[ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay]

[Spexx]

Probably about time for a repost ...



OVERMINING: BAD

The current situation is that we have a total hashrate of about over well over 50000 Kh/s
The blockchain produces 480 POW blocks a day. If these have an average reward of 2 XMG (like now) then the total coins mineable in a day is 960 XMG - let's be optimistic and called that a round 1000 XMG.

So if you are lucky enough to throw 5000 Kh/s at it, the expected share would be:-

1000 times 5000 divide by 50000 = 100 XMG per day

... or in English, about a quid a day - about a quarter of the price of a pint of beer around here and really not worth burning all that electricity for.

Edit: Smaller miner at 25 Kh/s getting 0.5 XMG per day

LIMITED MINING: GOOD

Now I already pointed out that if the 33 miners (that is just 3 percent of all miners) currently throwing over 250 Kh/s at it ALL reduced their output to that level, we would shave about 25000 Kh/s off the total hashrate and start hitting the Sweet Spot. Let's say that average block rewards go up to 30 XMG and have another look.

480 blocks times 30 = 14400 XMG

So if you are throwing 250 Kh/s at it and the total hashrate is now only 25000 you get:-

14400 times 250 divide by 25000 = 144 XMG per day

There you go - 44 percent increase in daily income for one twentieth of the effort electricity cost. Simple arithmetic, no smoke or mirrors, I kid you not, trust me on this.

Edit: Smaller miner at 25 Kh/s getting 14.4 XMG per day

How about average block rewards of 40 XMG? Nicer still.

This ought to be the best incentive. It does however require intelligence and courage to implement the change to a better way. The alternative is to keep chipping away for dust and make everybody else do the same, which is pathetic and stupid, possibly spiteful. Certainly not community-spirited

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[z0n0]

Probably about time for a repost ...



OVERMINING: BAD

The current situation is that we have a total hashrate of about over 50000 Kh/s
The blockchain produces 480 POW blocks a day. If these have an average reward of 2 XMG (like now) then the total coins mineable in a day is 960 XMG - let's be optimistic and called that a round 1000 XMG.

So if you are lucky enough to throw 5000 Kh/s at it, the expected share would be:-

1000 times 5000 divide by 50000 = 100 XMG per day

... or in English, about a quid a day - about a quarter of the price of a pint of beer around here and really not worth burning all that electricity for.

Edit: Smaller miner at 25 Kh/s getting 0.5 XMG per day

LIMITED MINING: GOOD

Now I already pointed out that if the 33 miners (that is just 3 percent of all miners) currently throwing over 250 Kh/s at it ALL reduced their output to that level, we would shave about 25000 Kh/s off the total hashrate and start hitting the Sweet Spot. Let's say that average block rewards go up to 30 XMG and have another look.

480 blocks times 30 = 14400 XMG

So if you are throwing 250 Kh/s at it and the total hashrate is now only 25000 you get:-

14400 times 250 divide by 25000 = 144 XMG per day

There you go - 44 percent increase in daily income for one twentieth of the effort electricity cost. Simple arithmetic, no smoke or mirrors, I kid you not, trust me on this.

Edit: Smaller miner at 25 Kh/s getting 14.4 XMG per day

How about average block rewards of 40 XMG? Nicer still.

This ought to be the best incentive. It does however require intelligence and courage to implement the change to a better way. The alternative is to keep chipping away for dust and make everybody else do the same, which is pathetic and stupid, possibly spiteful. Certainly not community-spirited

Thanks for sharing this info over and over - but...it seems doesn't help for some mo..erf...ers    

Oh yeah, do you guys think it would help to put this info in OP and highlight it?!

[okae]

Probably about time for a repost ...



OVERMINING: BAD

The current situation is that we have a total hashrate of about over well over 50000 Kh/s
The blockchain produces 480 POW blocks a day. If these have an average reward of 2 XMG (like now) then the total coins mineable in a day is 960 XMG - let's be optimistic and called that a round 1000 XMG.

So if you are lucky enough to throw 5000 Kh/s at it, the expected share would be:-

1000 times 5000 divide by 50000 = 100 XMG per day

... or in English, about a quid a day - about a quarter of the price of a pint of beer around here and really not worth burning all that electricity for.

Edit: Smaller miner at 25 Kh/s getting 0.5 XMG per day

LIMITED MINING: GOOD

Now I already pointed out that if the 33 miners (that is just 3 percent of all miners) currently throwing over 250 Kh/s at it ALL reduced their output to that level, we would shave about 25000 Kh/s off the total hashrate and start hitting the Sweet Spot. Let's say that average block rewards go up to 30 XMG and have another look.

480 blocks times 30 = 14400 XMG

So if you are throwing 250 Kh/s at it and the total hashrate is now only 25000 you get:-

14400 times 250 divide by 25000 = 144 XMG per day

There you go - 44 percent increase in daily income for one twentieth of the effort electricity cost. Simple arithmetic, no smoke or mirrors, I kid you not, trust me on this.

Edit: Smaller miner at 25 Kh/s getting 14.4 XMG per day

How about average block rewards of 40 XMG? Nicer still.

This ought to be the best incentive. It does however require intelligence and courage to implement the change to a better way. The alternative is to keep chipping away for dust and make everybody else do the same, which is pathetic and stupid, possibly spiteful. Certainly not community-spirited

thanks man for this great explanation, i hope that ppl learn about it, i think that maybe a nice solution for this will be that pools start to put  limit for their miners, you know 250kh/s, like some of our pools already did, btw there will be always ppl who try to fu*k ppl just for fun, because is the only reason i can find about this.

[ocminer]

Probably about time for a repost ...



OVERMINING: BAD

The current situation is that we have a total hashrate of about over well over 50000 Kh/s
The blockchain produces 480 POW blocks a day. If these have an average reward of 2 XMG (like now) then the total coins mineable in a day is 960 XMG - let's be optimistic and called that a round 1000 XMG.

So if you are lucky enough to throw 5000 Kh/s at it, the expected share would be:-

1000 times 5000 divide by 50000 = 100 XMG per day

... or in English, about a quid a day - about a quarter of the price of a pint of beer around here and really not worth burning all that electricity for.

Edit: Smaller miner at 25 Kh/s getting 0.5 XMG per day

LIMITED MINING: GOOD

Now I already pointed out that if the 33 miners (that is just 3 percent of all miners) currently throwing over 250 Kh/s at it ALL reduced their output to that level, we would shave about 25000 Kh/s off the total hashrate and start hitting the Sweet Spot. Let's say that average block rewards go up to 30 XMG and have another look.

480 blocks times 30 = 14400 XMG

So if you are throwing 250 Kh/s at it and the total hashrate is now only 25000 you get:-

14400 times 250 divide by 25000 = 144 XMG per day

There you go - 44 percent increase in daily income for one twentieth of the effort electricity cost. Simple arithmetic, no smoke or mirrors, I kid you not, trust me on this.

Edit: Smaller miner at 25 Kh/s getting 14.4 XMG per day

How about average block rewards of 40 XMG? Nicer still.

This ought to be the best incentive. It does however require intelligence and courage to implement the change to a better way. The alternative is to keep chipping away for dust and make everybody else do the same, which is pathetic and stupid, possibly spiteful. Certainly not community-spirited

thanks man for this great explanation, i hope that ppl learn about it, i think that maybe a nice solution for this will be that pools start to put  limit for their miners, you know 250kh/s, like some of our pools already did, btw there will be always ppl who try to fu*k ppl just for fun, because is the only reason i can find about this.

I did speed limits a few times already..

If you want i can open a pool with a speed Limit.. Every hash above that Limit would automatically be thrown away.

The question is just: what happens to the regular pool?

[okae]

I did speed limits a few times already..

If you want i can open a pool with a speed Limit.. Every hash above that Limit would automatically be thrown away.

The question is just: what happens to the regular pool?

the problem as you sayd is that there is regular pools who will not do it, so in the end this is like: or everybody or none.

because havent sense that only few of us do it since this will not solve this problem.

btw even if this problem continue i will continue mining , im sure that the problem come from a childishness from a some stupids guys, but they are wasted his time and they will get bored of it with time.

keep mining guys

[Spexx]

I did speed limits a few times already..

If you want i can open a pool with a speed Limit.. Every hash above that Limit would automatically be thrown away.

The question is just: what happens to the regular pool?

I am really glad that you are looking into this.

I don't have all the answers mate. It is your pool and your income is derived from it, so all the decisions are yours to make. Hopefully I have provided the incentive.

Goodonya for everything you have done so far. You have been with XMG from the start.

[z0n0]

I did speed limits a few times already..

If you want i can open a pool with a speed Limit.. Every hash above that Limit would automatically be thrown away.

The question is just: what happens to the regular pool?

the problem as you sayd is that there is regular pools who will not do it, so in the end this is like: or everybody or none.

because havent sense that only few of us do it since this will not solve this problem.

btw even if this problem continue i will continue mining , im sure that the problem come from a childishness from a some stupids guys, but they are wasted his time and they will get bored of it with time.

keep mining guys

Lets say we do this, after some time bigger pools will lose some ppl/traffic so I think they will have to close pools since it won't be profitable for them anymore. Does it?

So yeah, I think it's a good idea to have new limited pools.

[Spexx]

So yeah, I think it's a good idea to have new limited pools.

This has to be the way to go.

At some point in the not-too-distant future we will need to set a lower limit as more people join this magical community. What we have here is a mining co-operative, not an arms race like a lot of the other altcoins.

As I put it to somebody else the other day ...

"When the bulldozers arrive, we shut down the mine"

[111magic]

I did speed limits a few times already..

If you want i can open a pool with a speed Limit.. Every hash above that Limit would automatically be thrown away.

The question is just: what happens to the regular pool?

I am really glad that you are looking into this.

I don't have all the answers mate. It is your pool and your income is derived from it, so all the decisions are yours to make. Hopefully I have provided the incentive.

Goodonya for everything you have done so far. You have been with XMG from the start.

OCMINER, that would be awesome if you can do that!
And indeed as Spexx already said.
Respect for you amigo. You are with us from the launch of Magi and i'am very happy with that.

[ElMacho20000]

Anyone has some update about the PoM?
Did the rewards started to kick in?
Bulldozers out for lunch. Blockreward will go up in a few hours, let's hope to mine some coins, the hashrate has been freaking high these days
I like the idea of the limited pools, all together we have some interesting hash power, if we drop from a pool they surely will notice it, hashpower-boycott!

[LordCoder]

Probably about time for a repost ...



OVERMINING: BAD

The current situation is that we have a total hashrate of about over well over 50000 Kh/s
The blockchain produces 480 POW blocks a day. If these have an average reward of 2 XMG (like now) then the total coins mineable in a day is 960 XMG - let's be optimistic and called that a round 1000 XMG.

So if you are lucky enough to throw 5000 Kh/s at it, the expected share would be:-

1000 times 5000 divide by 50000 = 100 XMG per day

... or in English, about a quid a day - about a quarter of the price of a pint of beer around here and really not worth burning all that electricity for.

Edit: Smaller miner at 25 Kh/s getting 0.5 XMG per day

LIMITED MINING: GOOD

Now I already pointed out that if the 33 miners (that is just 3 percent of all miners) currently throwing over 250 Kh/s at it ALL reduced their output to that level, we would shave about 25000 Kh/s off the total hashrate and start hitting the Sweet Spot. Let's say that average block rewards go up to 30 XMG and have another look.

480 blocks times 30 = 14400 XMG

So if you are throwing 250 Kh/s at it and the total hashrate is now only 25000 you get:-

14400 times 250 divide by 25000 = 144 XMG per day

There you go - 44 percent increase in daily income for one twentieth of the effort electricity cost. Simple arithmetic, no smoke or mirrors, I kid you not, trust me on this.

Edit: Smaller miner at 25 Kh/s getting 14.4 XMG per day

How about average block rewards of 40 XMG? Nicer still.

This ought to be the best incentive. It does however require intelligence and courage to implement the change to a better way. The alternative is to keep chipping away for dust and make everybody else do the same, which is pathetic and stupid, possibly spiteful. Certainly not community-spirited

thanks man for this great explanation, i hope that ppl learn about it, i think that maybe a nice solution for this will be that pools start to put  limit for their miners, you know 250kh/s, like some of our pools already did, btw there will be always ppl who try to fu*k ppl just for fun, because is the only reason i can find about this.

I did speed limits a few times already..

If you want i can open a pool with a speed Limit.. Every hash above that Limit would automatically be thrown away.

The question is just: what happens to the regular pool?

IMO you shouldn't limit the hashrate. This is a totally free PoW scheme where you cannot control people. You can do that but other people would build a new pool without that limit.

[Spexx]

[111magic]

Anyone has some update about the PoM?
Did the rewards started to kick in?
Bulldozers out for lunch. Blockreward will go up in a few hours, let's hope to mine some coins, the hashrate has been freaking high these days
I like the idea of the limited pools, all together we have some interesting hash power, if we drop from a pool they surely will notice it, hashpower-boycott!

Not yet ElMacho20000.
I need some more info about the calculations and will contact Historical.
I will work on this!

[111magic]

Probably about time for a repost ...



OVERMINING: BAD

The current situation is that we have a total hashrate of about over 50000 Kh/s
The blockchain produces 480 POW blocks a day. If these have an average reward of 2 XMG (like now) then the total coins mineable in a day is 960 XMG - let's be optimistic and called that a round 1000 XMG.

So if you are lucky enough to throw 5000 Kh/s at it, the expected share would be:-

1000 times 5000 divide by 50000 = 100 XMG per day

... or in English, about a quid a day - about a quarter of the price of a pint of beer around here and really not worth burning all that electricity for.

Edit: Smaller miner at 25 Kh/s getting 0.5 XMG per day

LIMITED MINING: GOOD

Now I already pointed out that if the 33 miners (that is just 3 percent of all miners) currently throwing over 250 Kh/s at it ALL reduced their output to that level, we would shave about 25000 Kh/s off the total hashrate and start hitting the Sweet Spot. Let's say that average block rewards go up to 30 XMG and have another look.

480 blocks times 30 = 14400 XMG

So if you are throwing 250 Kh/s at it and the total hashrate is now only 25000 you get:-

14400 times 250 divide by 25000 = 144 XMG per day

There you go - 44 percent increase in daily income for one twentieth of the effort electricity cost. Simple arithmetic, no smoke or mirrors, I kid you not, trust me on this.

Edit: Smaller miner at 25 Kh/s getting 14.4 XMG per day

How about average block rewards of 40 XMG? Nicer still.

This ought to be the best incentive. It does however require intelligence and courage to implement the change to a better way. The alternative is to keep chipping away for dust and make everybody else do the same, which is pathetic and stupid, possibly spiteful. Certainly not community-spirited

Thanks for sharing this info over and over - but...it seems doesn't help for some mo..erf...ers    

Oh yeah, do you guys think it would help to put this info in OP and highlight it?!

Think its a good idea Z0n0.
Thats something Magi team will work on.
Modern and better OP!
--------------------------------
Edit: Ideas, tips or help are welcome!!!

[111magic]

Maybe spreading the world helps getting more people to meet The Coin of the Magi! 
https://bitcointalk.org/index.php?topic=1079851.0

[lahlor]

Hi,

Currently I get some exceptions after running p2pool with the magi code. You can see my log here http://pastebin.com/tUeptdbh
The interesting part should be

Code:

p2pool.util.pack.EarlyEnd:
2015-06-24 18:55:38.211865 RECV version 81150100010000000000000008e18a550000000000e1f505010000000000000000000000000000000000ffff00000000000008e18a55010000000000000000000000000000000000ffff867724914e0e3c3438bac9e767b90e2f4d6167693a312e322e32...
2015-06-24 18:55:38.212211 > Error handling message: (see RECV line)

I used the git repo https://github.com/feldenthorne/p2pool-magi and changed in the file p2p.py in the bitcoin folder https://github.com/feldenthorne/p2pool-magi/blob/master/p2pool/bitcoin/p2p.py the "version" IntType from 32 to 256

original

Code:

message_version = pack.ComposedType([
        ('version', pack.IntType(32)),
        ('services', pack.IntType(64)),
        ('time', pack.IntType(64)),
        ('addr_to', bitcoin_data.address_type),

changed

Code:

message_version = pack.ComposedType([
        ('version', pack.IntType(256)),
        ('services', pack.IntType(64)),
        ('time', pack.IntType(64)),
        ('addr_to', bitcoin_data.address_type),

because if I don´t change it the P2P connection will not be established cause of false value lenght errors in the Magi debug.log of the Daemon. Anyway this is not the whole solution and it is still not working cause of the error see above.
Please don´t wonder about the different ports in the p2pool log and original git repo. The logs are older. But the results are all the same so it doesn´t matter which ports you are using. My current test environment using the following ports so they fit to the git repo default ports of p2pool.

Code:

daemon=1
server=1
port=8233
rpcport=8232
rpcallowip=127.0.0.1
rpcuser=rpcuser
rpcpassword=rpcpass

Can someone help me to solve this issue or tell me how to change the code of p2pool that the p2p connection is working?

Thanks
Cheers
lahlor

[111magic]

http://bitcoingarden.tk/magi-xmg-proof-of-interest-ii-2015-to-launch-01-08-2015/

Nice! 

[Spexx]

Sadly, I have to report that DropBox have suspended me again for excessive use of bandwidth. This time they did not even send me a courtesy email to let me know about it and I only discovered it when using my PoolStats utility and investigating why it was not working.

Now as far as I understand it, this means that nobody will be able to get any of my software or the pool statistics for at least 24 hours. If this ban goes on any longer then basically it's f****d and I will have to amend and re-issue every piece of software currently available from me, plus the stuff I currently have under development, as well as finding another free file hosting service and obfuscating the links in my software to prevent a repeat of this shit (yeah I have a way of doing that).

As you can imagine, I am hopping mad about this. It can't be the blockchain snapshot files because I took them down, so it must be something else. Maybe there is some idiot trying to grab the pool statistics every ten milliseconds or something - twat - they are only updated every five minutes. Well whatever ... will whoever is DOSing my DropBox please consider themselves an utter moron. Thank you.

Edit: Anybody who needs my software right now, please PM me and I will give you a one-time link.

[feldenthorne]

Currently I get some exceptions after running p2pool with the magi code. You can see my log here http://pastebin.com/tUeptdbh

I used the git repo https://github.com/feldenthorne/p2pool-magi and changed in the file p2p.py in the bitcoin folder https://github.com/feldenthorne/p2pool-magi/blob/master/p2pool/bitcoin/p2p.py the "version" IntType from 32 to 256
because if I don´t change it the P2P connection will not be established cause of false value lenght errors in the Magi debug.log of the Daemon. Anyway this is not the whole solution and it is still not working cause of the error see above.
Please don´t wonder about the different ports in the p2pool log and original git repo. The logs are older. But the results are all the same so it doesn´t matter which ports you are using. My current test environment using the following ports so they fit to the git repo default ports of p2pool.

Can someone help me to solve this issue or tell me how to change the code of p2pool that the p2p connection is working?

Before I respond to what I assume is your PM, I'll just go on record here and say that my repo is non-working (and I'll change the description to reflect that). I believe P2Pool needs a bit of a rewrite to work with the Magi headless/Qt wallets. I ended up putting the project on hold because there wasn't much interest in it at the time.

Edit: also, if anyone else has asked me anything recently, I've been out of town for a wedding and I'll be out of town for a few more days yet. PM me if you have a question.

[111magic]

Currently I get some exceptions after running p2pool with the magi code. You can see my log here http://pastebin.com/tUeptdbh

I used the git repo https://github.com/feldenthorne/p2pool-magi and changed in the file p2p.py in the bitcoin folder https://github.com/feldenthorne/p2pool-magi/blob/master/p2pool/bitcoin/p2p.py the "version" IntType from 32 to 256
because if I don´t change it the P2P connection will not be established cause of false value lenght errors in the Magi debug.log of the Daemon. Anyway this is not the whole solution and it is still not working cause of the error see above.
Please don´t wonder about the different ports in the p2pool log and original git repo. The logs are older. But the results are all the same so it doesn´t matter which ports you are using. My current test environment using the following ports so they fit to the git repo default ports of p2pool.

Can someone help me to solve this issue or tell me how to change the code of p2pool that the p2p connection is working?

Before I respond to what I assume is your PM, I'll just go on record here and say that my repo is non-working (and I'll change the description to reflect that). I believe P2Pool needs a bit of a rewrite to work with the Magi headless/Qt wallets. I ended up putting the project on hold because there wasn't much interest in it at the time.

Edit: also, if anyone else has asked me anything recently, I've been out of town for a wedding and I'll be out of town for a few more days yet. PM me if you have a question.

Spexx did you receive a message why?
Is this an action from competition?
I can't understand why somebody would doing this.
___________________

Feldenthorne that would be nice!!
But first enjoy your wedding! Its its yours?