Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 944. (Read 2375939 times)

Ontopicplease
Check out the information about the first PoM.
Proof of mining. Will give you also more information about Magi.

After studying http://starflakenights.net/crypto/blockreward/xmg.html, I think I understand it, but I have some some questions/remarks left.

As far as I understand, MAGI implemented a blockreward that depends a lot on optimum hashrate used. Interesting to see is that, when optimum hashrate is used the blockreward is 50 XMG, when for instance the hashrate is double from optimum, the miners are punished very hard, there blockreward will only be around 2 XMG.
In case with all other coins blockrewards are fixed. When miners use double from optimum hashrate, they will only see their ROI ( rendement on investment) halved. Where in case of MAGI, the blockreward is divided by 10 or maybe 50. Please correct me if I am wrong.

Without having any technical skills, I try to overlook the whole system.

I try to think about the consequences of this system. Putting myself in a the spot of a miner first. A miner of course likes to mine the coin that brings him the best result. To estimate his ROI on MAGI, he cannot just calculate, because blockrewards differ a lot. He probably has to mine some period of time and then make his calculations. And then even this result gives him absolutely no indication regarding results in the future.

Looking through the eyes of someone who is interested in a 51% attack on MAGI. As far as I Always understood, a 51% is possible when someone someone has more than 50% of the hashes used on a network. Please, correct me if this is wrong. On first site a 51% attack on MAGI looks very simple, because of the variable blockrewards. When someone wants a 51% attack, he just puts in a lot of hashes. After some time the regular miners see that the hashrate is very high and the blockrewards are only peanuts. So a lot of miners will go away from the network and mine some other coin. Resulting in a situation where the guy who wants to do the 51% attack, has an even bigger percentage of the network.

But on the other side, I read MAGI is only cpu. Very to hard to believe, that when all coins, starting as cpu, never could stay only cpu, that MAGI will be able to stay purely cpu-mining. If this is the case, I can imagine a 51% attack will be extremely hard ( or better almost impossible) to do.

like, I said before, I am really impressed by this coin and most important I have no technical knowledge at all. So everything I said above are just things coming up in my mind and they could easily be total nonsense. The thing, I am interested in, is trying to understand how things work and what consequences they will have.

Hopefully someone has the time to educate me a bit on this. Thanks for your time.

Wow, thanks for the nice explanation. I just woke up and are looking at it, I and I need some time to get awake to really understand it. Probably I come back later with some quesstions, hope you have time to answer them then.

I really like the sweetspot tool but I was wondering if NeedIfFindIt (or Spexx or someone else) can add a feature to start mining a different coin than XMG when rewards are too low.
Now the miner slows down to 10% but I don't want my CPU to go idle, I would rather have it do some different work on another coin.
Anyone feel like adding this feature?

Superb question

The value of the coin at any given time has no direct effect on the number of coins being mined. It may have an indirect effect if a high value coin attracts a lot of big miners. The number of coins mined per day depends entirely on the total mining hashrate being thrown at it, by careful design. See this brilliant illustration:-

http://starflakenights.net/crypto/blockreward/xmg.html

Have a play around with it and you should soon see that currently, the ideal total mining hashrate to throw at the coin is around 22~23 to 32~33 Mh/s. This figure will increase slowly over time to accommodate growth. Around this figure you can expect the (proof-of-work) block rewards to peak at 50 XMG per block (roughly every three minutes or so).

The total mining pool hashrate is currently between 45 to 50 Mh/s most of the time, so the mining effort is clearly oversubscribed and average block rewards will be depressed as a result - almost to zero in some cases.

The joy of it is that the calculated total mining hashrate, usually referred to as the nethashrate, is nowhere near as stable as the actual total mining hashrate. The XMG block reward algorithm does not measure the total mining hashrate directly, but estimates it from the time taken to mine previous blocks. This makes the calculated nethashrate highly variable and even though the mining effort is oversubscribed, there are still occasional periods when the nethashrate "hits the sweet spot" around 22~23 to 32~33 Mh/s and we get higher value XMG block rewards as a result.

The downside of course is that we also get periods when the calculated nethashrate is very much higher. Right this minute it is 95 Mh/s. Guess what the current block reward is
Ok I will tell you - it is 0.8 XMG - peanuts - dust when you get your share of it on the mining pool.

We cannot force miners to switch off, but we can take advantage of the good times by targeting the mining effort to those times - when the nethashrate "hits the sweet spot".

Did someone mention Sweet Spot?

http://xmg.makejar.com/

Pure genius IMHO. Work smart - not hard. I have been banging on about this from the beginning

Thanks Spexx.
https://twitter.com/103tango/status/584619955200602112

TonySon i just sent you a donation.

Keep up the great work guys!

My thanks to the Community for responding to my request for a bit more support on Maxminers pool. The stats look a bit better now:-

Magipool 9732 Kh/s
Maxminers 4676 Kh/s
Noncepool 13989 Kh/s
Suprnova 15894 Kh/s
XMGpool 5003 Kh/s

Total all pools 49294 Kh/s
Biggest pool: Suprnova 32 percent of total
Smallest pool: Maxminers 9 percent of total

Still some room to even things out a bit if you can though

To the edge of infinity ... and beyond !

XMG to the Moon!  

http://coinmagi.blogspot.com/  



I'm sure.     

One more question, I have. As far as I can see this coin is pretty cheap according it's quality. Imagine the cmc will be tenfold in a year from now, does that affect the number of coins being mined at that moment?

Also thanks, looking the url now.

Thanks a lot for the clear explanation.

Welcome to the Magi community.

Because the block reward changes with the network hashrate there is no way to predict the total coins mined.

In theory the daily new coins mined could be between 0 and 24000.

In practice there are about 2000~3000 XMG mined daily. Which makes 2500*365=912500 XMG/Year.

Hi ontopicplease,
Welcome in our Magical Magi community!
Maybe you can find something here.
https://chainz.cryptoid.info/xmg/

Hi all,

My first post in this thread.
After reading this forum a bit, I must say to be very impressed and I am considering to buy some coins.
But I have some a question left. At the moment we are at 2,1M coins and total supply will be 25M, but I couldn't find the graph, were I can see how many coins there will be in a year from now for instance.
Has anyone a link?

Thank you

Using -t 7 is just plain wrong. Your CPU is 4 cores, so it should be -t 4 or just leave blank and minerd will take that as the default. Even so that would not explain such a low hashrate.

You have got to be using an old version of the miner, or there is some other task running on your machine taking up CPU time. It is waaaayyyy underperforming there. I have noticed some anti-virus software will slow things down considerably, so try disabling your anti-virus if installed. You can certainly try other miners, but you will be hard-pushed to find a faster minerd than my one(s) for Windows.

Latest Windows mining package always available here:-

self-extracting .exe (extracts to C:\XMGminer by default) https://www.dropbox.com/s/dw7yjssjrrqp0m1/XMGpoolminerWin64.exe?dl=0

(Run Setup.bat once unzipped)

or just the binaries (including 32 bit) here:-

self-extracting .exe (extracts to C:\XMGminer by default) https://www.dropbox.com/s/uudj2npeyixesjb/Spexx-Win64-generic-XMGminerd.exe?dl=0

Happy hashing

PS. On the issue of mining returns, just look at the block reward values recently. Not my fault. Overmining is to blame. You know who you are. Work smarter, not harder. One day this message might just get through a few thick skulls. Throwing ever more hashpower at it is "Bitcoin thinking" and XMG Magi is everything that Bitcoin is not.

I am reminded of an episode of Star Trek TNG. "More power" they said.
http://en.wikipedia.org/wiki/Hero_Worship_(Star_Trek:_The_Next_Generation)

Registration will close tomorrow, Sunday 05-04-2015
20:00 hours CET!

same here!

Really? Im mining at https://pow.magipool.info, average 125kh/s but only get about 5XMG per day recently... Hm... I wonder why???