I was one of the first miner for this altcoin..
I am happy to have left the ship for a while..
Even with a gpuminer and 7mhs it is not profitable
Wow 0.1xmg per 1k per day ?!
That's huge !!! [irony]
Only 1xmg per proc mining (120khs) per day
That's huge !!! [irony]
Surprise, I guess you'll hear it for the first time: The idea behind mining is not to give a good ROI or to pay a fixed salary, not even to make profit. The idea is to process transactions and to secure the blockchain. In return for your hashing power, you'll get a part of the block reward (pool mining) or the whole block reward for each block you found (solo mining).
So tell me, unless you have free power, how many coins (use their 12 months average exchange rate coin/BTC, no p&d peaks) are really profitable?
I was told ETH, but as I'm not mining it, I can't say.
Mining as a simple home miner without a huge farm hardly gives any profits. Ask the BTC miners who paid more for energy than their mined coins have been worth with a price of $200-300.
So why do some people mine a coin like XMG? Cause they like the idea, the concept and just use their home computer to help securing the chain and get some coins in return. Those coins can be sold when the price is high and buy more when the price is low. That's how I tripled my XMG.
Why is the PoW block reward so small? Simply said, because there are some who still didn't understand the concept of XMG. The more hashrate you put in the network, the lower the block reward will be. That's why mining with a 7 MH/s GPU miner isn't and
shouldn't be profitable. The overall goal, XMG wants to achieve, is to reduce the mining competition. Being the opposite of BTC where more and more huge farms are built, you always have to invest big amounts of money to just get some considerably amount of the block reward.
I read some posts about mining XMG with a Raspi, that's awesome. If all miners would just use low hashrate devices (it was stated the perfect indvidual hashrate would be around max. 120-200 kh/s), the block reward would be much higher and the power usage for each miner would drop considerably. I like and support that concept and that's why I'm mining this coin, no matter if I could 1% more profit mining an other coin.
What would happen if more and more miners would stop mining? Well, check this overview:
https://chainz.cryptoid.info/xmg/#!extraction
~70% of all new coins are distributed via PoS. So you can also "mine" with PoS, using coins instead of hashing power. Yes, the block reward is tiny.
But did you check the interests, banks are paying? Some banks even charge money for deposited funds.
http://www.bloombergview.com/quicktake/negative-interest-rates"Investing" in XMG beats most low-risk investments banks are offering.
So instead of just trolling and bashing, move on and mine something else for better profit and sell quick enough before you miss the final dump and the coin will be abandoned.
There are more than enough of them
https://bitcointalk.org/index.php?topic=452810.0 This one might suit well to you
Cheers
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Can someone with a higher rank vouch for that website, or quote the message from the devs containing it? Better safe than sorry; I have electrum on this computer.
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