Will setup a guide soon later once I issue the miner (tonight or tomorrow morning); magicoin will be swapped with XMG, will give detail instructions.

Thanks, will be in touch for setting up the pool.

[09-10] Updated OP & coin distribution review

The OP has been reformatted and has a new look now. As I mentioned before, there are some figures yet to be reviewed for finalizing. The PoW mining is divided into two phases. The 1st phase is most important, that has dual roles. The 1st phase XMG minting is supposed to yield significant coins. Second, this is to ensure coins will be minted dominantly by CPU. We primarily focus on finalizing this phase of PoW. The overall block rewards take the following form:  


Features:

# The low diff (less people mining), minimum rewards (10 XMG/block);
# The higher diff, higher rewards, up to 500 XMG/block at diff = 75;
# At even higher diff, reduced rewards with increasing diff (constant 10 XMG/block when diff > 600)

Predicted consequence is fair distribution, avoiding big mining farms and maintaining the network hash under a certain level (unlike BTC network keep increasing). It will frustrate mining farms (if existed) when network hashrate is so high that the mining rewarding is at the decline side. Mining XMG is less profitable compared to mining others; only belivers keeping mining will receive the most out of it. Same frustration applies to GPU miners if they existed.

Important figures include:
1) minimum rewards; 2) maximum 500 XMG/block at diff = 75; 3) reducing rate at high diff.  (open to suggestions)

The most important will be 2) maximum 500 XMG/block at diff = 75. Assume mining at 500 XMG/block, the 1st phase will be done in a month. So basically I'd like to know you prefer how long the 1st phase lasts. Diff = 75 means nearly 2,000 Mhps provided Diff / Mhps is 0.037 (seems reasonable assumption, compared to DRK about 0.039 Diff / Mhps ). Considering AMD CPU miners running at around 0.5Mhps each, that amounts to 4,000 CPU. We are mostly under the limit. Please check the OP for the 2nd phase rewarding.

Edit: I noticed people are interested to the CPU mining, so I am wondering if we should give extended period of mining and increase the number of coins minted through CPU. Please suggest.

The PoS-II interest rate is shown below.
Edit: Here following is the overview of coin distribution in different stages:

1) coins to be swapped: 4.5 million (existing magicoin)
2) PoW 1st phase:        5.5 million (short-term)
3) PoW 2nd phase:        5   million (long-term)
4) PoS-II:                   10  million (long-term)

Total coins will be 25 million. PLAN changed, read the OP and relevant discussion. We're still able to change these numbers if you like. For some reason, coin swap won't be done totally, these unswapped coins can be either destroyed or issued fairly to the bitcoin members by the time.

I am going to post the miner; you can try it out then. Basically if you used to use linux, no much difference except everything is done through commands via ssh.

Thanks serjent05, this is just ... AMAZING ... I will contact you about the bounties.

I am lack of quite 'a lot" sleep now, being under stress of worrying any potential issues could happen. 

Thanks for you guys watching this coin; minging XMG and help spreading news will be the best support of us.

Here XMG will be the opportunity for testing them out.

Have you used them to mine M7 before, how about hash rate?

Yes, M7 will be modified to disable GPU, and XMG will be CPU minable only. There will be a standalone CPU miner available, will be uploaded and make it workable soon.

Since XMG is about to launch, I am extremely busy in the stuffs, pls help spread the words and promote XMG.

Any ideas are appreciated.

We will launch reformed OP and website too; social channels twitter, facebook are ready to go;

Follow us: @CoinMagi.
https://twitter.com/CoinMagi
http://www.facebook.com/CoinMagi

And join IRC channel for instant conversation, any question direct to me there:
https://kiwiirc.com/client/irc.freenode.net/#magi

Truly this will be advantageous to us.  



Thanks, I will issue some detail information; check out and comment by that time; in particular, mining XMG once launched.  


The scheduled official launch will be on September 12, Friday, 8:00 PM EST (let me know if you want to move it to the weekend); will update op. The launch time is assured unless there is unexpected delay only because of possbile change in the PoW algo (I haven't heard from catia yet).

Botnet is an issue unlikely to avoid or probably unlikely to occur (based on my bare knowledge on this matter); advantage will be we may expect unlikely "significant" and "constant" dumping from GPU miners.

I remember network hashrate was very high for XCN when in CPU phase; people were referring to AWS as the cause. So looks like AWS is the place for CPU mining; the least is to get a try out, totally free. Correct me if I'm wrong. Some people are keen to VPS mining sometimes ago (digitalocean offers $5/mo; OK looks like I am advertising it, put me as referral we can share $10 or $25 something credit  ), not sure that really makes sense (considering the credit that makes sense  ). 

Yea, we're now stepping toward this direction.

I might have some good news on this, XMG will be most likely a CPU only coin. The bottom line is that I can modify the M7 algo to make implementing Nvidia miner very difficult, not to mention the AMD miner. We might be able to make it even better.

Thanks for your work. I'll keep you posted once XMG is launched.

Yes, the source code will be available at the launch.

A quick update: the estimate launch date will be around September 11, I will give detail information on Sunday.

Is that AMD miner?