Namecoin Mining in a Nutshell
Namecoin is a decentralized blockchain platform that is designed for privacy, censorship resistance, security, and internet infrastructure. Let us discuss more about Namecoin Mining on this article.
As the name suggests, Namecoin has a name registry, where anyone can register human-readable names. With these names, one can create online identities.
Also, it has a .bit domain name registry system. These domains work with the help of Namecoin network. To access these .bit websites, you need to use a particular software called NMControl. That is similar to using a Tor browser for accessing the Tor network. Likewise, .bit domains are identical to the .onion domain names on Tor networks.
Nevertheless, the domain registrations fees go to nobody and will be burned.
The currency of the platform is also known as Namecoin (NMC). And, any fees attached in the NMC transactions will go to the miner, which is the same case with Bitcoin. And it has a current supply of around 14.7 million tokens.
You can explore the Namecoin blockchain here.
Namecoin roots go back to Bitcoin. It is the first source code forked project from the Bitcoin. And the Namecoin mining also works like Bitcoin mining: Uses SHA-256 as proof of work algorithm.
Moreover, Namecoin can be merge mined with the Bitcoin. That is, when mining Bitcoin, the same computing resources can work at the same time for mining Namecoin. So, double results and more profit.
As Namecoin ICO can be merged mined with Bitcoin, there are other cryptocurrencies like Syscoin, which are also can be merge-mined with Bitcoin.
So, if you have already a Bitcoin miner, merge-mining with other altcoins will be more beneficial to you.
At the time of writing, Namecoin (NMC) was just trading around 1.49 USD. For some miners, it feels putting efforts into merged mining would not be worth considering the price of NMC.
So, what do you think? Would you go the extra mile to start merge mining with Bitcoin? Comment below.