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Maybe I've misunderstood it, but how does merge mining create an incentive to mine namecoins? I figured all it did was make it "cheaper" to mine namecoins by "r
by gomox 13y ago
Maybe I've misunderstood it, but how does merge mining create an incentive to mine namecoins? I figured all it did was make it "cheaper" to mine namecoins by "reusing" work done for the bitcoin blockchain. In order for the namecoin network to function, you still need to actively get involved with it.
Here's some information on merge-mining for anyone else involved:
http://bitcoin.stackexchange.com/questions/273/how-does-merged-mining-work http://bitcoin.stackexchange.com/questions/273/how-does-merg...
http://dot-bit.org/Merged_Mining http://dot-bit.org/Merged_Mining
- elidourado 13y agoMost of the major Bitcoin mining pools also mine Namecoin. The current Namecoin hashrate is around 60% of the Bitcoin hashrate. http://bitinfocharts.com/comparison/hashrate-btc-nmc.html http://bitinfocharts.com/comparison/hashrate-btc-nmc.html
- gomox 13y agoWell, that's a lot! I didn't expect it to be significant compared to the bitcoin pool. Do you know how that came to be? i.e how did they convince everyone to start mining namecoin? Or was it just good timing WRT bitcoin?
- wmf 13y agoMerged mining has good incentives since it basically gives free money; for the same work of mining Bitcoin you can mine Bitcoin and Namecoin simultaneously.
- elidourado 13y agoI'm not too sure. A lot of people in the cryptocurrency community are saying that something like Namecoin is going to be the second major blockchain-based technology after payments, so maybe it just got the right kind of press at the right time, as you say.