joelao95 (OP)
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Coin of the Magi!
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October 16, 2015, 03:00:47 PM
Last edit: October 16, 2015, 03:56:34 PM by joelao95 |
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One more question:
Is there any possibility to increase the intensity of the miner?
At the moment I use cpuminer v2 with the following instructions: minerd-x64-corei7 -a m7mhash -o stratum+tcp://xmg.suprnova.cc:7128 -u username.workername -p password.
It's using all CPU Cores at 100 % but maybe there is a possibility to stress them a bit more?
CPU is a i7 3630QM Ivy Bridge
You can try overclocking (hardware) but that won't be good to the CPU imo. |
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joelao95 (OP)
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Activity: 1190
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Coin of the Magi!
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October 16, 2015, 03:18:18 PM |
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Thanks for your help guys.
My miner is running since 12 hours now. My calclulation says it's doing 7-8 XMG / Day at 70 KH/s.
That's not as much as I expected it will be.
That would mean 440 KH/s would only make about 44 XMG / Day which is worth about ~ 0,50 Euro.
Energy consumtion would be 2,50 €.
That would mean that mining XMG is far from beeing profitable.
Even my notebook with 22 nm technology CPU has a power consumtion of 60 Watt at full load. Which means power costs of abou 0,30 Euro / Day. And has got an outcome of ~7,5 XMG which is worth 0,084 Euro.
So how could mining XMG be profitable?
Or do you guys all hope for a rising course?
Speaking of profits, I think all crypto mining is unprofitable. You can compare with any mining including ASIC, GPU, CPU, if you can find a one with nice profits, I'd be interested to know about that, especially CPU coins which are good for profits. The truth is that, if there are profits from mining, people will make it unprofitable finally. Typically people mine coins and sell later. In a case that the strategy of yours that stopping mining is taken, because of the exit of miners, the mining goes towards profitable. You see, this is a contradiction. When it gets profitable, people mining it, and then towards the other way around. How unprofitable it is depends on how strong of confidence in this system (for example price rising in one day); the stronger in it, the less in the profits. I much like casual mining without too much concern on the profits, particularly in a daily base calculation, that would be stressful. |
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LordCoder
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October 16, 2015, 04:07:42 PM |
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Thanks for your help guys.
My miner is running since 12 hours now. My calclulation says it's doing 7-8 XMG / Day at 70 KH/s.
That's not as much as I expected it will be.
That would mean 440 KH/s would only make about 44 XMG / Day which is worth about ~ 0,50 Euro.
Energy consumtion would be 2,50 €.
That would mean that mining XMG is far from beeing profitable.
Even my notebook with 22 nm technology CPU has a power consumtion of 60 Watt at full load. Which means power costs of abou 0,30 Euro / Day. And has got an outcome of ~7,5 XMG which is worth 0,084 Euro.
So how could mining XMG be profitable?
Or do you guys all hope for a rising course?
Speaking of profits, I think all crypto mining is unprofitable. You can compare with any mining including ASIC, GPU, CPU, if you can find a one with nice profits, I'd be interested to know about that, especially CPU coins which are good for profits. The truth is that, if there are profits from mining, people will make it unprofitable finally. Typically people mine coins and sell later. In a case that the strategy of yours that stopping mining is taken, because of the exit of miners, the mining goes towards profitable. You see, this is a contradiction. When it gets profitable, people mining it, and then towards the other way around. How unprofitable it is depends on how strong of confidence in this system (for example price rising in one day); the stronger in it, the less in the profits. I much like casual mining without too much concern on the profits, particularly in a daily base calculation, that would be stressful. Exactly, people see this as a money making scheme. Anyone has a CPU, therefore this makes anyone a potential miner. If all of us are mining, reward decreases. |
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The Frisian
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Activity: 1019
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Senior Developer and founder of ViMeAv ICT
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October 16, 2015, 05:12:57 PM |
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So how could mining XMG be profitable?
Or do you guys all hope for a rising course?
Mining XMG is non-profitable. Mining any crypto is non-profitable. So if you want to earn some money ...... don't mine cryptos. Otherwise, you must see it as a hobby, pastime. And we all know a hobby may cost some money. |
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1337leet
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October 16, 2015, 05:20:29 PM |
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You are all right. I see it as fun and as a hobby  But mining Bitcoin could be profitable depending on the energy costs and the hardware. But due to the high prices of profitable miners I'm not into it. Anyone here knows what the Hash rate of an Intel Core i7 4790K is? |
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111magic
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October 16, 2015, 07:17:13 PM |
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Joe can add this one in the OP? |
bitcoin: bc1qyadvvyv29z08ln2ta7g3uqwzkscr7wq4p09wuz
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The Frisian
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Senior Developer and founder of ViMeAv ICT
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October 16, 2015, 07:23:00 PM |
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You are all right. I see it as fun and as a hobby But mining Bitcoin could be profitable depending on the energy costs and the hardware. But due to the high prices of profitable miners I'm not into it. Anyone here knows what the Hash rate of an Intel Core i7 4790K is? No way, Bitcoin mining is not profitable anymore, even with free energy. The price of the hardware is exactly calculated so that you will never get any profit. Only, but only then, when the bitcoin price rises more fast than the big guys have calculated you can make a little profit. Companies who build these miners have far more knowledge about the market than anybody else. The components price of the miners is almost nope, their sales price is only related to the bitcoin profit. Little thinking about : Why should a company sell you his miner when using own developed miner would be far more profitable? |
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Erkallys
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October 16, 2015, 07:29:55 PM |
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As mentioned by fragilefungi, a convenient miner (ideally click & go mining) is a much need, and I believe that will get us more miners without painful compiling (notice if you compile from the source code, you might get a specific optimized miner only for your pc which might be efficient than the following compiled ones). Also, I compiled the miner with "-e" flag to adjust the CPU efficiency from inside the miner. https://github.com/magi-project/m-cpuminer-qthttps://github.com/magi-project/m-cpuminer-v2I have forked the code of ScryptMiner by Matoking ( https://github.com/Matoking/ScryptMiner-GUI), which is based on Qt. This is very advantageous; we can add codes later on to adapt to the special block reward of magi, and design a smart miner with strategy mining. This will be a one in the to-do list. Here are the compiled binaries: http://coinmagi.org/files/m-cpuminer/m-cpuminer-qt-64-win.ziphttp://coinmagi.org/files/m-cpuminer/m-cpuminer-qt-32-win.ziphttp://coinmagi.org/files/m-cpuminer/m-cpuminer-qt-64-ubuntu.tar.gzhttp://coinmagi.org/files/m-cpuminer/m-cpuminer-qt-macosx-10.7.dmgThere are also minerd available here: http://coinmagi.org/files/m-cpuminer: http://coinmagi.org/files/m-cpuminer/m-minerd-64-win.ziphttp://coinmagi.org/files/m-cpuminer/m-minerd-32-win.ziphttp://coinmagi.org/files/m-cpuminer/m-minerd-64-ubuntu.tar.gzhttp://coinmagi.org/files/m-cpuminer/m-minerd-64-macosx.zipThese are how the Qt miner looks like:   Notice "-e 60" in block "Additional parameters" in the above image adjusts the CPU mining usage, e.g., 60%. All the parameters are automatically saved into m-cpuminer.conf, in the same folder. The GUI basically makes use of the miner under folder "miner". If you can compile with a higher efficiency, please let me know. Please make sure you modify the pool parameters, or you will mine through my account. This GUI is kinda similar to NeedIfFindIt's Sweet Spot http://xmg.makejar.com/, which will be better than this I believe; the advantage is that we can make it available for mac os and linux too, and most of other platforms because of Qt base. The linux version is statically linked, if you run into issues, let me know. I very much like the miner being compiled in low end/old system/pc. I believe magi's mining is useful in this aspect. I will get some details for the PoW. I do agree one mining a coin cares about the return, while I like the idea you place the miner with limited CPU usage, you can forget it (say 10% CPU): think about how many computers which run idle in the offices or other places for overnight, at least it's a waste of power. I am not encouraging you use an office PC for mining, but running a limited miner in a daily computer is quite doable, and that, from another point of view, is to save energy as they maintain a coin system provided that magi is useful at some extent and this purpose will be meaningful as well. Let me just say that this Qt miner is just wondeful ! The UI is really well designed ! Good job  ! Would it be possible to add colours to the (yay!!!) ? Writting it in green could be cool and that way it could be easier for someone to quickly look if he submit a lot of shares or if don't. |
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fragilefungi
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October 16, 2015, 08:15:24 PM |
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One more question:
Is there any possibility to increase the intensity of the miner?
At the moment I use cpuminer v2 with the following instructions: minerd-x64-corei7 -a m7mhash -o stratum+tcp://xmg.suprnova.cc:7128 -u username.workername -p password.
It's using all CPU Cores at 100 % but maybe there is a possibility to stress them a bit more?
CPU is a i7 3630QM Ivy Bridge
The sweetspot miner (xmg.makejar.com) uses cpuminer v2 but can read the block reward information and adjust the cpu % based on the block reward. It is MUCH more profitable to mine 20 XMG reward blocks then it is 1 XMG reward blocks. Set it up so much less cpu is used for low rewards and have it go back up to 100% for higher block rewards. I have my reward target set to 10 XMG and it seems like it still uses the higher cpu % if rewards are over 6, but when the rewards fall farther cpu usage goes back to 10%. |
XMG tips: 9HTdqWpuJpTx51dpskb6XASXPg2GLkD2jL Best small coin exchange is cryptopia! Sign up and trade! |
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cisahasa
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Activity: 910
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October 16, 2015, 08:37:34 PM |
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i made a vps miner for fun..
but i cannot understand why people mine this?
i cannot get any profit from this: time to setup miner cost me more than it ever makes coins to me.
vps cost more than magi makes.
cpu uses more power than magi makes you??
explain me please?
pure botnet coin?
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Erkallys
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Activity: 1120
Merit: 1004
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October 16, 2015, 08:42:29 PM |
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i made a vps miner for fun..
but i cannot understand why people mine this?
i cannot get any profit from this: time to setup miner cost me more than it ever makes coins to me.
vps cost more than magi makes.
cpu uses more power than magi makes you??
explain me please?
pure botnet coin?
It can be easily be profitable. The problem is that the bigger the hashrate is the lower the block reward is. But a lot of people don't understand this or simply don't care so they mine with a few thousand kh/s. They could earn more by diminishing their hashrate but they're not really clever so they don't ! |
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111magic
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October 16, 2015, 08:46:08 PM
Last edit: October 16, 2015, 09:06:15 PM by 111magic |
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i made a vps miner for fun..
but i cannot understand why people mine this?
i cannot get any profit from this: time to setup miner cost me more than it ever makes coins to me.
vps cost more than magi makes.
cpu uses more power than magi makes you??
explain me please?
pure botnet coin?
It can be easily be profitable. The problem is that the bigger the hashrate is the lower the block reward is. A lot of people don't understand this or simply don't care so they mine with a few thousand kh/s. They could earn more by diminishing their hashrate but they're not really clever so they don't ! This needs a change of mindset. With Bitcoin it was the higher the hashrate the better the reward. With the coins launched after BTC it was almost always the same. This mindset change will take time! |
bitcoin: bc1qyadvvyv29z08ln2ta7g3uqwzkscr7wq4p09wuz
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111magic
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October 16, 2015, 09:09:36 PM
Last edit: October 16, 2015, 09:47:20 PM by 111magic |
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 Magi will launch the Magi's android app this month!  |
bitcoin: bc1qyadvvyv29z08ln2ta7g3uqwzkscr7wq4p09wuz
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111magic
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October 16, 2015, 09:59:05 PM |
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Coin of the Magi, unique next generation currency for people everywhere! Coin Magi (XMG) is an online payment system, enabling instant payments to anyone in the world without needing an intermediary.
With Coin Magi, anyone in the world can issue digital coins through their personal computers and a software-based minting process. Coin Magi removes the competitive nature of minting and offers an even playing field for anyone looking to issue currencies without expensive equipment. Coin Magi distinguishes itself from other counter parties by its fairness, cost effective and energy efficiency in maintaining the operation of the system. PROOF OF WORK – POW
M7M (v2) hash function – only CPU mining
Iterative sequential algorithm and numerical computation operating through GMP floating points to disable parallel implementation
Block time: 3 minutes
MagiQuantumWave (MQW) difficulty adjustment per block
A new difficulty dependent block rewarding system to disable large mining farms PROOF OF STAKE II – POS-II
New staking mechanism PoS-II
Transaction dependent coin age; minimum coin age: 2 hours
Maximum coin age : see following explanation
Network weight dependent interest rate, maximum 5%;
Block time: 1.5 minutes;
Block hash: SHA256;
Maturity: 120 MAGI WALLETS WEBSITE:  MagiPay Standalone Payment Gateway for Coin Magi
_______________________________________________________________________________ _______________________________________________ MAGI MINING Magi is designed to be energy efficient on the whole, through a variety of dynamic adjustment mechanisms as well as its focus on the CPU mining. The general design concept is to reduce energy consumption during PoW. The use of hybrid PoW/PoS in the meantime secures the network.
Mine Magi with your computer. New in Crypto? Pools |
bitcoin: bc1qyadvvyv29z08ln2ta7g3uqwzkscr7wq4p09wuz
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LordCoder
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October 16, 2015, 10:07:26 PM |
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You are all right. I see it as fun and as a hobby But mining Bitcoin could be profitable depending on the energy costs and the hardware. But due to the high prices of profitable miners I'm not into it. Anyone here knows what the Hash rate of an Intel Core i7 4790K is? 4790K does 95-97 khash/sec. |
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1337leet
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October 16, 2015, 10:11:40 PM |
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Thank you LordCoder
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111magic
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October 16, 2015, 10:35:22 PM |
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Just as reminder the new OP above is full with hyperlinks. Just click on pictures or names and you will go to the website or page! Also check the Magi standalone payment gateway! https://www.m-epays.com/ |
bitcoin: bc1qyadvvyv29z08ln2ta7g3uqwzkscr7wq4p09wuz
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fragilefungi
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October 16, 2015, 11:16:48 PM |
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i made a vps miner for fun..
but i cannot understand why people mine this?
i cannot get any profit from this: time to setup miner cost me more than it ever makes coins to me.
vps cost more than magi makes.
cpu uses more power than magi makes you??
explain me please?
pure botnet coin?
Magi has a variable block reward that is based on difficulty. When the network hashrate goes up, the difficulty goes up and the rewards go down. You can look at a graph of this ( https://bauerj.eu/xmg/). The higher the hashrate, the less profitable it is to mine. That is how the coin is designed. Setting your cpu to mine at 100% is probably not a good idea, unless you have free power. Some people do have free power, like if electric is included in their rent, but all coins have this problem. I don't have free power, but am currently mining magi with a target cpu usage of 10% even though the network hash is very high and the block reward is only 1 XMG. Even if my power costs are not zero, the cost to me for this mining at this cpu usage is very low because I am doing other things with my computer like having staking wallets open for different coins, I am writing this here, I am gpu mining or I am using my computer for playing games. The additional cost of electricity for using 10% cpu compared to 0% is how you should be doing the power calculation. Magi is not a coin where you can buy a lot of hardware, throw a bunch of hashrate at mining, and expect to make a profit. It was specifically designed NOT to let you do this. |
XMG tips: 9HTdqWpuJpTx51dpskb6XASXPg2GLkD2jL Best small coin exchange is cryptopia! Sign up and trade! |
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cisahasa
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Activity: 910
Merit: 1000
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October 17, 2015, 02:03:07 AM
Last edit: October 17, 2015, 02:40:41 AM by cisahasa |
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i made a vps miner for fun..
but i cannot understand why people mine this?
i cannot get any profit from this: time to setup miner cost me more than it ever makes coins to me.
vps cost more than magi makes.
cpu uses more power than magi makes you??
explain me please?
pure botnet coin?
It can be easily be profitable. The problem is that the bigger the hashrate is the lower the block reward is. A lot of people don't understand this or simply don't care so they mine with a few thousand kh/s. They could earn more by diminishing their hashrate but they're not really clever so they don't ! This needs a change of mindset. With Bitcoin it was the higher the hashrate the better the reward. With the coins launched after BTC it was almost always the same. This mindset change will take time! yes, dont mine only buy? let else people waste time for mining? |
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joelao95 (OP)
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Activity: 1190
Merit: 1009
Coin of the Magi!
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October 17, 2015, 04:16:57 AM |
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i made a vps miner for fun..
but i cannot understand why people mine this?
i cannot get any profit from this: time to setup miner cost me more than it ever makes coins to me.
vps cost more than magi makes.
cpu uses more power than magi makes you??
explain me please?
pure botnet coin?
It can be easily be profitable. The problem is that the bigger the hashrate is the lower the block reward is. A lot of people don't understand this or simply don't care so they mine with a few thousand kh/s. They could earn more by diminishing their hashrate but they're not really clever so they don't ! This needs a change of mindset. With Bitcoin it was the higher the hashrate the better the reward. With the coins launched after BTC it was almost always the same. This mindset change will take time! yes, dont mine only buy? let else people waste time for mining? I am glad that you asked this question here, as if magi is not profitable, magi is not the only one, obviously. I commented here: https://bitcointalk.org/index.php?topic=735170.msg12702683#msg12702683I'd recall back to 2013, there was a time mining bitcoin is still profitable, but you have to be smart and you got to run faster than the other people. The golden time passed by rather quick. Nowaday's mining is absolutely a side effect of this crypto thing Satoshi never expect. People definitely should blame the mining thing for the global warming up at one day, if it is not significant, it's not a trivial one either. The use of devices exclusively for mining (not supposed to be for this purpose) is another waste; ok, bit off topic. Your question actually is that why people in this space should mine crypto, do you mine bitcoin and no buying? |
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