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

[marilouadrie]

Would it be profitable to purchase high-end CPUs for mining?

[starmman]

Would it be profitable to purchase high-end CPUs for mining?

Probably not - I certainly haven't gone out of the way to do it, Magi is an eco coin and designed to run on your idle power - spending the money and buying when the price is low and holding/staking/trading will likely get you better returns. I'm getting over 50x more magi from trading than mining and USD holding ROI over the last two years have been over 76x for me (is that 7600%?, wow).

EDIT: (<$0.01 to $0.76)

[s0litaire]

Would it be profitable to purchase high-end CPUs for mining?

Probably not.
At current rates will probably take 12-18 months ( at $0.75 USD/XMG) to brake even for something as cheap as a Rpi3 including running costs.
A desktop CPU would easily take 10 times as long to brake even.

I bought 50 XMG 2 months ago for £15 in total (including conversion fees) and with an extra 15 made (in the same time) from mining its now worth £36 ($49) so the market is more profitable than mining.

[NxtGenCowboy]

I noticed a few of my miners are still going...  What happens with this fork since I noticed most are pools are offline..

[111magic]

I noticed a few of my miners are still going...  What happens with this fork since I noticed most are pools are offline..

Team is working on improvements and developments are in progress. Hardfork will follow asap!

[NxtGenCowboy]

I noticed a few of my miners are still going...  What happens with this fork since I noticed most are pools are offline..

Team is working on improvements and developments are in progress. Hardfork will follow asap!

Guess I should stop my miners for now...  haha . thanks!

[111magic]

I noticed a few of my miners are still going...  What happens with this fork since I noticed most are pools are offline..

Team is working on improvements and developments are in progress. Hardfork will follow asap!

Guess I should stop my miners for now...  haha . thanks!

Yes give them a break! 😉

[the_drugs]

Would it be profitable to purchase high-end CPUs for mining?

Probably, given the right amount of time and the right power costs. Its too hard to say with no information though. Beyond that that kinda goes against what XMG is all about, more hashrate =/= more rewards, look into the POW II posts to see this explained more. ideally everyone would only have to chip in 5-10% of their CPU power and everyone would get the same amount of XMG they're getting now, or even more. As it stands, me personally the "highest end" i would consider would be something like a R3 1200 or similar, seems to be the sweet spot for price/performance.

[guytechie]

I'm still trying to get my head around this notion of not mining too fast or you'll get less.

I have a Ryzen TR 1950x as well as a 1700.  They do very well at m7m.  I also have my media PC (Core i7) and my bedroom media PC (Core i5) that does decently.  I've also got a few low-mid-end CPUs scattered around the house (Core 2 Quad, Pentium Gxxx, and Core i5 Sandybridge).

In total, a little over a 1 MH/s.  Is that considered too fast?

Not sure if I'm understanding this, buy why have a "speed limit"?  To prevent fraud or a botnet?

PS: Was mining at zPool.  Waiting for m7m to be available for mining again.

[Stratobitz]

Would it be profitable to purchase high-end CPUs for mining?

I think given the cost of high end CPUs you should factor the following:

Initial Cost of Assets (CPUs) + Time Involved to Setup + Maintenance + Electric Costs + Depreciation Over Time + Increase in Difficulty..... vs

Simply Buying XMG... At it's current price point it's a great entry point. I think 3 month outlook if you bought in under 0.00010000-0.00012000 you'll be well in profit.

And the method of buying the XMG which is at it's current price clearly undervalued and underpriced factoring (Overall/Entire Alt Market Pull Back of 20% Last Night; HardFork about to be released; One of the Oldest coins on Bittrex since coin launch; strong community; active Dev Team which posts daily (even on Christmas lol);

The fact that it's trading at 0.00005000 is surprising. And I am glad my attention came back to it as I had mined it years ago and hadn't started taking notice again until as of late.

Simply buying XMG gets you in at a low entry point; no time involved, you can make money doing other things, no maintenance; simply buy and hold for 3-6 months.

You would not believe how much I made by holding the AEON and XMG and XMR that I mined in 2014-2015... Those coins... I still hold.

I mined them when they were worth pennies. Now they are worth $2, $4, $300... each.

Altcoins are a Buy and Hold LONG game. Look at anyone who has made millions doing it. They got in at the right point, and held.

Not saying not to mine XMG... but factor all options; if you dont already run a mining operation- there are a lot of costs to consider.

Factor a $10,000 investment into a CPU Farm for Mining...

You could buy the $10,000 CPU Setup; how much would you mine from now until April?

You could buy $10,000 in XMG; That would yield you instantly 11,500-12,000 if you bought up the chain... at current prices.

Likely, the Hardfork will have POS; which mean's you could INSTANTLY stake those coins.

If XMG goes from it's current price to 0.00025000 by April; you'll have made $40,000 in profit + you'll have staked those coins (which means more but I can't factor that ATM).

Cheers!

Strato

[CryptoKhajiit]

Any prospects as to when hard fork is going to happen? At least rough idea?

Magi team is testing at this moment. We all hope testresults will be good. After that the release will follow asap.

I see. Thanks.

[abraxsis]

I'm still trying to get my head around this notion of not mining too fast or you'll get less.

I have a Ryzen TR 1950x as well as a 1700.  They do very well at m7m.  I also have my media PC (Core i7) and my bedroom media PC (Core i5) that does decently.  I've also got a few low-mid-end CPUs scattered around the house (Core 2 Quad, Pentium Gxxx, and Core i5 Sandybridge).

In total, a little over a 1 MH/s.  Is that considered too fast?

Not sure if I'm understanding this, buy why have a "speed limit"?  To prevent fraud or a botnet?

PS: Was mining at zPool.  Waiting for m7m to be available for mining again.

Bitcoin is rapidly reaching an energy threshold where the only people able to really make money from it are individuals throwing thousands and thousands of dollars worth of electricity at it. Not to mention the environmental impact that has. But, this leaves average people out in the cold.

Magi is founded on leveling the playing field for miners, as well as saving energy. The speed limit prevent bot nets and large mining operations from swooping in and gobbling up all the proceeds, thus controlling the coin and it's value. The slower speeds needed to maximize payout spreads out the energy impact over years versus months like bitcoin.

The only issue I see with it is that there is no hard limit placed within the system, meaning a single individual with a server farm can tank the payout for everyone. When this happens there is no method to stop them other than just asking them to stop (Pool owners can manual block miners, but I haven't seen this happen at all thus far), which can be a problem for people keeping the speed "sweet spot" in mind. Large miners will still get the bulk of whatever a block pays out, even if it is a small amount. In theory, this low payout isn't profitable for them, and they eventually leave. But it still has a major impact for the other players over time, especially when XMG gets some attention. There have been times I have literally gone from mining 1-1.2 XMG per day to <.10 XMG a day simply due to some kH whale entering the mining network. I am going to wager a guess that this will be the case when the HF is released soon

[2bfree]

What is the purpose of Magi coin???

[111magic]

What is the purpose of Magi coin???

Wow lots of answers possible here.
Please check page 1 of this thread first.
There is a lot of info available.

[111magic]

Discussions with new owners are going well and it seems very likely that there will be a simple way to migrate from old site to new site (same domain, just new management). Hopefully this will be ready around February 2018. More information will be published as soon as we know more.


---------------------- 
Above some info from Novaexchange.
Thought they would close the exchange but seems to be different. Magi XMG is still there, but without volume yet.
Good to know that if you use Novaexchange you can trade XMG there also. Somebody tested this lately?
https://novaexchange.com/market/BTC_XMG/
But it might be better after the hardfork or try with small amounts!

[svedex]

I'm still trying to get my head around this notion of not mining too fast or you'll get less.

I have a Ryzen TR 1950x as well as a 1700.  They do very well at m7m.  I also have my media PC (Core i7) and my bedroom media PC (Core i5) that does decently.  I've also got a few low-mid-end CPUs scattered around the house (Core 2 Quad, Pentium Gxxx, and Core i5 Sandybridge).

In total, a little over a 1 MH/s.  Is that considered too fast?

Not sure if I'm understanding this, buy why have a "speed limit"?  To prevent fraud or a botnet?

PS: Was mining at zPool.  Waiting for m7m to be available for mining again.

buying strong cpu's isn't worth it for any type of coin.

I have two e5-2673 v3 doing some 400khs/each and 36 i7-6700 doing 95-102khs/each, giving me 4 - 4.5Mhs in total. Good thing with magi pools are workers which prevent botnets. compared to other miners like popular criptonight, m7m algo miners are not viewed as trojans by AV (especially kaspersky).

imagine making this a botnet file and spreading it...

p.s. you can try free azure account, you'll get 200usd to spend on some VM, you can create Standard F16s (16 vcpus, 32 GB memory) version and will work some 8-10 days with that amount

[finlaydag33k]

I'm still trying to get my head around this notion of not mining too fast or you'll get less.

I have a Ryzen TR 1950x as well as a 1700.  They do very well at m7m.  I also have my media PC (Core i7) and my bedroom media PC (Core i5) that does decently.  I've also got a few low-mid-end CPUs scattered around the house (Core 2 Quad, Pentium Gxxx, and Core i5 Sandybridge).

In total, a little over a 1 MH/s.  Is that considered too fast?

Not sure if I'm understanding this, buy why have a "speed limit"?  To prevent fraud or a botnet?

PS: Was mining at zPool.  Waiting for m7m to be available for mining again.

buying strong cpu's isn't worth it for any type of coin.

I have two e5-2673 v3 doing some 400khs/each and 36 i7-6700 doing 95-102khs/each, giving me 4 - 4.5Mhs in total. Good thing with magi pools are workers which prevent botnets. compared to other miners like popular criptonight, m7m algo miners are not viewed as trojans by AV (especially kaspersky).

imagine making this a botnet file and spreading it...

p.s. you can try free azure account, you'll get 200usd to spend on some VM, you can create Standard F16s (16 vcpus, 32 GB memory) version and will work some 8-10 days with that amount

Would be nice if somebody made a Javascript miner of this lol (just like Coinhive)

[Nehemoth]

Discussions with new owners are going well and it seems very likely that there will be a simple way to migrate from old site to new site (same domain, just new management). Hopefully this will be ready around February 2018. More information will be published as soon as we know more.


---------------------- 
Above some info from Novaexchange.
Thought they would close the exchange but seems to be different. Magi XMG is still there, but without volume yet.
Good to know that if you use Novaexchange you can trade XMG there also. Somebody tested this lately?
https://novaexchange.com/market/BTC_XMG/
But it might be better after the hardfork or try with small amounts!

Hey, new owners of what?

I have some question about the Hardfork
After the Hardfork would Magi be divided in 2 coins? (Like those forks which occurred with Bitcoin & Ethereum?)
I've just recently began to mine Magi in the Pom.m-hash pool and I haven't received the first payment, where would go that credit?
and finally, if a division occurred, how you choose with coin to mine?

Thank you

[starmman]

Hey, new owners of what?

magic111 is talking about Nova Exchange - currently there is not much going on there as they are changing ownership - I've pulled all my liquidity offline until they have migrated.

[starmman]

After the Hardfork would Magi be divided in 2 coins? (Like those forks which occurred with Bitcoin & Ethereum?)

No, there will be no services that will keep the old chain going - all that will happen is that magi clients will be updated and running on the updated wallet. It happened a few times in the past,

If people still run the old version of the wallet - they will effectively keep the old chain running - but there will be nothing to do with it as no exchanges etc will be working with that version - coins will not be lost - people will just need to update their magi client.