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

[ParaplegicRacehorse]

Thank you!

Can we see more of those how-it-works articles?

Agree with you about creating howto's, i'd love to read all howto's created by magi community. Could be a good idea to start a site for user collected howto's?
Can't anwser so much about the other about the other.

Sweet! I'm working on writing up a Newbie's Guide to Coin Magi and also looking for more how-to stuff, but also interest in the nitty gritties. Hoping to have sub-chapter headings like "Governance" and "How PoW and PoS Work Together to Secure the Network"

I'm not part of the team. I think I could contribute usefully, though. Sadly, work has me away from comm access for months at a time.

About me:

Who are you?
I'm a 42 year old merchant mariner, beekeeper, former taxicab fleet owner and mechanic.

Past projects and experience?
None related to currency or programming or cryptography. Plenty running and managing businesses. Some experience rebuilding truly large, and really tiny, diesel engines.

Where you think CoinMagi will be next year, five years from now.
I don't know but I know where I'd _like_ it to be. I'd like it to price-stabilize in the neighborhood of around USD5.00 and achieve deep retail market penetration with a selection of "light" wallets (no attached chain and not contributing to PoS) for use at brick-n-mortar retail locations. A stable exchange price (+/- 5%) means merchants can mark their items in XMG with little worry about over/under charging customer base.

Other interests besides crypto.
Sailboats! Everything from dinghies to classic yachts and tall ships. Actually, I have spent the last five years working aboard tall ships. My poor dinghy is feeling neglected...

Honey and bees. The best way to relax is to sit on the back porch with a beer in hand, watching the bees going to and fro at the hive entrances. And shooting the bears who try to ransack them! Grr...

Alternative energy and energy efficiency. Thus my interest in XMG compared to other cryptos.

Diesel motorcycles. 'nuff said.

How you got interested in crypto.
I've been generally watching Bitcoin since about 2010. Didn't actively get into mining or trading until 2016. My portfolio is small but growing.

etc.
Planning a summer yachting cruise of the Sea of Okhotsk. Some day. ::sigh::

[feljx]

An important correction to our TrasMaMod XMG pool (https://magi.trasmamod.com) : We are now adjusting our limit from 300KH/s to 250KH/s per user!

This is because we would like to ensure that Magi COIN is for everyone and everyone can mine it with their CPU and get a real portion of the mining reward when the pool find a new block.
We will monitor this and give first a warning about the need to decrease the miningspeed up to our system if the miningspeed exceeds this limit. If user is not follow up our decission, we reserve our rights to block the actual user without further warning.

thanks for the info! Since when is the pool opened up again? I think it was closed due to the hardfork because the pool didn't find a block since 12/16/2017 13:10:21, right?

So do you think we just have to wait a couple of more hours until the first block will be solved?

Thanks!

[goldlabel]

First we had #me to now we have #about me?

[SolsticeFV]

Has anyone else had issues sending XMG to Cryptopia last day or so?

Sent some from my wallet over 24 hours ago and blockchain is showing it as confirmed but noting from it has hit my Cryptopia account. I have verified that the receive address is correct.

I know Magi has no control over Cryptopia, just curious if others having same issue recently.

[ex33s]

Of course ppl would stop mining in all if it's a total loss. In your example is a extremley low block reward (Even if it reflects the reality, this is the lowest block value I've seen). The block value can go all the way up to ~42 which in terms should even out the low points. The more realistic question is in that case - when is that happening?

Usually the block reward goes up fast then the big miners throttle back their miners. Even if the block reward "only" get's up 2 xmg per block that would give you an an total amount of ~$2.6945139702 which means after taking out your loss of $0.00545139702 gives us ~$2,689062573 in the blacks.

When block reward goes up, it usually goes in steps (1-2 blocks per step) before leveling off at a max of ~42 xmg.

The last 40 blocks found (by Bullmining and Suprnova) seem to be around 0.25XMG per block.
I see that it *can* reach 42 (why 42? cus it's the answer to everything? why not 37? it's the mathematical answer to everything ), but it doesn't do this atm (this is due to the big miners I can tell from your post?)

Don't know, it's more Joe's table about how that works

Thank you!

Can we see more of those how-it-works articles?

Agree with you about creating howto's, i'd love to read all howto's created by magi community. Could be a good idea to start a site for user collected howto's?
Can't anwser so much about the other about the other.

Sweet! I'm working on writing up a Newbie's Guide to Coin Magi and also looking for more how-to stuff, but also interest in the nitty gritties. Hoping to have sub-chapter headings like "Governance" and "How PoW and PoS Work Together to Secure the Network"

I'm not part of the team. I think I could contribute usefully, though. Sadly, work has me away from comm access for months at a time.

About me:

Who are you?
I'm a 42 year old merchant mariner, beekeeper, former taxicab fleet owner and mechanic.

Past projects and experience?
None related to currency or programming or cryptography. Plenty running and managing businesses. Some experience rebuilding truly large, and really tiny, diesel engines.

Where you think CoinMagi will be next year, five years from now.
I don't know but I know where I'd _like_ it to be. I'd like it to price-stabilize in the neighborhood of around USD5.00 and achieve deep retail market penetration with a selection of "light" wallets (no attached chain and not contributing to PoS) for use at brick-n-mortar retail locations. A stable exchange price (+/- 5%) means merchants can mark their items in XMG with little worry about over/under charging customer base.

Other interests besides crypto.
Sailboats! Everything from dinghies to classic yachts and tall ships. Actually, I have spent the last five years working aboard tall ships. My poor dinghy is feeling neglected...

Honey and bees. The best way to relax is to sit on the back porch with a beer in hand, watching the bees going to and fro at the hive entrances. And shooting the bears who try to ransack them! Grr...

Alternative energy and energy efficiency. Thus my interest in XMG compared to other cryptos.

Diesel motorcycles. 'nuff said.

How you got interested in crypto.
I've been generally watching Bitcoin since about 2010. Didn't actively get into mining or trading until 2016. My portfolio is small but growing.

etc.
Planning a summer yachting cruise of the Sea of Okhotsk. Some day. ::sigh::

Nice to meet you Love to read your article when it's done

[trader03]

Wow I surrender, "sigh"
Then we just have to wait for the whale to quench its thirst and let it breathe a little at the net Hash rate so that it stabilizes around one 50 to 60 Mh / s .... It could also be good to limit the hash rate in each pool of mine. Apart from limiting the hash rate of each user. Maybe it sounds like something against the principles of decentralization, but if it is in everyone's favor equally I think it would be good and worthwhile.

[starmman]

Today 72 XMG mined, that's all time low.

https://chainz.cryptoid.info/xmg/#!overview

I hope no one has to pay for electricity, otherwise you lost your money today.

Wow! Somebody must be throwing a lot of hash power at the coin, I suspect it wont last too long if somebody is paying bills - there must be more in staking than mining at that rate =)

[finlaydag33k]

Sweet! I'm working on writing up a Newbie's Guide to Coin Magi and also looking for more how-to stuff, but also interest in the nitty gritties. Hoping to have sub-chapter headings like "Governance" and "How PoW and PoS Work Together to Secure the Network"

I'm not part of the team. I think I could contribute usefully, though. Sadly, work has me away from comm access for months at a time.

About me:

Who are you?
I'm a 42 year old merchant mariner, beekeeper, former taxicab fleet owner and mechanic.

Past projects and experience?
None related to currency or programming or cryptography. Plenty running and managing businesses. Some experience rebuilding truly large, and really tiny, diesel engines.

Where you think CoinMagi will be next year, five years from now.
I don't know but I know where I'd _like_ it to be. I'd like it to price-stabilize in the neighborhood of around USD5.00 and achieve deep retail market penetration with a selection of "light" wallets (no attached chain and not contributing to PoS) for use at brick-n-mortar retail locations. A stable exchange price (+/- 5%) means merchants can mark their items in XMG with little worry about over/under charging customer base.

Other interests besides crypto.
Sailboats! Everything from dinghies to classic yachts and tall ships. Actually, I have spent the last five years working aboard tall ships. My poor dinghy is feeling neglected...

Honey and bees. The best way to relax is to sit on the back porch with a beer in hand, watching the bees going to and fro at the hive entrances. And shooting the bears who try to ransack them! Grr...

Alternative energy and energy efficiency. Thus my interest in XMG compared to other cryptos.

Diesel motorcycles. 'nuff said.

How you got interested in crypto.
I've been generally watching Bitcoin since about 2010. Didn't actively get into mining or trading until 2016. My portfolio is small but growing.

etc.
Planning a summer yachting cruise of the Sea of Okhotsk. Some day. ::sigh::

I'm joining in to (even tho i'm pretty much a nobody )

Who are you?
I'm a 42 year old merchant mariner, beekeeper, former taxicab fleet owner and mechanic.
I'm a 19 year old web developer from the Netherlands. Mainly doing everything as a hobby since I can't really find my way in life (don't know what I want to do when I get older)

Past projects and experience?
I've worked on quite a few smaller projects that you've probably never heard on.
Never really worked on any professional project
Right now, I'm developing a webwallet like blockchain.info but for CoinMagi (https://mymagiwallet.finlaydag33k.nl)

Where you think CoinMagi will be next year, five years from now.
I think that CoinMagi could become a decent asset, but probably not as known as Bitcoin and Ethereum (less "cryptonoobs" that hear from it through the mainstream Media n such).


Other interests besides crypto.
I do some engineering here and there.
Trying to turn a bit of effort now, in less effort later, or just making stuff that I can use for fun or comfort (like the little vent I made for my PC to keep my feet warm in the winter)

Airsoft, got into this begin this year, and I finally got some money to get started myself (still looking around for the last bits before attending events!)

Socialising, I like to socialise quite a bit (in case you didn't know from this post yet lol), meet new people, spread ideas, gain ideas and trying to pass my knowledge around (my life will end someday, but my knowledge shouldn't have to)

How you got interested in crypto.
Found Bitcoin back in 2010, but I couldn't do a lot with it as I wasn't allowed to spend money on it by my parents (I was 10 at the time).
When I turned 14 I finally had my own say about my Money and my own PC, so I got started with Bitcoin, then discovered Litecoin and Feathercoin.
After a year or so, I really got balls-deep into it.
Still got a lot to learn, but I'm learning every day!

[starmman]

Wow I surrender, "sigh"
Then we just have to wait for the whale to quench its thirst and let it breathe a little at the net Hash rate so that it stabilizes around one 50 to 60 Mh / s .... It could also be good to limit the hash rate in each pool of mine. Apart from limiting the hash rate of each user. Maybe it sounds like something against the principles of decentralization, but if it is in everyone's favor equally I think it would be good and worthwhile.

I'm not mining at all right now - there is no point at those rates - I can get much more magi from trading =)

[trader03]

Thank you!

Can we see more of those how-it-works articles? Maybe we can redirect the forum thread away from whiney-miners onto a topic more interesting and generally more productive. I'd like to learn more about progress toward roadmap goals, governance, which system (PoW, PoS) has what job in chain, marketing, budgets and fund-raising, bounties ... anything!

The mining-focused previous 20+ thread pages aren't usefully contributing to the future of the coin.

Actually, what would be really really super-groovy is a sort of about-the-devs Q&A.
- Who are you?
- Past projects and experience?
- Where you think CoinMagi will be next year, five years from now.
- Other interests besides crypto.
- How you got interested in crypto.
- etc.

And cross-post to the m-core blog, which has been stale for too long!

Agree with you about creating howto's, i'd love to read all howto's created by magi community. Could be a good idea to start a site for user collected howto's?
Can't anwser so much about the other about the other.

- Who are you? + - Past projects and experience?
I'm a 36 yrs old guy from Sweden. Currently working full time as developer (Also work with services / servers so devops) and has been in it since 2007, my coding experiance streaches all the way back to around 1998. One project of mine is https://poolinfo.systms.org but besides that I don't any personal projects.

- Where you think CoinMagi will be next year, five years from now.
Hard to tell where magi will be in 1-5 yrs from now.

- Other interests besides crypto.
Sure do, fishing is one of them

- How you got interested in crypto.
Found out about bitcoin in 2012 and started mining, got hooked and started reading up and magi caught my eye in 2014.

- etc.
Always love a cold beer

Hello friend ex33s, and what is the sweet spot? 

Sweet spot usualy is around 40-50 mh/s on the network. Old but info about PoW should still be valid http://coinmagi.org/files/misc/magi-cheat-sheet-v1.pdf or read here how the algo works https://arxiv.org/abs/1409.7948

Please do note that if you lower the block value too much, it might be that XMG won't be mined at all since it's not very profitable (or in a best-case scenario - which is very unlikely to happen - the value will go up).

Let's say this is the case:
a pool finds a block with a value of 1XMG.
100 shares were needed to find this block.
each share would equal 0.01XMG
That's nothing wrong, 0.01XMG is still ~$0.015 with the rate of 1XMG = $1.50

Now imagine this:
a pool finds a block with a value of 0.1XMG.
100 shares were needed to find this block.
each share would equal 0.001XMG or ~$0.0015 with the rate of 1XMG = $1.50
That's still doable.


Now for our more real-world example:
a pool finds a block with a value of 0.2XMG (which is about the current worth of a block)
381,728 shares were needed to find this block.
Each share would equal to about 0.000000523933272XMG or ~$0.000000785899908 with the rate of 1XMG = $1.50
That means you have to get 100k shares in order to get 0.0523933272XMG or ~$0.0785899908
With a Ryzen7 1700X AND an i5-4460 I get about 4 shares per second.
10000 / 4 == 25000seconds ==  ~7 hours
Now do the simple math to get your est. daily earnings:
24 / 7 == 3.42857142857
3.42857142857 * $0.0785899908 == $0.26945139702
The rigs shown above take about 220watts (total) and let's say power costs about $0.05 (which is dirt-cheap).
This means I have a daily loss of about $0.00545139702
Now if that is the case, people would quickly stop IF the block values didn't go up or the prices go up.


Of course, those examples are just that, examples, but it should give you to think about.

Of course ppl would stop mining in all if it's a total loss. In your example is a extremley low block reward (Even if it reflects the reality, this is the lowest block value I've seen). The block value can go all the way up to ~42 which in terms should even out the low points. The more realistic question is in that case - when is that happening?

Usually the block reward goes up fast then the big miners throttle back their miners. Even if the block reward "only" get's up 2 xmg per block that would give you an an total amount of ~$2.6945139702 which means after taking out your loss of $0.00545139702 gives us ~$2,689062573 in the blacks.

When block reward goes up, it usually goes in steps (1-2 blocks per step) before leveling off at a max of ~42 xmg.

Thanks ex33s friend, this valuable information helped me a lot, Thanks.

[trader03]

The net hash rate has dropped quite considerably, a few hours ago I think I could see up to 160.000 Kh / s.
I think that is positive, yes, if it goes down to 50 Kh / s as long as it is beneficial for everyone in general.

[starmman]

The net hash rate has dropped quite considerably, a few hours ago I think I could see up to 160.000 Kh / s.
I think that is positive, yes, if it goes down to 50 Kh / s as long as it is beneficial for everyone in general.

That's crazy - I suspect the botnet or whatever is running has decided to add even more power, usually these people don't read up on the coin and just push their power at it - Can't see it lasting too long though

[trader03]

The net hash rate has dropped quite considerably, a few hours ago I think I could see up to 160.000 Kh / s.
I think that is positive, yes, if it goes down to 50 Kh / s as long as it is beneficial for everyone in general.

That's crazy - I suspect the botnet or whatever is running has decided to add even more power, usually these people don't read up on the coin and just push their power at it - Can't see it lasting too long though

Gastar 7.4 Mh/s solo para obtener 3-4 XMG parece algo verdaderamente insostenible.

Spending 7.4 Mh/s just to get 3-4 XMG seems truly untenable.

[svedex]

xpoolx admins contacted me and I got back my 35 xmgs getting back an xpoolx to do some mining

[Foo_Plinger]

xpoolx admins contacted me and I got back my 35 xmgs getting back an xpoolx to do some mining

They have still not responded nor return my measly amount of XMG.

I would suggest staying away from XPOOL.

[The Frisian]

Wow I surrender, "sigh"
Then we just have to wait for the whale to quench its thirst and let it breathe a little at the net Hash rate so that it stabilizes around one 50 to 60 Mh / s .... It could also be good to limit the hash rate in each pool of mine. Apart from limiting the hash rate of each user. Maybe it sounds like something against the principles of decentralization, but if it is in everyone's favor equally I think it would be good and worthwhile.

I'm not mining at all right now - there is no point at those rates - I can get much more magi from trading =)

Actually this is for most years already. Only in the beginning it was (maybe) profitable to mine.
But in the beginning there was no exchange, this lasted for a few weeks.

Where do these newbies with their massive hash rates come from, thinking mining Magi would be anyway profitable.
Guys, it's not profitable for the last 4 years.

If you want to mine Magi, it's just for fun.

If you want to earn some money, buy XMG, or GRS on bittrex and start trading.
Only this way Magi makes me, and you, a fortune.

[GAZK]

Wow I surrender, "sigh"
Then we just have to wait for the whale to quench its thirst and let it breathe a little at the net Hash rate so that it stabilizes around one 50 to 60 Mh / s .... It could also be good to limit the hash rate in each pool of mine. Apart from limiting the hash rate of each user. Maybe it sounds like something against the principles of decentralization, but if it is in everyone's favor equally I think it would be good and worthwhile.

I'm not mining at all right now - there is no point at those rates - I can get much more magi from trading =)

Actually this is for most years already. Only in the beginning it was (maybe) profitable to mine.
But in the beginning there was no exchange, this lasted for a few weeks.

Where do these newbies with their massive hash rates come from, thinking mining Magi would be anyway profitable.
Guys, it's not profitable for the last 4 years.

If you want to mine Magi, it's just for fun.

If you want to earn some money, buy XMG, or GRS on bittrex and start trading.
Only this way Magi makes me, and you, a fortune.

I disagree.

XMG has been very profitable for me for a long time.  Up until the issue that took XMG offline.

It's certainly not profitable at the reward level it's been at since coming back online.

The whales will move on. Just be patient. Whales aren't stupid.

A whale at 10 Mh could get about 4 XMG in a day at the current rate.  Worth what... $5 or $6?

Or they could be mining with the same equipment on Monero and getting $25 or $30 in a day.

[xpoolx]

xpoolx admins contacted me and I got back my 35 xmgs getting back an xpoolx to do some mining

They have still not responded nor return my measly amount of XMG.

I would suggest staying away from XPOOL.

XpoolX is online since 2015 with constant amount of users. NEVER stealed a single coin, NEVER. You know the mess in the network these days, it corrupted the database and some tables need to refill, we are inserting the transactions manually and compensating the users for the inconveniences we caused. If you did not receive the coins yet, please contact us.

[tazzz013]

Other than Bittex, because the are not excepting new members, what other respected site can you but XMG.  Thanks!

[Foo_Plinger]

xpoolx admins contacted me and I got back my 35 xmgs getting back an xpoolx to do some mining

They have still not responded nor return my measly amount of XMG.

I would suggest staying away from XPOOL.

XpoolX is online since 2015 with constant amount of users. NEVER stealed a single coin, NEVER. You know the mess in the network these days, it corrupted the database and some tables need to refill, we are inserting the transactions manually and compensating the users for the inconveniences we caused. If you did not receive the coins yet, please contact us.

I did contact the admins several times, through the website and email.  I did finally hear back from them after contacting them through this forum,they inserted my coins and gave me an additional one.  My comment merely indicated that i was not hearing back in a timely manner.
I no longer have any qualms using or recommending XPool.