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

[jawitech]

Is there a performance chart for different CPU's?

Not yet, I'm creating a spreadsheet where, hopefully, many miners will enter their data.

[Singman33]

Hi All!

I just started mining Magi yesterday - it's the first cryptocurrency I've ever mined!

Ok.
Before anyting else, you have two options to mine MAGI : solo and pools.
I strongly suggest you to try pool mining before solo. Find one (like http://magi.nonce-pool.com/index.php), read the 1st page, download the independant miner, and do it.
If you really want to solo mining, the path is a little more complicated, you need to change some option to either enable wallet mining, or to provide hash chains to an independant miner.

[NewtonsMthd]

Ok.
Before anyting else, you have two options to mine MAGI : solo and pools.
I strongly suggest you to try pool mining before solo. Find one (like http://magi.nonce-pool.com/index.php), read the 1st page, download the independant miner, and do it.
If you really want to solo mining, the path is a little more complicated, you need to change some option to either enable wallet mining, or to provide hash chains to an independant miner.

I think that my solo mining config is correct..I have magid running and receiving blocks, and an independent miner connected via local RPC and computing hashes.

That said, I'm still a little confused by how everything is connected, e.g. how this somehow leads to blocks being verified, etc.

Anyway, I wanted to start without a pool because that seems to be one of the primary motivations behind this project - that you don't need to be part of a large pool in order to contribute/benefit.

As I understand it, the benefit to joining a pool is that I will receive continuous fractions of blocks based on my computation share.  Assuming that my hashrate doesn't change, then on average it will take me x days to receive y XMG, regardless of whether I am in a pool or not.  Given that the time to mine a block is within reach for a solo miner, what is the benefit to joining a pool?  (I'm asking out of honest curiosity, not trying to defend one way vs. the other!)

[NewtonsMthd]

Because small miners would have to wait a month per block.

A month?!

Code:

./magid getminingbykhps
{
    "hashrate (kh/s)" : 1.00000000,
    "difficulty" : 1.35992945,
    "difficulty(aver)" : 1.45105674,
    "blockvalue" : 19.58404889,
    "mining (XMG)" : {
        "1 hour" : 0.01131256,
        "1 day" : 0.27150134,
        "1 week" : 1.90050935
    }
}

I know this isn't real-time, but it should mean that pulling a few khash/s should yield >1 block/week, no?

[Singman33]

Not exactly. When you go solo mining, you will only get the reward if you find the block, in that case you will get the entire reward (in your example, nearly 20 XMG).
On a pool, you will get the same stats, but you dont need to have the luck to be the 1st to find the block. So when you mine on a pool, reward is only a fractional of 20 XMG but continuous. When you mine solo, it could take weeks to get the reward (or with luck, you could find 2 blocks in 1 hour).
Overtime, if you consider both ways over one year, you should get nearly identicals amount of XMG. But it could take one year....

[NewtonsMthd]

Hmm.  This is all interesting to consider, but I do have my thoughts about the decentralized nature of the currency compared to the centralized nature of pools.

I'll probably give pools a go at some point as well.  I think that both are interesting from a learning perspective.

[joelao95]

Hmm.  This is all interesting to consider, but I do have my thoughts about the decentralized nature of the currency compared to the centralized nature of pools.

I'll probably give pools a go at some point as well.  I think that both are interesting from a learning perspective.

Pool mining will be the better choice (but doesn't matter with decentralization/centralization ).

[joelao95]

Code:

received block f305539e1a48b24c9b80
ERROR: CheckProofOfStake() : INFO: check kernel failed on coinstake 3e77c4d5c957069f38fdd59cfbe3d15197415e58abe7d851aef854f9eafab3c1, hashProof=0000a9cd1296008e7bdbca0790b7db1e124ff58ac05940a01b290f6e1dbb9b90
WARNING: AcceptBlock(): check proof-of-stake failed for block f305539e1a48b24c9b804e6e212a88f1f73433858e01b0db70147f4d31102425
ERROR: ProcessBlock() : AcceptBlock FAILED
received block f305539e1a48b24c9b80
ERROR: CheckProofOfStake() : INFO: check kernel failed on coinstake 3e77c4d5c957069f38fdd59cfbe3d15197415e58abe7d851aef854f9eafab3c1, hashProof=0000a9cd1296008e7bdbca0790b7db1e124ff58ac05940a01b290f6e1dbb9b90
WARNING: AcceptBlock(): check proof-of-stake failed for block f305539e1a48b24c9b804e6e212a88f1f73433858e01b0db70147f4d31102425
ERROR: ProcessBlock() : AcceptBlock FAILED

Did you see the above during downloading block chain, or after sync? That sounds mostly an invalid PoS block, and won't be counted into the block chain.

Finally, how does the wallet work exactly?  I understand that it stores the private keys to the public addresses that I can publish, but how do coins play into it?  What specific (private) data do I need from a wallet.dat backup in case of data loss, and what is recoverable from the blockchain?

Yes, what you need to do is to backup wallet.dat in case corruption of block data etc. More details can be found here: https://en.bitcoin.it/wiki/Wallet. Hope we have covered all of your questions. If not, feel free to ask again and again. 

[joelao95]

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 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

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

Better to put a limit to CPU in this case. 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:
          # CPU Miner (source code)
           NeedIfFindIt's GUI Magi Miner - Auto-adjusting hashrate: 0.9.6 Alpha, Files hosted on coinmagi.org; Another simple gui
           Spexx's package - Original post, Release 12/03/2014, Release 11/02/2014, Speed controller ; Files hosted on coinmagi.org
           MarcusDe's package - Dowload, Guide, Generic miner; Files hosted on coinmagi.org
           Running miner in a VPS [linux os]
           Cygwin compilation (windows)
           Compile and run CPU miner on Mac OS
           How to run a minerd

          # m-cpuminer-legacy (source code)
             This miner is the same as generic CPU minerd except an additional option flag "-e cpu_efficiency", that allows adjusting cpu efficiency between 1 - 100.

Code:

minerdlegacy -o stratum+tcp://pool_url:pool_port -u pool_user.worker -p password -t thread_numbers -e cpu_efficiency

[joelao95]

whats happening in 2 days on your site

We will launch a new site.

[joelao95]

anonymous loans could be given out based on account activity. now with anonymous loans the first loan would be small say $1. this could be dependent on how much shopping the individual does using magi. this could then increase slowly if loans are paid back on time to max of say $20. after this if you want to borrow more you would need to prove who you are where this will help boost your credit score. this is a option not compulsory.

people love credit and i think if they have a benefit in using magi it could be popular. the first credit card in crypto. ofcourse this a long term project so many mistakes to learn from. merchants could use it for their business by signing up as a merchant and having a master address where they use the system to loan credit to their customers.

if a big loan isn't repaid then as we only would give it to people who have proved themselves just how in the real there are debt collectors im sure many would be willing to start this service to act as debt collector where they get a piece of the pie

crazy idea but excellent if implemented

I must make a note of this and look into details later on, anyway, glad to see ideas coming up from members around.

[joelao95]

Hi,

In the QT wallet, you can see the minted transactions (BTW there is a display bug at least in Win version, theses minted transactions are marked "mined" instead of "minted" but filter is working).
I can't find theses minted transactions with the command line "listtransactions". Do you have a way to show them using CLI ?

A bit confused as to "mined" vs "minted", minted is a word more accurate?

listtransactions has a few options to track back past transactions you might want to try:

Code:

listtransactions [account] [count=10] [from=0]

Returns up to [count] most recent transactions skipping the first [from] transactions for account [account]. If [account] not provided will return recent transaction from all accounts.

[joelao95]

It's our pleasure to learn that a few new members came into magi. I believe the CPU mining is the appealing point. (don't forget the PoS-II too ) People who were excited to the CPU minable feature should understand why? I'd like to repeat some points we've covered again and again.

DO NOT go with a superb miner, you might end up with nothing (or not as profitable as you imagine).

Basic question :

Code:

What makes magi CPU minable?

Answers:

Code:

# M7M algo

Code:

# A unique design of the block reward (the more hash power, the lower reward)

The M7M algo is something the tricky part now as there are a few others arguing possible GPU miners; just let it be, I'm not quite care about that now.

I am mostly replying on the block reward design to enable the CPU mining part; if you don't yet look into that or understand it, read carefully the following post and paper:

https://bitcointalk.org/index.php?topic=735170.msg9991269#msg9991269
http://arxiv.org/abs/1409.7948

Simply, the block reward is designed such that it encourages a moderate hashrate level. I understand the mining earning could go crazily low value; the good side is that magi is still at the low market cap; feel free to buy off some coins if you like it.

Don't mine too hard, or PoW blocks will stop yielding coins (block chain still going).

...

The reward is designed best at the CPU mining level. Anyone fire up CPU farm or GPU may push reward towards a trivial level. The coming hard fork will tailor the reward at a much accurate level.

Remember, the more CPU miners (not too high hashrate though), the more secure of the reward. The more GPU miners (let's say in the future and assuming they have significantly high hashrate), no actual rewards will be yielded.  

p.s., I am actually keen to see how magi's block reward design could cut down ASIC miners in a scrypt coin.

p.s., I got some personal stuffs which need to be taken care of; I apologize if I can't answer/update ASAP. All things have been noted down and will do as soon as I can.

[111magic]

Thanks Joe

Better to put a limit to CPU in this case. 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:
          # CPU Miner (source code)
           NeedIfFindIt's GUI Magi Miner - Auto-adjusting hashrate: 0.9.6 Alpha, Files hosted on coinmagi.org; Another simple gui
           Spexx's package - Original post, Release 12/03/2014, Release 11/02/2014, Speed controller ; Files hosted on coinmagi.org
           MarcusDe's package - Dowload, Guide, Generic miner; Files hosted on coinmagi.org
           Running miner in a VPS [linux os]
           Cygwin compilation (windows)
           Compile and run CPU miner on Mac OS
           How to run a minerd

          # m-cpuminer-legacy (source code)
             This miner is the same as generic CPU minerd except an additional option flag "-e cpu_efficiency", that allows adjusting cpu efficiency between 1 - 100.

Code:

minerdlegacy -o stratum+tcp://pool_url:pool_port -u pool_user.worker -p password -t thread_numbers -e cpu_efficiency

[malekbaba]

I am mining with my cpu. And i keep my wallet open, whole time. Mining in supernova pool. Getting and withdrawing in my wallet and keeping them inmy wallet. Am i doing right for pos?

[joelao95]

So... make sure there's very few GPU miners, and everything should be okay - assuming they are NOT farmers.

I am not meaning that. I very much dream one day that every one mines XMG; no superb miners in this scene.

People are free to go with this argument, but to me no guarantee. As I said, read (carefully) the recent hardfork post and the paper, and then come back figuring out what's the best course one should take.

Simply don't go straight the way of mining in general. I believe people in this crypto scene now should / have to get smart, before taking any action / investment. There is no guarantee at all as to ROI, even bitcoin can't keep that promise.

I guess I am speaking too far away. What I am saying is trying to reduce one's cost as much as possible (e.g., electricity or something else) by sending this heads up. If one is thinking of investment and getting a quick profit, that's just unlikely, not just in the crypto but everything else. Be smart.  

As I mentioned and particularly,
Mining XMG could not be as profitable as you imagine giving a superb miner. Every one is in the network, what you get is up to what others are doing (situation might change in every moment).

[malekbaba]

Can anyone tell me, how keeping the wallet open, helps the magi?! How the contributor will be benefited? When?

[thefix]

So... make sure there's very few GPU miners, and everything should be okay - assuming they are NOT farmers.

I am not meaning that. I very much dream one day that every one mines XMG; no superb miners in this scene.

People are free to go with this argument, but to me no guarantee. As I said, read (carefully) the recent hardfork post and the paper, and then come back figuring out what's the best course one should take.

Simply don't go straight the way of mining in general. I believe people in this crypto scene now should / have to get smart, before taking any action / investment. There is no guarantee at all as to ROI, even bitcoin can't keep that promise.

I guess I am speaking too far away. What I am saying is trying to reduce one's cost as much as possible (e.g., electricity or something else) by sending this heads up. If one is thinking of investment and getting a quick profit, that's just unlikely, not just in the crypto but everything else. Be smart.  

As I mentioned and particularly,
Mining XMG could not be as profitable as you imagine giving a superb miner. Every one is in the network, what you get is up to what others are doing (situation might change in every moment).

You are, of course, correct. But as long as there is a minimum block reward, you can profit via overwhelming hashrate.

A way to combat that would be to increase the POS rewards as hashrates get higher. Say if a few people had really high hashrates the reward would drop for POW and increase rewards for everyone who is doing POS. A high hashrate would then distribute rewards more evenly and defeat the intentions of a few people trying to gain an advantage. The reward could even be a certain number divided evenly among all those who have their wallets open and staking. This would make it so that everyone who is participating gets something regardless of the size of the wallet they have. Hopefully this will get people thinking about ways to make things more fair and environmentally friendly.

[Singman33]

Hi,

In the QT wallet, you can see the minted transactions (BTW there is a display bug at least in Win version, theses minted transactions are marked "mined" instead of "minted" but filter is working).
I can't find theses minted transactions with the command line "listtransactions". Do you have a way to show them using CLI ?

A bit confused as to "mined" vs "minted", minted is a word more accurate?

listtransactions has a few options to track back past transactions you might want to try:

Code:

listtransactions [account] [count=10] [from=0]

Returns up to [count] most recent transactions skipping the first [from] transactions for account [account]. If [account] not provided will return recent transaction from all accounts.

I repeat : minted transactions dont show with "listtransactions" command, whatever arguments you provide.

[Singman33]

A bit confused as to "mined" vs "minted", minted is a word more accurate?

Of course, minted coins are mined coins... But in QT version, when you list the choice of filters, you have the two options, mined and minted. Mined show nothing (maybe because I dont mine with the wallet) and minted show transactions but marked ... mined This is just a cosmetic bug.