Last updated on April 6th, 2018 at 02:00 pm
Table of Contents
What is Namecoin (NMC)?
Namecoin (NMC) is a cryptocurrency that can keep data in its blockchain transaction database, guard against internet censorship, allows you create domain names and so much more. Namecoin, to this end, serves as both a cryptocurrency as well as a name creator of some sort. As a result of the fact that it is decentralized, there is no central entity to control the system. Also furthering its cause as a very secure cryptocurrency, its domains can only be transferred by the domain owner, thereby ensuring that the domain will remain in possession of the owner. It uses computers to solve algorithms, and then creates NameCoins. To get moving with NMC, you first have to get a secure wallet (hot or cold), so you can store the currencies, get an exchange so that you can purchase the Namecoins or swap altcoins as you wish. Related reading, see:(5 Best Namecoin (NMC) Wallets (Reviewed))
What are Namecoin Pools?
Mining pools as far as cryptocurrency is concerned to the pooling of resources by miners, who share their processing power over a network. With a goal to share the resulting rewards or profits, individual miners make their gains out of the amount of work they contributed to the probability of finding a block. In the same regards, Namecoin Pools help miners in reducing their payout volatility. Namecoin mining pools help miners get their funds in bits and pieces, but frequently enough to have something every time. It is very time-consuming as well. To begin, you need to understand and have a full description of Namecoin mining pools. Most Namecoin Pools are only available through merged mining.
What is Merged Mining?
Merged mining is a form of mining in which a miner can mine for more than one block chain at the same time. An advantage of this is that every hash the miner does, sums up to the total hash rate of all currencies being mined. Namecoin supports merged mining. To carry it out, the miner must first assemble a transaction set for the block chains in use. Next, you can assemble the Namecoin block and hashes it then creates a transaction containing this hash in the chain for the other currency. The rest of the process depends on the currencies being mined or hashed.
Some things to note, however, are that when mining both Bitcoin and Namecoin, know that Bitcoin chain doesn’t get junked up with Namecoin materials as a result of the merged mining. Also, note that the two hash chains remain fully independent. Namecoin miners have the advantage when merged mining is concerned because doing both gives them a greater return than those who mine bitcoins alone, get.
Top 5 Namecoin Pools
While Namecoin Pools aren’t exactly popular, there are a few that are merged pools that Namecoin also is a part of. They include:
P2Pool is a just a decentralized Bitcoin mining pool that functions by creating a peer-to-peer network of miner nodes. With P2pool, you can set up your p2pool with Namecoin merged sharing. You can install P2Pool easily within a virtual machine powered by KVM, Xen or VMWare.
Here, and as far as merged mining is concerned, you cannot reconfigure them to go to any other account except for the default account of that wallet. If you are good at coding, however, you may be able to work around this by monitoring P2Pool logs and trigger script. You can also own a P2Pool server installation, for the Mining of Bitcoins, Devcoins, IXcoins, Namecoins, and I0coins using Merged Mining and also, for Litecoins.
Multipool is one of the Namecoin pools you can try out. Since it began in 2012, it has served as a multi-cryptocurrency and smart mining pool that allows users to mine BTC, LTC, DASH, BXT, CANN, DGC, FRC, MEC, MOON, NOTE, NVC, TRC, UNB, URO, WDC, ZET, and a few others. For merge mining, it is used to merge mine NMC, UNO, DOGE, MYRH, VIA, and UIS. This mining pool has a 1.5% fee, which is considered high. Reviews about this are mixed – there are a few complaints about it, and there are others who consider the payout to be good.
Slush Pool also has the capability of merged mining coins for Namecoins (NMC). It was the first publicly available mining pool, as it was first announced in 2010 under the nomenclature “Bitcoin Pooled Mining Server.” It allows users to mine BTC at a 2% fee and ZEC for free. This medium-sized pool maintains a little over 7% of the network. It also has a fixed fee of 2% for every transaction, which is shared with the miners. Slush Pool is considered one of the best Namecoin pools and one core reason for that is that the dashboard is very user-friendly, providing excellent detail with regular updates. Satoshi Labs run it in the Czech Republic, and it has a score-based system that discourages pool switching.
Eligius is a Bitcoin mining pool that is based in the United States. Founded in 2011, it is also one of the earliest Bitcoin mining pools. It’s very easy to join as no registration is required. It is also free as miners are not charged fees, unlike the others. You get to enjoy the merged mining of Namecoin for additional coins. For some reason though, this pool controls just under 1% of the network hash rate, making it a small mining pool. Users receive 100% of the block reward including transaction fees, and they operate a PPS reward system with a minimum payout of 0.04 BTC. This higher minimum payout means that you’ll need a reasonable amount of hashing power to see a return quickly. Eligius allows merged mining of Namecoin.
Last but not the least is F2pool. Also, it offers daily payouts and a minimum withdrawal amount of 0.1 ETH. It is the second largest mining pool for Ethereum, and it is one of the top options for Bitcoins as well. Since its launch in 2013, it has been directed towards Chinese miners. It is, however, available in the USA as well. It charges a fee of 5% pay per-share, and it uses stratum mining protocol.
Our Other Cryptocurrency Mining Pools Guides
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