Bitcoin Forum
June 22, 2024, 01:55:47 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: [1]
1  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][XMG] Coin Magi | CPU mining | PoS-II | PoM | Unique BLK reward | [MagiPay] on: January 29, 2015, 09:32:32 AM
Thanks Joe,
I had the last few weeks the pressure at work.
The situation is better now, so I could share the idea that I discussed with you and developers some time ago...
Idea is to build some kind of "Magi price stabilisation project". That's not my idea, I found it somewhere and adapt it..
The project is based on BTC cloud mining (or something like that - LTC, X11). Daily / weekly BTC income from BTC cloud services will be used to purchase XMG on exchanges and to send them to participants (investors) at particular dividend.
But unlike the usual purchases at the sale price on exchange, daily/weekly earned BTC will be used to make buy orders with buy price. There is no instantly buying of XMG at sale price.
And here come some MagiC:
- long-term, BTC income from cloud service is long term, 3, 6, 12, 60 months.. So once invested some BTC in cloud mining provides long term receiving of XMG..
- long-term, "Price stabilisation" builds "buy wall", so Magi price can't drop if someone drop huge amount of XMG on exchange. Participants receive their XMG at buy price..
- long-term, if price go up, and buy orders are not executed, buy orders price will be moved slightly up with the price, that's what is goal of project. Increase of XMG price is what we all want !!

Normally, that is only my idea. Details will be adapted to what the community wants.
There are many BTC cloud mining services, some are good some not, some profitable some not, some reliable some untrustworthy, help and experiences of anyone are welcome..

If there is enough interest, I can start with that...

Historical, thanks for the details posted. I was thinking of this but felt not yet the time, either way it'll be good to see people's suggestions. I was 90% on this project as soon as you proposed the idea some time ago. If there is insufficient amout of BTC invested by the community, I / the magi team will try to raise up the amount. In other means, even without enough support from people, we will try to make it. We can decide how these coins are being spent in this case later on (e.g., team funds if possible). Ideally it will be very good being a project of the community. To me this is absolutely a nice one, and I'd push it forward in any form. I will be adding this as an official project; of course, this project can't be going without you. So I am sure we will have you in a reasonable long period, but let's arrange everything comfortably; I don't mind how much time taken to launch it Smiley. Basically my question is roughly how much BTC you have in mind in order to launch it.

Other than that, like Marcel mentioned, we have to find stable sources which allow mining service at least in one year long.

Joe mentioned this idea. In general, it's not a bad one. But I have doubts if cloud mining in the current situation really makes sense. BTC price is low and many established cloud mining companies are in trouble, probably need to suspend their mining contracts when price goes < $200 again.
In my opinion it will make sense when the price reaches some level of stability at $300 or even higher.

This is a good question; low BTC price also means the right moment for mining though, provided that we can find provider who have good reputation and allow us mining sufficiently long time. We may look into altcoin mining too. Options other than cloud mining might be buying mining rig and get it hosted somewhere, but this could never be an easy task.

Others, ideas?

I really like this idea, this could even out the big fluctuations and boost XMG up a bit. If you go the route of buying a mining rig, I could host it for you providing it doesn't draw 20A of current Wink If and when you go on let me know if I can be of any assistance.

Regards
2  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][XMG] Coin Magi | CPU mining | PoS-II | PoM | Unique BLK reward | [MagiPay] on: January 24, 2015, 08:45:06 AM
I have a couple of hundred magicoins in my wallet now and have a question regarding the staking of them. I have to make a payment to myself with the amount of coins in my wallet to receive the rewards. Do I have to repeat the payment every time I receive a reward or will the keep coming in on their own?
Maintaining a couple of hundred coins in one transaction will give good results, but it's tedious to do this every time you get reward. It's fine if you put all coins (say a couple of hundred, not big amount) in one transaction after undergoing a few times of staking.

So just to be very clear, since English is not my native language and I'm confused by this post :
After sending them to yourself staking reward comes in every time on his own.

These are the steps I think need to be done
1. Make a payment to myself
2. Wait for reward to come in

And that's it? I was under the impression that after you get a reward you have to make a new payment to yourself before the staking of those coins started again.

Regards
3  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][XMG] Coin Magi | CPU mining | PoS-II | PoM | Unique BLK reward | [MagiPay] on: January 23, 2015, 10:30:05 PM
@joelao95 I like the new theme for the website, but maybe you should restrict access to all pages and redirect them to the counter if you wanted to keep the suspence up Wink

I have a couple of hundred magicoins in my wallet now and have a question regarding the staking of them. I have to make a payment to myself with the amount of coins in my wallet to receive the rewards. Do I have to repeat the payment every time I receive a reward or will the keep coming in on their own?

Regards
4  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][XMG] Coin Magi | CPU mining | PoS-II | PoM | Unique BLK reward | [MagiPay] on: January 19, 2015, 10:23:51 AM
Well today one of my staff called me and was really all over the place! He got a notice from our monitoring software complaining about one of the clusters went into Alert mode. When he logged in to the cluster management console he was presented with the following image :

And as a result I got the anxious call. He was saying he couldn't make sence of it, since the memory load on the hosts was so low, but the CPU consumption was at an all time high ...

After explaining to him he didn't need to worry, he calmed down and left me at it Wink I'm sure some of my staff who are not aware of the clusters mining Magi will panic tomorrow morning when they get into the office Cheesy

I definately need to adjust the monitoring to not include the low priority miners otherwise I'll get calls every hour or so Wink

Better to put a limit to CPU in this case. Smiley A collection of the miners is listed below, notice Spexx's speed controller can do the CPU limitation too in addition to NeedIfFindIt's package if you're on windows:
          ...snip...

Well all miners (currently >30 of them on different clusters) are minimal ubuntu 14.04 images with only minerd installed. The limiting logic is in the virtualisation layer. When other production VM's demand resources the miners are limited by the host and lowering the CPU speed. This way a host is almost always using >95% of the CPU resources but automatically directs it to the VM's needing them in order of VM priority. I don't worry about the hostings running full blast all the time, I just need to exclude the low proirity miner-VM's from the monitoring scripts.

This way all miners keep running, but get limited whenever production VM's demand resources. And monitoring won't go crazy because of some or all hosts are using all CPU cycles. But thx for the tips on Spexx's windows miner, would be nice to have the same logic in a linux miner.

Regards
5  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][XMG] Coin Magi | CPU mining | PoS-II | PoM | Unique BLK reward | [MagiPay] on: January 18, 2015, 03:07:26 PM
Well today one of my staff called me and was really all over the place! He got a notice from our monitoring software complaining about one of the clusters went into Alert mode. When he logged in to the cluster management console he was presented with the following image :

And as a result I got the anxious call. He was saying he couldn't make sence of it, since the memory load on the hosts was so low, but the CPU consumption was at an all time high ...

After explaining to him he didn't need to worry, he calmed down and left me at it Wink I'm sure some of my staff who are not aware of the clusters mining Magi will panic tomorrow morning when they get into the office Cheesy

I definately need to adjust the monitoring to not include the low priority miners otherwise I'll get calls every hour or so Wink

Maybe the guys that made sources for linux will intervene here?

Can it be done, so that the linux miner will monitor the network hashrate, block value like NeedIfFindIt windows miner?
That way, we all who have linux miners and VPS's will get alo the maximum XMG per watt.  Wink

I will try to make that.

Awesome!
Thanks Joe!
I volunteer my miners to test it Smiley

And if needed I can volunteer some miners too!

Regards
6  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][XMG] Coin Magi | CPU mining | PoS-II | PoM | Unique BLK reward | [MagiPay] on: January 17, 2015, 10:01:47 PM
Hello all,

...

Greets!

Hello and welcome to the Magi community.

May I ask where you did your research and where/how you learned about Magi?

Glad to hear you're not simply putting all your hashrate in one pool, really appreciate your efforts.
Do you immediately convert your mined XMG to BTC or do you prefer staking and selling at higher prices?

Thx for the welcome.

Well since I had some spare CPU-cycles on my environments I started researching CPU minable cryptocurrency. Since my clusters don't have GPU's that was the only option. That led me to MemoryCoins but they seem to have gone extinct and after looking around at online listings I found some older threads about MagiCoin her on bitcointalk.org. After reading a bit more into it, it all made sence and it seems the way MagiCoin is setup promises to be the way to go. After trying with a single small virtual machine to see what kind of performance I could get out of it I decided to dedicate 80% of the free resources on my clusters to MagiCoin.

For now I'm just letting the miners do their thing and collect the coins into a central wallet. I'm still a bit unclear on how the staking part works exactly but I don't plan to sell or trade. I'm in it for the long run Wink

Regards!
7  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][XMG] Coin Magi | CPU mining | PoS-II | PoM | Unique BLK reward | [MagiPay] on: January 17, 2015, 04:10:02 PM
Hello all,

Just started with cryptocurrency a couple of days ago, and after a long search decided to put my efforts into XMG/Magicoin. I manage a couple of virtualisation clusters and setup around 350 KH/s of miners to do some work (they will go slower during daytime in europe, since they share resources with production systems)and divided them amongst the pools I could find in the OP.

Magicoin sounds like the way to go!

Greets!
Pages: [1]
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!