Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 689. (Read 2376008 times)

http://cryptomining-blog.com/6482-revisiting-the-coin-magi-xmg-cpu-only-altcoin/

 

I just started depositing PoW rewards into staisybit.com. My wallet address is
9AyuouHwhAWqhMiDG2nefioHMrVMKZ5Tuq

Thanks for your kind words.

EDIT: btw, in case someone is interested in: That's the Staisybit XMG staking wallet
https://chainz.cryptoid.info/xmg/address.dws?9PfsmuKhepu1pGUWBvvRCViRT2KLszd1y2.htm

Give me your XMG address - I'll ship you a small tip for that great answer and time you took to explain that.
Well done & said sir!

Surprise, I guess you'll hear it for the first time: The idea behind mining is not to give a good ROI or to pay a fixed salary, not even to make profit. The idea is to process transactions and to secure the blockchain. In return for your hashing power, you'll get a part of the block reward (pool mining) or the whole block reward for each block you found (solo mining).

So tell me, unless you have free power, how many coins (use their 12 months average exchange rate coin/BTC, no p&d peaks) are really profitable?
I was told ETH, but as I'm not mining it, I can't say.

Mining as a simple home miner without a huge farm hardly gives any profits. Ask the BTC miners who paid more for energy than their mined coins have been worth with a price of $200-300.

So why do some people mine a coin like XMG? Cause they like the idea, the concept and just use their home computer to help securing the chain and get some coins in return. Those coins can be sold when the price is high and buy more when the price is low. That's how I tripled my XMG.

Why is the PoW block reward so small? Simply said, because there are some who still didn't understand the concept of XMG. The more hashrate you put in the network, the lower the block reward will be. That's why mining with a 7 MH/s GPU miner isn't and shouldn't be profitable. The overall goal, XMG wants to achieve, is to reduce the mining competition. Being the opposite of BTC where more and more huge farms are built, you always have to invest big amounts of money to just get some considerably amount of the block reward.

I read some posts about mining XMG with a Raspi, that's awesome. If all miners would just use low hashrate devices (it was stated the perfect indvidual hashrate would be around max. 120-200 kh/s), the block reward would be much higher and the power usage for each miner would drop considerably. I like and support that concept and that's why I'm mining this coin, no matter if I could 1% more profit mining an other coin.

What would happen if more and more miners would stop mining? Well, check this overview:
https://chainz.cryptoid.info/xmg/#!extraction

~70% of all new coins are distributed via PoS. So you can also "mine" with PoS, using coins instead of hashing power. Yes, the block reward is tiny.
But did you check the interests, banks are paying? Some banks even charge money for deposited funds.
http://www.bloombergview.com/quicktake/negative-interest-rates
"Investing" in XMG beats most low-risk investments banks are offering.

So instead of just trolling and bashing, move on and mine something else for better profit and sell quick enough before you miss the final dump and the coin will be abandoned.
There are more than enough of them
https://bitcointalksearch.org/topic/ann-trollcoin-21-troll-twitchtwitter-tips-new-exchanges-marketplace-452810
This one might suit well to you 

Cheers

Wow 0.1xmg per 1k per day ?!
That's huge !!!  [irony]
Only 1xmg per proc mining (120khs) per day
That's huge !!! [irony]

I was one of the first miner for this altcoin..
I am happy to have left the ship for a while..
Even with a gpuminer and 7mhs it is not profitable  

Thanks for your opinion Markzedi.
Always good to hear different opinions.
I'am know there are other dev's/coders who are supporting or helping Joelao95 when needed.
My personal opinion is that Magi is not asking people to invest. People who like a fair & unique coin without pump & dump are joining the community.
With the grow of Magi's awesome community there will be also people who will invest or spend time to help Magi.
Magi has no rush and likes to grow step by step (BTC needed two years to gain some value, Magi is only 17 months old. Lots of altcoins don't live that long!)and I think there are already a lot of serious people in the Magi community. 

this coin looks nice.
but has one weak point.
because of that can't imagine its market value for example 300.000USD.
what is the weak point?
one and only one developer with no time for the coin. very good developer but only one and with no time.
4sure serious people will not spend their money for coin with one dev.

Congrats with your new job Joelao95.
Thanks for adding the new pools in the OP.
I'am sure the pool-admins appreciate that.

I have updated the pools. Thanks.

I have a shift to a new job that makes me somehow put most concerns on things elsewhere, trying to make something happening.

More pools is always a good thing

Share the hashrate guys!
Two new pools added!

That might be it!

Many coins are worldwide pumped at this moment.
Look for instance at the Doge pump on Bittrex.
Should this have something to do with the massive Doge
buys on cryptsy during the Dead End game.

Yes there are lots of plans.
Magi will post sort of roadmap soon.

I asked Joe to add it. I already added the pool in the OP on Bitcoingarden.

up

Listen to him!
I know mining is fun and just buying is not - but the difference is huge.
Don't rent rigs for mining, just buy and stake.

Renting miners is not profitable anymore. You will spend more than what you make. It is better off buying a plenty stack of XMG and stake them. You will get better rewards for this and probably reach ROI in no time. 

You can get around 1500 XMG on bittrex for 0,03 BTC.
And staking : 3 - 4 % a year, meaning 0,1 XMG reward per 1000 XMG per day.

Altcoin is crazy now,any XMG development plan of 2016?