with one pointed at the test pool.
The mind just boggles. Now, I can definitely see getting namecoin compiled and ready to go by the 12th (which is when it looks like block 16128 rolls around and we all need to be ready to pile on namecoin, but still. It makes negative sense to mine NMC now. I guess I should thank them for their donations though...
Now, when the new difficulty does happen I fully expect the NMC network computing power to increase not just by a factor of 10 like last time, but more likely by a factor of 100 if not 1000. We should have all 2016 blocks mined out in well under 24 hours. Good thing the chumps are willing and able to pick up the slack during the month+ long "subsidize" time to make several hour "profit" time that much better.
It's like running 3 5830s in your rig, but with one pointed at the test pool.
The mind just boggles. Now, I can definitely see getting namecoin compiled and ready to go by the 12th (which is when it looks like block 16128 rolls around and we all need to be ready to pile on namecoin, but still. It makes negative sense to mine NMC now. I guess I should thank them for their donations though...
Now, when the new difficulty does happen I fully expect the NMC network computing power to increase not just by a factor of 10 like last time, but more likely by a factor of 100 if not 1000. We should have all 2016 blocks mined out in well under 24 hours. Good thing the chumps are willing and able to pick up the slack during the month+ long "subsidize" time to make several hour "profit" time that much better.
+1
It's gonna be a far bigger rush than the June one. That difficulty will shoot up over the days that follow the decrease.
The hashing power on NMC is dropping again (people seeing sense), thus resulting in the next difficulty adjustment being pushed back... currently forecasted for the 15th, with a 50% decrease.
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.
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.
At the moment namecoin miners (whose number appears to be increasing ?!?) are donating 55882.45237847/1564057.45=.03573, with .03573/.0275=1.3. In other words, they're donating 30% of their computing power to bitcoing miners. It's amazing. The worse their payback, the more miners pile on namecoin to lose money...
It's like running 3 5830s in your rig, but with one pointed at the test pool.
The mind just boggles. Now, I can definitely see getting namecoin compiled and ready to go by the 12th (which is when it looks like block 16128 rolls around and we all need to be ready to pile on namecoin, but still. It makes negative sense to mine NMC now. I guess I should thank them for their donations though...
Now, when the new difficulty does happen I fully expect the NMC network computing power to increase not just by a factor of 10 like last time, but more likely by a factor of 100 if not 1000. We should have all 2016 blocks mined out in well under 24 hours. Good thing the chumps are willing and able to pick up the slack during the month+ long "subsidize" time to make several hour "profit" time that much better.
It's like running 3 5830s in your rig, but with one pointed at the test pool.
The mind just boggles. Now, I can definitely see getting namecoin compiled and ready to go by the 12th (which is when it looks like block 16128 rolls around and we all need to be ready to pile on namecoin, but still. It makes negative sense to mine NMC now. I guess I should thank them for their donations though...
Now, when the new difficulty does happen I fully expect the NMC network computing power to increase not just by a factor of 10 like last time, but more likely by a factor of 100 if not 1000. We should have all 2016 blocks mined out in well under 24 hours. Good thing the chumps are willing and able to pick up the slack during the month+ long "subsidize" time to make several hour "profit" time that much better.
There's not enough computing resources available to make it 100x the current rate.
At the moment namecoin miners (whose number appears to be increasing ?!?) are donating 55882.45237847/1564057.45=.03573, with .03573/.0275=1.3. In other words, they're donating 30% of their computing power to bitcoing miners. It's amazing. The worse their payback, the more miners pile on namecoin to lose money...
It's like running 3 5830s in your rig, but with one pointed at the test pool.
The mind just boggles. Now, I can definitely see getting namecoin compiled and ready to go by the 12th (which is when it looks like block 16128 rolls around and we all need to be ready to pile on namecoin, but still. It makes negative sense to mine NMC now. I guess I should thank them for their donations though...
Now, when the new difficulty does happen I fully expect the NMC network computing power to increase not just by a factor of 10 like last time, but more likely by a factor of 100 if not 1000. We should have all 2016 blocks mined out in well under 24 hours. Good thing the chumps are willing and able to pick up the slack during the month+ long "subsidize" time to make several hour "profit" time that much better.
It's like running 3 5830s in your rig, but with one pointed at the test pool.
The mind just boggles. Now, I can definitely see getting namecoin compiled and ready to go by the 12th (which is when it looks like block 16128 rolls around and we all need to be ready to pile on namecoin, but still. It makes negative sense to mine NMC now. I guess I should thank them for their donations though...
Now, when the new difficulty does happen I fully expect the NMC network computing power to increase not just by a factor of 10 like last time, but more likely by a factor of 100 if not 1000. We should have all 2016 blocks mined out in well under 24 hours. Good thing the chumps are willing and able to pick up the slack during the month+ long "subsidize" time to make several hour "profit" time that much better.
Maybe their logic is that, since NMC is easier to mine and provided the value goes up over long term, they'll make more BTC. That's risky though...
I might try namecoin out with one of my cards that isnt as useful for mining bitcoins... maybe my gtx 570s
This is where I get confused. For what purpose? namecoin is only a slightly modified bitcoin setup. It exchanges for less bitcoin currently, so regardless of what you use to mine it, you will be taking a loss.
I might try namecoin out with one of my cards that isnt as useful for mining bitcoins... maybe my gtx 570s
I want to mine NMC asap as it appears to be quite profitable for me.I need someone who can tell me the nmc pool to join and how to setup in GUIMiner without requiring me to buy a domain name first.
I need to know.
I need to know.
You want to mine namecoin to buy a domain? Or to sell? It is more profitable to mine bitcoins if you are looking to cash out currently, otherwise if you want to set up a .bit domain then mining isn't a bad idea.
Again, I stated above more or less the best resource I've found for information about namecoin, dot-bit.org
The largest and oldest pool that also combines with a namecoin exchange is bitparking.com, it also has instructions on how to set up your mining clients.
I want to mine NMC asap as it appears to be quite profitable for me.I need someone who can tell me the nmc pool to join and how to setup in GUIMiner without requiring me to buy a domain name first.
I need to know.
I need to know.
Hmmm.. this means I'll have to set up namecoin in every computer rather than just the miner though.
I'll check out your pool, thanks.
I'll check out your pool, thanks.
No, download namecoind from wherever (I don't know if this is what talpan is referring to), I used dot-bit.org, follow the instructions to set it up, you can now point regular miners to the computer running namecoind and it will work as a localized pool (not that that really matters, it just makes life easier for you with a centralized wallet).
I still don't really see any good explanation in this thread for people mining namecoins, the price jumped and then it dropped, so it's still a losing proposition. When the difficulty drops, bitcoin miners are going to rape namecoin, and flood the market so prices will certainly not go up in the near future (~1week), meaning if it's unprofitable now, it will only be more so in the near future.
I suppose the people who like namecoin and mine simply to suppot the system make sense, but it still seems odd to see a large jump in those people in such a short period of time. Well good for you guys, it's nice to see people supporting a cause at their own loss.
Hmmm.. this means I'll have to set up namecoin in every computer rather than just the miner though.
I'll check out your pool, thanks.
I'll check out your pool, thanks.
That's true, you'd have to do this and your miners wouldn't be connected.
And I know my pool isn't big yet but we will get some namecoins soon
.regards, talpan
Hmmm.. this means I'll have to set up namecoin in every computer rather than just the miner though.
I'll check out your pool, thanks.
I'll check out your pool, thanks.
Yes, after you're running namecoind and set rpcpass and rpcuser.
Or you could join a (my
pool.
regards, talpan
Or you could join a (my
pool.regards, talpan
yu mine solo namecoins the same as you do bitcoin.
go to namecoins.us.. download their hacked version of the bitcoin client.
set up rpcuser and rpcpass and point your miner at 127.0.0.1 instead of teh pool.
as for namecoins, is it me or is the price, sorta linked to bitcoins difficulty? seems like it adjusts sometimes to keep it just barely under bitcoin in profitability.
well everytime i have checked the namecoin calculators, i tend to get a couple dollars less a month than on the bitcoin ones, even right after the bitcoin difficulty jump.
go to namecoins.us.. download their hacked version of the bitcoin client.
set up rpcuser and rpcpass and point your miner at 127.0.0.1 instead of teh pool.
as for namecoins, is it me or is the price, sorta linked to bitcoins difficulty? seems like it adjusts sometimes to keep it just barely under bitcoin in profitability.
well everytime i have checked the namecoin calculators, i tend to get a couple dollars less a month than on the bitcoin ones, even right after the bitcoin difficulty jump.
So essentially, I start namecoind, then point my guiminer at 127.0.0.1?
Namecoins are more fun to mine because you get more of them. I know it's silly, but that's how it is to me. Of course I just have my one gaming computer. Also nobody is DDOSing the pool.
So wait, what you're saying is it's fun to have fewer namecoins than more? At the end of the day you just see a balance -- your balance would be higher by mining BTC, even with one card or CPU and *buying* NMC. Higher numbers are more fun than lower numbers, or did I misunderstand?
When you buy Namecoins, you need to buy upwards and you lose sometimes several percentage points of value.
That's exactly the same with bitcoin.
Namecoins are more fun to mine because you get more of them. I know it's silly, but that's how it is to me. Of course I just have my one gaming computer. Also nobody is DDOSing the pool.
So wait, what you're saying is it's fun to have fewer namecoins than more? At the end of the day you just see a balance -- your balance would be higher by mining BTC, even with one card or CPU and *buying* NMC. Higher numbers are more fun than lower numbers, or did I misunderstand?
When you buy Namecoins, you need to buy upwards and you lose sometimes several percentage points of value.
Namecoins are more fun to mine because you get more of them. I know it's silly, but that's how it is to me. Of course I just have my one gaming computer. Also nobody is DDOSing the pool.
So wait, what you're saying is it's fun to have fewer namecoins than more? At the end of the day you just see a balance -- your balance would be higher by mining BTC, even with one card or CPU and *buying* NMC. Higher numbers are more fun than lower numbers, or did I misunderstand?
There, we have our answer. People who can't or won't do math are mining namecoins.
Good by me, it just means instead of the difficulty drop on the 21st it looks like it'll be around the 11th instead. THAT is when the great BTC hordes will descend on namecoin once again, mine out all 2016 blocks in a day or so, and leave the chumps to 'support' another month mining at an artificially bogus difficulty.
Y'all are giving up .07 per namecoin by mining NMC rather than BTC at current exchange rates. Good thing you make up for those losses with higher volume!
In a free market (which this is), and assuming rational actors we would have everyone mining BTC and buying NMC until NMC reached price parity. That's how rational people would support NMC. The current subsidy yoyo with NMC miners lining up to *give* money to BTC miners for destabilizing NMC will have predictable effects.
Good by me, it just means instead of the difficulty drop on the 21st it looks like it'll be around the 11th instead. THAT is when the great BTC hordes will descend on namecoin once again, mine out all 2016 blocks in a day or so, and leave the chumps to 'support' another month mining at an artificially bogus difficulty.
Y'all are giving up .07 per namecoin by mining NMC rather than BTC at current exchange rates. Good thing you make up for those losses with higher volume!
In a free market (which this is), and assuming rational actors we would have everyone mining BTC and buying NMC until NMC reached price parity. That's how rational people would support NMC. The current subsidy yoyo with NMC miners lining up to *give* money to BTC miners for destabilizing NMC will have predictable effects.
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