Mining ORE tokens...Worth it? | Bitcointalksearch.org

Abiky

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Quote from: JayDDee on April 25, 2024, 03:36:50 PM

Magi attempted to make mining egalitarian, where every device is treated equally regardless of its power or technology.
That does not limit it to mobile devices only so is missing the point.
There is no technical way for a server to prevent POW from being used with any capable device, even pencil and paper.
To claim otherwise is a scam. If it's POW it's not mobile only and if it's mobile only it's not POW. Whether it's worth it is up to you.

Exactly. That's my point. You can mine XMG on any device easily. Of course, it's not marketed as a mobile-only PoW coin. But you can easily get on-board with any mobile device unlike its competitors. Servers and/or big mining farms will still be able to mine Magi, but they'll receive a lower block reward than the "little guy".

Based on what I've read and seen, I don't think it's worth mining ORE on a mobile device. It looks just like Electroneum (ETN). As with any PoW cryptocurrency, don't expect to get rich mining with low-powered devices. Who's to say you can't have fun doing so? Cheesy

JayDDee

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Magi attempted to make mining egalitarian, where every device is treated equally regardless of its power or technology.
That does not limit it to mobile devices only so is missing the point.
There is no technical way for a server to prevent POW from being used with any capable device, even pencil and paper.
To claim otherwise is a scam. If it's POW it's not mobile only and if it's mobile only it's not POW. Whether it's worth it is up to you.

Abiky

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Quote from: JayDDee on April 24, 2024, 02:42:42 PM

Did you read my code? Wink

Seriously, keep in mind Magi is 10 years old and so is its white paper and the M7M algorithm. The white paper, like many in crypto, reads more like a
sales pitch than a technical description.

Block reward adjsustment is nothing new but is a property of the coin, not the algo, and it applies to the entire network, not individual miners.

If Magi worked as you suggest it would destroy pool mining because a pool appears as one miner to the blockchain and would therefore be
penalized as a whale.

Also keep in mind hashrate is an artificial metric, it's calculatred based on submitted shares or blocks over time. The blockchain network only sees the submitted
blocks, it can't tell how they are produced, whether it was one big CPU, a pool of small CPUs, or simple luck.

The fact is mining on a phone is done with the CPU, and competes with any other CPU, big or small.

Conversely any POW coin that can be mined on a desktop can also be mined on a phone if the software is available. Real POW mining on a phone should be avoided for
reasons that I have articulated elsewhere.

"Phone only POW" is just a marketing lie.

Edit: the only thing unique about M7M is the use of multi-precision arithmetic which makes it unsuitable for implementing on GPUs.

I understand most crypto projects exaggerate their features to help attract investors into them. But Magi is not one of them. The M7M hashing algorithm, although old, works as described by the original dev. It's not simulated mining (unlike Electroneum and the likes). I've once tried to mine XMG with a high hashrate, only to receive 1 XMG per block. Did the same with a low-powered Android smartphone, and got a higher reward in return.

The idea is to eliminate the monopolization of pooled mining and incentivize solo mining. A great way to encourage decentralization of the network, imo. Despite Magi's design, that hasn't stopped pool operators from running their own business. They still win with the fees they collect from miners using their pool. But at least, the algo works as intended.

What the project needs is a little tuning to keep it on-par with the latest advancements in the crypto/Blockchain space. With active development and innovation, CPU-mineable coins like Magi can make the difference. So I would not generalize and call all mobile-friendly PoW coins a scam. It's just that there aren't any serious developers working on making mobile mining a reality. Who knows? Maybe things will change in the future... Cheesy

JayDDee

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Quote from: Abiky on April 24, 2024, 01:31:05 PM

Quote from: JayDDee on April 22, 2024, 05:17:04 PM

Bad example.
M7M is a regular POW algorithm, there's nothing mobile about it, It can be mined with any desktop, laptop, workstation or server CPU.
If anyone claims M7M is mobile only they are scammers. My previous statement stands, all mobile only mining is a scam.

Did you get to read the whitepaper?

Did you read my code? Wink

Seriously, keep in mind Magi is 10 years old and so is its white paper and the M7M algorithm. The white paper, like many in crypto, reads more like a
sales pitch than a technical description.

Block reward adjsustment is nothing new but is a property of the coin, not the algo, and it applies to the entire network, not individual miners.

If Magi worked as you suggest it would destroy pool mining because a pool appears as one miner to the blockchain and would therefore be
penalized as a whale.

Also keep in mind hashrate is an artificial metric, it's calculatred based on submitted shares or blocks over time. The blockchain network only sees the submitted
blocks, it can't tell how they are produced, whether it was one big CPU, a pool of small CPUs, or simple luck.

The fact is mining on a phone is done with the CPU, and competes with any other CPU, big or small.

Conversely any POW coin that can be mined on a desktop can also be mined on a phone if the software is available. Real POW mining on a phone should be avoided for
reasons that I have articulated elsewhere.

"Phone only POW" is just a marketing lie.

Edit: the only thing unique about M7M is the use of multi-precision arithmetic which makes it unsuitable for implementing on GPUs.

Abiky

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Activity: 3220

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www.Crypto.Games: Multiple coins, multiple games

Quote from: JayDDee on April 22, 2024, 05:17:04 PM

Bad example.
M7M is a regular POW algorithm, there's nothing mobile about it, It can be mined with any desktop, laptop, workstation or server CPU.
If anyone claims M7M is mobile only they are scammers. My previous statement stands, all mobile only mining is a scam.

Did you get to read the whitepaper? Coin Magi's M7M hashing algorithm is unique where big miners get punished while the small ones get rewarded. In essence, the higher your hashrate, the lower the block reward will be. This mechanism makes it easy enough to mine XMG on mobile devices. I've tried it myself using both NeoNeonMiner and AAMiner with success. Of course, I wouldn't expect to get rich doing this. But at least, it's fun.

I would've wished Electroneum and the likes used a similar hashing algorithm instead of simulating the mining process through a mobile app. You're not actually mining ETN when using the app. Perhaps the new ORE token is the same. They're all scams. But not Magi. The original dev (Joelao) made the PoW algorithm (M7M hash) truly-unique. And with PoS on the side, you'd win both ways (mining and staking). Maybe we'll see new mobile-friendly PoW coins in the future? Only time will tell. Cheesy

ccplz

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realistically speaking, what is stopping someone else from doing something similar to ORE and crippling the solana network, causing price to crash?

adaseb

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The dev is still working on relaunching the token. He needs help and looking for some devs. Who know how long it will take. Price is doing nothing but trading downwards because people don’t want to wait 2-3 months for it to get relaunched.

If you mined some just hold it and see how the relaunch goes. Hopefully they figure out a way to launch this token and not spam the Solana blockchain. Because people were upset how they couldn’t get their transaction in.

JayDDee

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Quote from: Abiky on April 22, 2024, 06:38:46 AM

Quote from: JayDDee on April 18, 2024, 04:37:44 PM

All scams. A CPU Is a CPU. There's nothing a phone CPU can do that a PC CPU can't do better. "Phone only mining" is a pure lie.

Not all of them. Magi has a unique PoW algorithm (M7M) where it punishes big miners, instead of the "little guy". The higher the hashrate, the lower the block reward will be. This makes it easier for anyone to mine XMG on mobile devices. The only downside is that the number of exchanges are low (as well as market price).

Bad example.
M7M is a regular POW algorithm, there's nothing mobile about it, It can be mined with any desktop, laptop, workstation or server CPU.
If anyone claims M7M is mobile only they are scammers. My previous statement stands, all mobile only mining is a scam.

Abiky

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www.Crypto.Games: Multiple coins, multiple games

Quote from: JayDDee on April 18, 2024, 04:37:44 PM

All scams. A CPU Is a CPU. There's nothing a phone CPU can do that a PC CPU can't do better. "Phone only mining" is a pure lie.

Not all of them. Magi has a unique PoW algorithm (M7M) where it punishes big miners, instead of the "little guy". The higher the hashrate, the lower the block reward will be. This makes it easier for anyone to mine XMG on mobile devices. The only downside is that the number of exchanges are low (as well as market price).

It's this reason why we shouldn't expect to make profit mining on the go. It would only be for fun. Maybe someday developers will make a similar cryptocurrency that will gather the attention of mainstream traders and investors alike? Cheesy

Quote from: adaseb on April 18, 2024, 11:27:41 PM

I’ve tried mining it last week when it came out. It was profitable for a few days, especially if you had some CPUs laying around or some AWS credits.

Later they increased the difficulty and made it very unprofitable. Then they increased it 32x and all of a sudden shut down mining altogether because it was congesting the network too much and they needed to rewrite the code from scratch.

So now you can’t mine it anymore.

That sucks. At least, the idea of mobile mining is there. Making it a success, is another story. If implemented right, we could have a new wave of cryptocurrencies that are much more decentralized than BTC itself. After all, there are more mobile devices in the world than PCs (if I'm not mistaken). Anyone with a phone or tablet can support the Blockchain via mobile-friendly PoW mining. Electroneum wanted to do something like this but it failed. Who knows what would be of ORE in the future?

adaseb

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Merit: 1723

I’ve tried mining it last week when it came out. It was profitable for a few days, especially if you had some CPUs laying around or some AWS credits.

Later they increased the difficulty and made it very unprofitable. Then they increased it 32x and all of a sudden shut down mining altogether because it was congesting the network too much and they needed to rewrite the code from scratch.

So now you can’t mine it anymore.

JayDDee

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Quote from: Abiky on April 18, 2024, 12:39:51 PM

It could be nothing more than a scam. But at least, the idea is there. I've read about a PoW algorithm which promised to make mining more efficient on low-powered devices.

All scams. A CPU Is a CPU. There's nothing a phone CPU can do that a PC CPU can't do better. "Phone only mining" is a pure lie.

Abiky

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Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: batsonxl on April 17, 2024, 09:17:57 PM

I used mine electroneum on my phone.i collected some but it didnt work out my all coins were useless.app stopped working.end with nothing.after that i never look pow coins related with phone.

It could be nothing more than a scam. But at least, the idea is there. I've read about a PoW algorithm which promised to make mining more efficient on low-powered devices. I believe it was the Cuckoo Cycle algorithm used by aeternity. Haven't heard about the project ever since "meme" coins and NFTs took the crypto world by storm. Magi (XMG), Pi.Network, and ORE are the only ones good enough to mine on a phone. The first one got abandoned by the original dev, but it's starting to gain traction as the community takes over the project.

I'm yet to see if the new ORE token is worth mining on a phone. Been sluggish enough to give it a try. Wanted to know someone's else's experience before going all in. Who's to say you can't have fun mining on the go? Cheesy

batsonxl

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I used mine electroneum on my phone.i collected some but it didnt work out my all coins were useless.app stopped working.end with nothing.after that i never look pow coins related with phone.

Abiky

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Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

I've read about this new token where you can mine it on your phone. It's just like Electroneum and Pi.Network. Only this one lives in the Solana blockchain. PoW-based tokens are not new, as we already had 0xBitcoin on the Ethereum blockchain.

Is it worth mining ORE on your phone? I'd like to know your experience with it. Your input would be greatly appreciated. Thanks.

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