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

[the_drugs]

Can anyone share the math for figuring mining rewards for a given hashrate? I worked something out earlier and I think my numbers are coming out wrong.
I used the formula for BTC (B=(h*r*t*)/(2^32*D)) (which I suspect may be the issue) to figure the est. earnings per block for the last 14 days, then took that and averaged it out to come up with a "long term" estimate. Exact math as follows, using block 1592129 as an example:

dif. = 0.0102
reward = 0.11453505
time = 86400 (1 day in seconds)
hash = 100,000 (100kh in hash)

0.11453505/(2^32*0.0102) = 0.000000002614438178 (this is done for every block, independent of hashrate/time so the calculator works with different values)
0.000000002614438178*(100*1000)*86400 (values for hash and time can be changed to suit other needs, hour/day/week, etc. and for hashrates other than 100)

The basic break down is that the first part is done for every block, then this number is averaged for every block. Then, the other aspect that remains constant (hashrate) and the duration (time) are calculated after. Shouldn't matter that these come after because order of operations, if I'm not mistaken.

For the last 2 weeks, all 19195 blocks, the first part average is 0.000000001290530053. When appropriate values are added for time (in this case one day, 86400 seconds) and hashrate (in this case 100kh, 100000h), the "average" earning per day would be around 15.61 XMG a day, which seems far too high, especially given my mining and observations. Which leads me to believe there is a problem with my methods.

Is this just a case of "I have the wrong formula"? Have I accidentally done something wrong with my math? Could this have to do with pool mining vs. solo? Have I missed the point? Is XMG really this awesome and I've just been mining wrong?

Bear in mind, this isn't supposed to be a calculator for the future, rather a good, long term example that can be used as an estimate for the future. If over the period of the last week a consistent 100kh/s will net 15 XMG, then I feel safe assuming that earnings for the next week would be around 15, with what level of variance I'm not sure, but it's a start and to me much more applicable than the "current block estimate" calculator in the wallet. That said, is there any reason why this WOULDN'T work, even in the slightest, due to something I've missed in XMG's POW II system?
If someone smarter than me wants to help me out that would be great!  There is a reason I'm not a math major, after all.
If someone wants to comment on if this applicable/waste of time, useful or just interesting data, that too would be well appreciated! After all, there is probably something really dumb that I'm missing.

Last note, all data was taken from https://chainz.cryptoid.info/xmg/

I dont think you can forecast XMG with any type of accuracy do to the way it is designed. The more hashrate is thrown at the blockchain then the less  XMG that will come out of the current block. Over the last week we've had 45+ XMG block payouts and we've had <1 XMG payouts. Since people mining XMG wont maintain speed limits to maximize coins from a block, your calculation would need to involve some kind of average range, since a single average is pretty much impossible to calculate.

There is an average in there, and a rather good one at that. I figured the reward/2^32*Difficulty individually for every block for the last 2 weeks, over 19,000. The average of those numbers was then multiplied by the appropriate hashrate and timeframe, in the example I gave 100kh/s and 1 day. I know that this wouldnt work as an estimate for magi without an average, which is why I went for a quite large one, to get accurate approximations. I feel that if this uses the correct formula, etc. this would be just as accurate of an indicator, if not more so than the included calculator in the miner, which does base rewards off of the current reward/difficulty.

[1714812595]

1714812595

[1714812595]

1714812595

[1714812595]

1714812595

[1714812595]

1714812595

[1714812595]

1714812595

[starmman]

I'm in with Magi from the start and still holding my coins.

I am with magi all the way too. have not sold a single coin since i got a hold of it 2 years ago...

(and i am still newbie in the forum... lol)

I'm also holding a lot (for me - but definately nowhere near a whale) - however also supporting the liquidity of the coin by offering buy and sell orders up and down  the chain - although I do feel a little pain when the price is low and I keep to my strategy and sell low

[Sandhujatin]

Any updates from the dev of this coin

[111magic]

Any updates from the dev of this coin

https://roadmap.coinmagi.org
Updates, improvements & promotions are in progress!
Keep eyes on Magi!

[lestvica]

Who can tell why zpool does not work?

[111magic]

Who can tell why zpool does not work?

Did not even know that! Updating maybe!

[lestvica]

Who can tell why zpool does not work?

Did not even know that! Updating maybe!

Is this an update?
https://imgur.com/a/JtsIf

[111magic]

Who can tell why zpool does not work?

Did not even know that! Updating maybe!

Is this an update?

Looks like Zpool is working ok now!

[seeksilence1]

http://xmg.luckypool.ml/

Last 24 Hours   found 15 blocks!

Unbelievable results with only ~4Mh/s pool. It seems big miner helps a lot!
Promotion is on: 0.5% fee till the end of the year 2017.

[111magic]

Request sent to other exchanges for adding Magi XMG
Hope it will give good results!

[starmman]

Request sent to other exchanges for adding Magi XMG
Hope it will give good results!

Great - will be good to be listed on a couple more exchanges - since we are effectively only working on Trex and 'Topia right now still no response from yobit.

which exchanges do you think will be good?

Edit: we still have cryptodao on the OP - we should really try and get that removed...

[cryptouser]

Since I started the wallet (v.1.4.4.1)  it's been running for more than 20 days now, shows 12 connections but also "Not staking" ??

Doesn't give any additional message, just "not staking"; it's updated, I can send/receive coins and it's unlocked.

Can someone please share correct conf file??

[s0litaire]

Since I started the wallet (v.1.4.4.1)  it's been running for more than 20 days now, shows 12 connections but also "Not staking" ??

Doesn't give any additional message, just "not staking"; it's updated, I can send/receive coins and it's unlocked.

Can someone please share correct conf file??

How many coins are in your wallet.
It takes a minimum of 50 coins for staking to start.
as long as the conf file has :

# posii=1 to enable PoS staking; default = 0
posii=1

It will eventually stake.

[cryptouser]

Since I started the wallet (v.1.4.4.1)  it's been running for more than 20 days now, shows 12 connections but also "Not staking" ??

Doesn't give any additional message, just "not staking"; it's updated, I can send/receive coins and it's unlocked.

Can someone please share correct conf file??

How many coins are in your wallet.
It takes a minimum of 50 coins for staking to start.
as long as the conf file has :

# posii=1 to enable PoS staking; default = 0
posii=1

It will eventually stake.

Don't know exactly right now, but couple of hundreds for sure. I'll check whether I have those lines in that conf file

[cryptouser]

Since I started the wallet (v.1.4.4.1)  it's been running for more than 20 days now, shows 12 connections but also "Not staking" ??

Doesn't give any additional message, just "not staking"; it's updated, I can send/receive coins and it's unlocked.

Can someone please share correct conf file??

How many coins are in your wallet.
It takes a minimum of 50 coins for staking to start.
as long as the conf file has :

# posii=1 to enable PoS staking; default = 0
posii=1

It will eventually stake.

Yup, definitely that line was the problem; once I added it -works perfectly now.
Thanks a lot for the help.

Cheers.

[starmman]

Yup, definitely that line was the problem; once I added it -works perfectly now.
Thanks a lot for the help.

Good to hear you got the staking sorted, rewards aren't huge for me they work out at about 1.7% per year - still better than nothing - and for me I'm getting more in staking than mining

[111magic]

Request sent to other exchanges for adding Magi XMG
Hope it will give good results!

Great - will be good to be listed on a couple more exchanges - since we are effectively only working on Trex and 'Topia right now still no response from yobit.

which exchanges do you think will be good?

Edit: we still have cryptodao on the OP - we should really try and get that removed...

Yea we should delete that one. Is it still not working good?

Hope to receive good responses on the requests. I will keep you all informed!

[starmman]

Was there some planned milestone for magi on Jan 1st 2018? If so, can anybody remember what it was?

If so, its about time to start drumming up some interest

[111magic]

Was there some planned milestone for magi on Jan 1st 2018? If so, can anybody remember what it was?

If so, its about time to start drumming up some interest

I will launch a give-away this weekend & hope to give more info soon. Btw are there more people who lost coins on Yobit??? What happend with those coins??

[s0litaire]

Good to hear you got the staking sorted, rewards aren't huge for me they work out at about 1.7% per year - still better than nothing - and for me I'm getting more in staking than mining

don't knock it
That's better than most bank interest rates these days!! lol