Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 192. (Read 2375926 times)

The devs have already responded to this I believe. One of them can correct me if I am wrong here...

The payout drops entirely by design if the hash rate gets too high on the network. Meaning if whales are present the block value will drop. This will encourage them to go elsewhere where they can make more money. After they leave the block rewards will increase by design. If they come back it will drop again.

We are just waiting for this fact to dawn on them and they move on.

Though I think in the long run it wont be a complete solution. As once it gets figured out, whales will pool hop. They will go mine Monero for awhile until the difficulty here drops and rewards get higher. Then they will switch back here until the reward drops. Then back to Monero...etc.

Amigos ya encontré la solución para que la minería a baja escala sea un poco mas rentable, (Solo tenemos que lograr que XMG aumente de valor, por lo menos entre unos $5 a $7 aproximadamente) ese sería un punto dulce tal vez, creo.

El obstáculo es como hacer que aumente de valor, tal vez creando campañas de publicidad a esta moneda para que mas gente la utilice y la compren mas y mas, atrayendo mas inversores, creando que aumente su demanda y a la ves logrando que su valor aumente, tal cual sucede con el BITCOIN.

Tal vez esta sea un de tantas opciones en la mesa.
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Friends and I found the solution for small-scale mining is a little more profitable, (We just have to get XMG to increase in value, at least between $ 5 to $ 7 approximately) that would be a sweet spot maybe, I think.

The obstacle is how to increase value, perhaps by creating publicity campaigns for this currency so that more people use it and buy more and more, attracting more investors, creating an increase in demand and see their value increase, as it happens with the BITCOIN.

Maybe this is one of the many options at the table. : - \

did you try to download blockchain and extract it into roaming/magi did you delete old blockchain and all files except wallet.dat and conf

Agree with you about creating howto's, i'd love to read all howto's created by magi community. Could be a good idea to start a site for user collected howto's?
Can't anwser so much about the other about the other.

- Who are you? + - Past projects and experience?
I'm a 36 yrs old guy from Sweden. Currently working full time as developer (Also work with services / servers so devops) and has been in it since 2007, my coding experiance streaches all the way back to around 1998. One project of mine is https://poolinfo.systms.org but besides that I don't any personal projects.

- Where you think CoinMagi will be next year, five years from now.
Hard to tell where magi will be in 1-5 yrs from now.

- Other interests besides crypto.
Sure do, fishing is one of them

- How you got interested in crypto.
Found out about bitcoin in 2012 and started mining, got hooked and started reading up and magi caught my eye in 2014.

- etc.
Always love a cold beer


Sweet spot usualy is around 40-50 mh/s on the network. Old but info about PoW should still be valid http://coinmagi.org/files/misc/magi-cheat-sheet-v1.pdf or read here how the algo works https://arxiv.org/abs/1409.7948


Of course ppl would stop mining in all if it's a total loss. In your example is a extremley low block reward (Even if it reflects the reality, this is the lowest block value I've seen). The block value can go all the way up to ~42 which in terms should even out the low points. The more realistic question is in that case - when is that happening?

Usually the block reward goes up fast then the big miners throttle back their miners. Even if the block reward "only" get's up 2 xmg per block that would give you an an total amount of ~$2.6945139702 which means after taking out your loss of $0.00545139702 gives us ~$2,689062573 in the blacks.

When block reward goes up, it usually goes in steps (1-2 blocks per step) before leveling off at a max of ~42 xmg.

As mentioned, the new update IS 1.4.5.3. Facing issues with the same

I think whales just jumped on Magi once they saw the recent price increase without knowing how the coin works. They don't understand that their rewards don't increase just because they use more hashing power. Once they realize they can make more money on another coin they will point their rigs elsewhere.

Little question:
If I unlock my wallet for mintonly, then relock it, then unlock it again to send a transaction, then lock it again and unlock it again in mintonly.
Would this reset my minting?

I think it doesn't, but I just want to make sure before I keep on staking for nothing xD

If you are including me in that statement, I have never said I wasn't a "whale" nor have I referred to whales as "them"... I also haven't tried to hide it.  If I was trying to hide it, I would not have the same name here as on the pools.  

I have plenty of hash power to be considered a whale but I've got most of it pointed at Monero since before the XMG issue. Monero has been more profitable for me for at least the past month.

I did put most of my hash towards XMG for a while trying to get to the hardfork... so it would get here faster.  I didn't hear any complaints from anyone then... but of course I wouldn't... it was benefiting everyone at that point, so it was "ok".

I don't feel like it is unreasonable for me to have 600kh for a while since I was forgoing any profit from mining Monero to try and help Magi get to the hard fork.

I don't know wether it's temporary or not (I'm not the dev so), but it was just to show that lowering the block value (without the coin value increasing) isn't a good idea

I guess current block value is temporary solution to test network after fork. Ofcourse with such reward nobody will mine this coin..

maybe some happy fans  

Please do note that if you lower the block value too much, it might be that XMG won't be mined at all since it's not very profitable (or in a best-case scenario - which is very unlikely to happen - the value will go up).

Let's say this is the case:
a pool finds a block with a value of 1XMG.
100 shares were needed to find this block.
each share would equal 0.01XMG
That's nothing wrong, 0.01XMG is still ~$0.015 with the rate of 1XMG = $1.50

Now imagine this:
a pool finds a block with a value of 0.1XMG.
100 shares were needed to find this block.
each share would equal 0.001XMG or ~$0.0015 with the rate of 1XMG = $1.50
That's still doable.


Now for our more real-world example:
a pool finds a block with a value of 0.2XMG (which is about the current worth of a block)
381,728 shares were needed to find this block.
Each share would equal to about 0.000000523933272XMG or ~$0.000000785899908 with the rate of 1XMG = $1.50
That means you have to get 100k shares in order to get 0.0523933272XMG or ~$0.0785899908
With a Ryzen7 1700X AND an i5-4460 I get about 4 shares per second.
10000 / 4 == 25000seconds ==  ~7 hours
Now do the simple math to get your est. daily earnings:
24 / 7 == 3.42857142857
3.42857142857 * $0.0785899908 == $0.26945139702
The rigs shown above take about 220watts (total) and let's say power costs about $0.05 (which is dirt-cheap).
This means I have a daily loss of about $0.00545139702
Now if that is the case, people would quickly stop IF the block values didn't go up or the prices go up.


Of course, those examples are just that, examples, but it should give you to think about.

for web side of the pool using a captcha/recaptcha verification would stop the use of auto account create bots.

Hello friend ex33s, and what is the sweet spot? 

That is good idea to help miners on discord that is really great approach. Good Luck, ill come by and mine a little when nethash normalize. Cheers

isnt too hard to do something like that. my c++ is very crappy though. but it not hard to take samples at intervals and compare them based on harsh rate and ip and even adding a unique signature to the miner deamon on the server side to help track would help in the analyzing it.

like the name you wanna help?

i'm more interested in fairness for everyone. not just myself. i dont hate ppl with more hashrate then me. Who cares if they have more hashrate then me. they are just make more unfair to other ppl

if you want to believe me or not about the fairness i'm going on about it doesnt bother me at all. but to have ppl in this very forum make out that magi is better to buy then mine or that they are better then other and then to find them on the pools with high hashrates when they know the coin is suffering cos of ppl like that. makes my blood boil. And then many pools not trying to help out doesnt help matters for everyone.

we have newbies trying the coin for the first time with raspberry pies and that. it would take them forever to to 1 coin. as 111magic pointed out the coin is ment to be for "ordinary miners.". what do the think the newbies going to do then they trying mining magi. they'll give up cos they will feel its pointless.

I say nothing about banning normal users breaking the limit.  will block them hoping they will come to my discord channel to ask why and help  them limit their speeds.  As of now I have not banned or blocked anyone running over 250 kh/s exept one farm. the others left on the own. I only say farms will be banned.  it pretty easy to see a farm when in one isntance 112 nodes running from the same ip and wallet. another example was 311 nodes also coming for the same ip and wallet address. 

Just to make my stance on this subject clear, I dont have a problem with farms on other coin in general.  Many of them can only be mined successfully that way.  It is only with magi I have a problem with farms.

Go ahead and mention, I've given my hashrate earlier in this thread. And would not be using the same name as I do on this forum if I wanted to hide my activity.

I'll speak my peace a bit more clearly this time. Your constant crying isn't going to slow anyone down.  By constantly posting your repetitive complaints you are just reducing the signal-to-noise ratio in this thread. If you've got a better idea for a coin, please release it. You can call  it "Crybaby Coin". Otherwise, could you please STFU!

Thank you!

Can we see more of those how-it-works articles? Maybe we can redirect the forum thread away from whiney-miners onto a topic more interesting and generally more productive. I'd like to learn more about progress toward roadmap goals, governance, which system (PoW, PoS) has what job in chain, marketing, budgets and fund-raising, bounties ... anything!

The mining-focused previous 20+ thread pages aren't usefully contributing to the future of the coin.

Actually, what would be really really super-groovy is a sort of about-the-devs Q&A.
- Who are you?
- Past projects and experience?
- Where you think CoinMagi will be next year, five years from now.
- Other interests besides crypto.
- How you got interested in crypto.
- etc.

And cross-post to the m-core blog, which has been stale for too long!