So will 2015 be the year that home mining ends? - page 4.

chrysophylax

legendary

Activity: 2912

Merit: 1091

--- ChainWorks Industries ---

Quote from: jawitech on January 12, 2015, 08:38:51 PM

While nearly all coin are going the same way - invest in expensive hardware to increase the hashrate for every single miner - Magi goes the opposite way.

Magi is a CPU only coin (PoW/PoS) with a variable block reward design. The higher the total hashrate (i.e. botnets, GPU miners if there should be any,...), the lower the block reward so that it's less profitable to put huge hashrate in. With this design, it's trying to achieve decentralization as the best device for mining would be a usual home computer. So far, there are still some big players in, causing a lower block reward. But I'm sure they soon will leave for something that makes them more profit.

I don't say it's the new BTC, the perfect or best coin ever. No such marketing stuff is needed. It's an interesting concept with a hard working developer, consumes less power than many other coins and probably I step in the right direction.

https://bitcointalksearch.org/topic/ann-xmg-magi-cpu-mining-mpow-mpos-magipay-735170

believe it or not - i use MORE power to use a cpu at 100% than a 750ti oc card ...

most cpus run at around 100W ( more 125W these days ) at 100% while the gigabyte 750ti oc cards run at 60W at 100% ... and process a HUGE amount more ...

go figure Wink

#crysx

jawitech

full member

Activity: 196

Merit: 100

While nearly all coin are going the same way - invest in expensive hardware to increase the hashrate for every single miner - Magi goes the opposite way.

Magi is a CPU only coin (PoW/PoS) with a variable block reward design. The higher the total hashrate (i.e. botnets, GPU miners if there should be any,...), the lower the block reward so that it's less profitable to put huge hashrate in. With this design, it's trying to achieve decentralization as the best device for mining would be a usual home computer. So far, there are still some big players in, causing a lower block reward. But I'm sure they soon will leave for something that makes them more profit.

I don't say it's the new BTC, the perfect or best coin ever. No such marketing stuff is needed. It's an interesting concept with a hard working developer, consumes less power than many other coins and probably I step in the right direction.

https://bitcointalksearch.org/topic/ann-xmg-magi-cpu-mining-mpow-mpos-magipay-735170

chrysophylax

legendary

Activity: 2912

Merit: 1091

--- ChainWorks Industries ---

Quote from: Bombadil on January 12, 2015, 12:50:11 PM

Quote from: bensam123 on January 12, 2015, 01:57:57 AM

They're becoming less profitable due to private kernels being distributed to large miners in the background. This is exactly what's happening. There is a steady stream of miners leaving the market, profits should be rising, less miners = more profits all else being equal. Even including the decline of BTC, it's based on private kernels which you can purchase from some forum members.

GPU mining is turning into ASICs, only you cant' tell who is selling what and for how much. It's all based off backroom trading.

Srsly, like this hasn't happened before. Priv miners have always been here, but because they decided to step out of the shadows, you've just started noticing them.
There has always been centralization of hashing power: those who have money can make more money.
The only reason mining profits are low is because BTC is low. Stop looking for some other explanation, it's bordering conspiracy theories..

well - im a home miner and ive just 'upgraded' my farm to 42 new gigabyte 750ti oc lowprofile ( non-powered ) cards due to their price AND power draw ...

that will change to 240 when the rest of the motherboards come in and i use the 'other' room for expansion ...

i for one refuse to invest fiat into crypto only to find that its 'not going up in price' - purely because everyone that does that DEFEATS the purpose that crypto was invented for in the first place ...

like is said in a comment on cryptobucket a little while ago ... satoshi would be astounded at what we are trying to do with crypto ... instead of using it for what it was intended - we are trading it for fiat - which is government controlled and OWNED - unlike crypto ... so we are just falling into a merry-go-round of complacency that the governments of the world WANT us to be in ...

if they cant control - they cant abuse ... and so on ...

i actually USE the currency im making - how do you expect to expand the farm and equipment and electricity? ...

home miners leaving this market? ... not in a million years - as im not the only one worldwide that is investing a few thousand dollars to do this ...

there are millions of us ... really ... Wink

#crysx

Bombadil

hero member

Activity: 644

Merit: 500

Quote from: bensam123 on January 12, 2015, 01:57:57 AM

They're becoming less profitable due to private kernels being distributed to large miners in the background. This is exactly what's happening. There is a steady stream of miners leaving the market, profits should be rising, less miners = more profits all else being equal. Even including the decline of BTC, it's based on private kernels which you can purchase from some forum members.

GPU mining is turning into ASICs, only you cant' tell who is selling what and for how much. It's all based off backroom trading.

Srsly, like this hasn't happened before. Priv miners have always been here, but because they decided to step out of the shadows, you've just started noticing them.
There has always been centralization of hashing power: those who have money can make more money.
The only reason mining profits are low is because BTC is low. Stop looking for some other explanation, it's bordering conspiracy theories..

ATC

newbie

Activity: 49

Merit: 0

I think you can have a try EGOLD, SILVR and ELEMS, no ASIC for them.

https://nxtforum.org/monetary-system-153/

bensam123

sr. member

Activity: 423

Merit: 250

They're becoming less profitable due to private kernels being distributed to large miners in the background. This is exactly what's happening. There is a steady stream of miners leaving the market, profits should be rising, less miners = more profits all else being equal. Even including the decline of BTC, it's based on private kernels which you can purchase from some forum members.

GPU mining is turning into ASICs, only you cant' tell who is selling what and for how much. It's all based off backroom trading.

hdmediaservices

hero member

Activity: 630

Merit: 504

Wow - so I guess I feel a little depressed.

1. No new Scrypt mining hardware.

2. Everything went to the Ponzi-Mining -- which is starting to collapse for many.

3. Most alt coins are becoming less profitable to mine.

I don't really see any of these alt coins becoming mainstream. Does anyone? So much for LTC being BTC's silver? LOL

I mean each one says it does this or that or supports something new and exciting - but no one is really using them for anything but trading to BTC in the end.

Any new ideas / technologies to come? Or is this going to be the end year of home mining (no matter how you do it -- CPU / GPU / ASIC).

I have been interested in the hard drive BURST mining. It is something different at least, but I guess that could easily be taken over by huge cloud drives as well.

Topic: So will 2015 be the year that home mining ends? - page 4. (Read 5304 times)