Topic: Magi XMG mining - page 2. (Read 1113 times)

just reading along....

for the first few days they paid, after update they have not paid me for 2 days!

And you should ask your mother if she got as much she want for got got pregnant from the Pimp who hired her!   

How to simulate the hashrate vs coins rewarded ?

Wasn't that a design goal of the coin?


This proposed solution is to make so many coins through hyper-inflation that it loses its value, and people stop mining it. This sounds to me like the end of the coin. What will bring value back after people stop mining it, when there are still millions(+) of already-mined coins out there?


This is currently how the network works. On an individual level, with an anonymous and decentralized currency, this is not practical (someone with high hash rates can just create multiple low hash rate instances).


Doesn't this trade mining power for node-hosting power? In any event, you have the same problem as above: Let's say that the minimum system requirements for a "node" is one Raspberry Pi Zero. Someone with the power of 1,000 Raspberry Pi Zeros can just divide their computing power to run 1,000 nodes, and earn 1,000 times a single Raspberry Pi Zero.

Mining, as it stands, is basically a lottery anyway, but people with more tickets (computing power) have a higher chance of winning. In addition, Magi has the built-in protection that as more tickets build to the next drawing (current network hash power), the reward for winning goes down. As such, it creates a communal incentive not to overload the network.

I'm not a Magi developer, but it seems to me like the basis of the coin was not that every miner gets an equal reward, but rather that everyone on the network needs to work together in order to make it worthwhile to be part of the network. As a result, there isn't much to do for someone (or some groups) who brings a lot of hash power to the network, other than to hope that they give up. Maybe that was a flaw in the design, but that is the design...unless I'm missing something.

I would also add that people are complaining about low block rewards, but forgetting how much value 1 XMG has gained over the years. Would you rather 40 XMG worth (for example) a total of $0.01, or .4 XMG worth a total of $0.60? Lower block rewards due to higher network hash values means reduced availability of 1 XMG, so the overall value per coin should go up (if people find value in such a coin).

Some mining questions.

PoS mining:

Are the rewards linear to hashing power?  That is, if I only dedicate 1 CPU to PoS while the other 3 mine, will I get less PoS rewards than if I dedicated all 4 CPU to staking?

How is PoS weight calculated?  How/why can I go from a weight of 168 to a weight of 0 just because I restarted my wallet?


PoW mining (solo):

It has been said repeatedly that solo mining is worse than playing the lottery.  Can someone explain why?  How long would it take to solve a block at ~52kh/s?

If I do eventually solve a block, what is the pay?  Variable from 1-10 XMG?  Fraction of an XMG?

Am I trying to solo mine on the same block that the pools are solving?

If so, how can I mine a unique block where no one else is trying to solve it?

Not really, i like ur idea

I guess a good baseline would be to state the Dev position on this issue.  If Dev says, "It will sort itself out" then our mumbling, grumbling and groaning will merely be self soothing.

Do the Devs see whales as a problem requiring a developmental (hard coding) solution?

Many have responded that a hard code into the wallet or mining source code could be an answer.  I get that whales could simply create many wallets/forks/workers/etc.  The truth is, simply being unprofitable does not seem sufficient.  When you mix pain in the butt with inefficient you will likely see a marked reduction in whales.

Thoughts?

Why does reward have to proportionate to hash power? E.g. have it more of a "Lottery" with Miners than "who solves this mathematical problem first". This way there is incentive to use the "lightest" or most "power efficient" devices, while still keeping to the (at least I thought) goal of "everyone being equal".  This may kill pools, but IMO they aren't helping the distribution of the Magi network, just consolidating it into various entities.

Wouldn't it be nice if a Pi 0 could "mine" (and get a reward)? For $20 I can make one that is solar powered, network connected, and a battery backup.

Maybe make block time / rewards equal to the number of nodes supporting the network? The more nodes, the higher the rewards across the network?

Good day to all. I have a very long time ago an idea that if a group of people unite in the so-called "pool"? The essence of the idea is that to combine your speed in order to increase your earnings. Suppose a person 10-40 will work under the same account on any pool, so the speed and reward of the miner will grow, but the speed of the network will not change.
Can such an idea exist?

xpoolx is good! They returned my 35 xmg that got lost in that mix up

Why so, is it not giving you as much money as you want?

If I can give you some serious advice, stay away from this pool.  http://www.xpoolx.com/ 

Genius    First straight curve, decreasing slightly if hashrate >100 kh/s, decreasing more abruptly afterwards?

If I count on Abacus - the reward should be superbig? 

The higher hashrate the lower reward and vice versa? It would be very green. Then again, how recognize mining of the same person to multiple wallets.

Maybe creating a coin that increases the block rewards when difficulty gets higher could be a solution? The higher hashrate the more coins are produced. The price will decrease when more miners come because there are much more coins produced (inflation). Miners stop mining and less coins are produced. Less new coins on market make price higher. Hopefully price stabilize and miners get rewarded in a fair way. Mining difficulty would stabilize and not rise to infinity. Why is no such coins created? I know most coins are for Quick profits and intended to rise in price as fast as possible. But why is there no coins designed to have a constant price? This would make the coin more suitable for payments because we know the value of the coin. It could be a success for real usage and as a reference coin. When more people want to use the coin for real payments the price will rise but then more miners come to rescue and keep the value of each coin stable. The supply is created by the miners and the demand is for supply is created by users. If setup correctly it should even out.

Is that a crazy idea?

All Magi miners & community,

Due to the fact that there is much talk about the bigger miners and the low blockreward i made a special thread focused on these topics.
In this way we get a clearer picture of the ideas and possibilities.
Think the main issue is clear for everybody. Because huge miners use huge hashrate the blockreward drops & smaller miners will not receive enough rewards. Feel welcome to post your ideas here and ensures that the posts are constructive contributions.

Thanks

Summary

Magi (XMG) is a PoW/PoS hybrid coin (mPoW/mPoS). Magi is designed with difficulty dependent mining reward for proof-of-mining (PoW) blocks in order to put network hashrate under a certain limit. Magi at the first time implements a novel proof-of-staking mechanism, to frustrate potential attack through accumulating a large number of coins and offline staking time (read more..). Magi is at the first concentrating on the low cost in maintaining its block system, for example, through cost effective mining devices. To this end, Magi, aiming at fairness, cost effective and energy efficiency, strives for every single effort to make mining be available to everyone, and provides an even playing field for people looking to issue digital coins without expensive equipment.

mPoW, the magi's proof-of-work (PoW) protocol, in addition to required computational works to be done to deter denial of service attacks, is also a network-dependent rewarding model system. The mPoW rewards participants who solve complicated cryptographical questions not only to validate transactions but also to create new blocks and generate coins. The amout of coins generated are constantly monitored by the mPoW protocol and tuned on the basis of an attraction-repulsion model: 1) incremental rewarding to stimulate network activities during passive mining phase, and 2) decremental rewarding to mitigate redundant mining sources during agressive mining phase. mPoW can effectively govern the magi's network and limit it under a certain scale, enabling the general devices to be capable of mining magi. ++ For details - A network-dependent rewarding system: proof-of-mining

mPoS, the magi's proof-of-stake (PoS) protocol, aims to achieve distributed consensus through operations in addition to mPoW. mPoS is designed such that it rejects potential attacks through accumulating a large amount of coins or offline staking time, either of which leads to security concerns. Similar to mPoW's operation, mPoS is constructed in accordance with the concept of the attraction-repulsion model. Magi hybridizes mPoW with mPoS, and integrate both consensus approaches in order to acquire benefits from the two mechanisms and create a more robust payment system. ++ For details - magi's PoS[/center]