Bitparking balance not incrementing

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innerbitcoin
Posts: 2
Joined: Fri Jun 24, 2011 3:02 am
os: windows

Bitparking balance not incrementing

Post by innerbitcoin »

I am contributing the following via bitparking, but for the last day my balance has stopped incrementing.

Shares 20044
Total Pool Shares 591383
Hash Rate (MHash/second) 1481.39
Work Rate (getworks/second) 0.361
Blocks Found 1
Balance 0.00000000

I last paid my balance to my wallet about 4 hours ago - since then, nothing. It looks like my balance stopped accruing some time in the last 24 hours. Up until now I was seeing my balance increment nicely at a rate of 20 - 40 namecoins per day.

I've restarted the daemon and my miners. What's going on? The pool has been fantastic so far and I have been happy to pay my 3%...
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doublec
Posts: 149
Joined: Mon May 23, 2011 12:47 am
os: linux
Location: Auckland, New Zealand
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Re: Bitparking balance not incrementing

Post by doublec »

innerbitcoin wrote: I've restarted the daemon and my miners. What's going on? The pool has been fantastic so far and I have been happy to pay my 3%...
It's because a huge amount of mining power has left the entire namecoin network but difficulty is still high. So blocks are taking a very long time to process. The last block took 3 hours for example. During this time period bitparking has been a bit unlucky and didn't find blocks for a while. The result is, no blocks found, no balance increase.
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nodemaster
Posts: 172
Joined: Wed Jun 15, 2011 12:46 pm
os: linux

Re: Bitparking balance not incrementing

Post by nodemaster »

doublec wrote:
innerbitcoin wrote: I've restarted the daemon and my miners. What's going on? The pool has been fantastic so far and I have been happy to pay my 3%...
It's because a huge amount of mining power has left the entire namecoin network but difficulty is still high. So blocks are taking a very long time to process. The last block took 3 hours for example. During this time period bitparking has been a bit unlucky and didn't find blocks for a while. The result is, no blocks found, no balance increase.
Confirmed. Even confirmations and thus transactions are way too slow because of missing hashing power :cry:
Access .bit domains with Firefox in 4 easy steps: https://masterpool.eu/proxy
MasterPool Namecoin Mining Pool
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MaxSan
Posts: 25
Joined: Sun Jun 26, 2011 3:40 pm
os: other

Re: Bitparking balance not incrementing

Post by MaxSan »

il be sending in 1.2+g/hash tonite onwards.

Hope it helps xD
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moa
Posts: 255
Joined: Mon May 23, 2011 6:13 am

Re: Bitparking balance not incrementing

Post by moa »

MaxSan wrote:il be sending in 1.2+g/hash tonite onwards.

Hope it helps xD
This is a kind of interesting situation Namecoin has got into. While the price is low it is more profitable mining for BTC (for current prices) ... but longer out because diff. will be dropping for NMC it will attract mining hash power again by being more profitable than BTC at that point.

At the present we are in chicken and egg situation where if the price goes up then it becomes more immediately profitable for namecoin ... which comes first more mining power or price increase?

Saying all that, it seems to have discovered what is the base price (and thus mining capacity) which is hugely encouraging ... can only build from here imho.

I think if more mining capacity shows up and blocks start getting solved faster it may actually psychologically bootstrap the price back towards profitability over BTC.
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