OCTOBER, 19, 2014 — Atlanta, Georgia, USA — Magicoin (XMG), a unique hybrid Cryptocurrency utilizes a unique M7M algorithm that allows only CPU Mining. XMG focuses on fairness for all that are involved in the mining process. By removing the competitive nature of mining, XMG offers an even playing field for anyone looking to mine cryptocurrencies without expensive equipment.
Unlike normal proof of work mining, XMG solves four major problems that face other coins, these are:
Miners have a hard time profiting from mining unless they started early.
Botnets are using free hardware to take away hashpower from legitimate miners
Mining farms significantly increase the difficulty of the network, thus making it more difficult for an average miner to profit.
All other proof of work coins require miners to purchase expensive equipment if they want to profit with their mining activities.
XMG offers users instant global payments with the use of generic computers. By design, XMG is a hybrid cryptocurrency utilizing proof of work and proof of stake II mechanisms. The Proof of work mining is done on a new hash algorithm called M7M. M7M is a combination of seven different hashing functions which is built to only be mined by CPU. In addition to M7M, XMG also uses a unique staking mechanism that is designed to resist the “rich-get-richer” trend.
Read the full Press Release at:
http://cryptocoinchronicle.com/2014/10/magicoin-coin-cpu-miner/
