Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 1296. (Read 2375711 times)

Really? Think botnets, data centers and universities.

alright, thanks for the fast answer!

Will setup a guide soon later once I issue the miner (tonight or tomorrow morning); magicoin will be swapped with XMG, will give detail instructions.

Hey,

can someone explain to me:

- how can I start to mine
- where I have to register
- where can I download the wallet
- how to setup the CPU miner?

(- what can I do with my old MagiCoins?)

 

BTC and Altcoins persist because we use them to pay, to play, mine them etc. I think it is good that a altcoin is to mine for everyone. In this way, more people can use their regular computer trying and learning. This will also have a positive effect for other coins. People read / hear about the different coins. The self can only try it with coins be appropriate.
Magicoin, XMG is that currency.

Welcome back Digithusiast!

Nice to see the Magi reborn. I remember the "happy magi" hours of the first version. Will happily let my cpu's get hot for this one.

Good luck to the new Magi.

bought some magis on swisscex last few days, looking forward to launch  two more days to go

Magicoin XMG added on https://www.altcoincalendar.info/coins/869-XMG

Thanks, will be in touch for setting up the pool.

[09-10] Updated OP & coin distribution review

The OP has been reformatted and has a new look now. As I mentioned before, there are some figures yet to be reviewed for finalizing. The PoW mining is divided into two phases. The 1st phase is most important, that has dual roles. The 1st phase XMG minting is supposed to yield significant coins. Second, this is to ensure coins will be minted dominantly by CPU. We primarily focus on finalizing this phase of PoW. The overall block rewards take the following form:  


Features:

# The low diff (less people mining), minimum rewards (10 XMG/block);
# The higher diff, higher rewards, up to 500 XMG/block at diff = 75;
# At even higher diff, reduced rewards with increasing diff (constant 10 XMG/block when diff > 600)

Predicted consequence is fair distribution, avoiding big mining farms and maintaining the network hash under a certain level (unlike BTC network keep increasing). It will frustrate mining farms (if existed) when network hashrate is so high that the mining rewarding is at the decline side. Mining XMG is less profitable compared to mining others; only belivers keeping mining will receive the most out of it. Same frustration applies to GPU miners if they existed.

Important figures include:
1) minimum rewards; 2) maximum 500 XMG/block at diff = 75; 3) reducing rate at high diff.  (open to suggestions)

The most important will be 2) maximum 500 XMG/block at diff = 75. Assume mining at 500 XMG/block, the 1st phase will be done in a month. So basically I'd like to know you prefer how long the 1st phase lasts. Diff = 75 means nearly 2,000 Mhps provided Diff / Mhps is 0.037 (seems reasonable assumption, compared to DRK about 0.039 Diff / Mhps ). Considering AMD CPU miners running at around 0.5Mhps each, that amounts to 4,000 CPU. We are mostly under the limit. Please check the OP for the 2nd phase rewarding.

Edit: I noticed people are interested to the CPU mining, so I am wondering if we should give extended period of mining and increase the number of coins minted through CPU. Please suggest.

The PoS-II interest rate is shown below.
Edit: Here following is the overview of coin distribution in different stages:

1) coins to be swapped: 4.5 million (existing magicoin)
2) PoW 1st phase:        5.5 million (short-term)
3) PoW 2nd phase:        5   million (long-term)
4) PoS-II:                   10  million (long-term)

Total coins will be 25 million. PLAN changed, read the OP and relevant discussion. We're still able to change these numbers if you like. For some reason, coin swap won't be done totally, these unswapped coins can be either destroyed or issued fairly to the bitcoin members by the time.

One of the final translation is received.
New translation: German (by blubberli) https://bitcointalksearch.org/topic/launched-xmg-magi-1st-pos-ii-fair-distr-tor-m7m-cpu-776461

Thank you Blubberli!

I am going to post the miner; you can try it out then. Basically if you used to use linux, no much difference except everything is done through commands via ssh.

Never tried it myself but here http://aws.amazon.com/free/?sc_channel=PS&sc_campaign=AWS_Free_Tier_2013_C&sc_country=US&sc_publisher=Google&sc_medium=b_core_cloud_computing_e-amazon_aws&sc_content=40951079922&sc_detail=Amazonaws&sc_category=aws_cloud_computing&sc_segment=cloud_computing&sc_matchtype=e

could someone please direct me to a easy user guide for digital ocean or amazon Web services
to mine this coin
thank you

Clock is ticking! little more than three days.
Then it's time for Magic.

Sure, CPU only coins are the best balanced solution. It's fair and safer.

 The fact that its only cpu means too much , it means that we have a weapon against miner arms race because many people with a lot of money go get a lot of gpu farms and mine much faster whereas someone with 5$ can get another 5$ with coupon and mine this with digitalocean or whatever.

 I am very proud ambassador for magi , hopefully I will see it rise and rise in the future.

Thanks serjent05, this is just ... AMAZING ... I will contact you about the bounties.

Congratulations to the Magi Dev Team for all the progresses reached, and also for the coming launch of this revolutionary currency.

Success!