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

[abraxsis]

2.1MH/s whale sitting in m-hash

*sigh*

The spike in magi's value brought a lot of new blood to the platform ... sadly, those individuals aren't able to read, or just refuse to do so. I understand the premise behind Magi, but if there is no way to enforce a speed limit then, by definition, there isn't a speed limit. I don't see why they just don't hardcode it into the platform that any shares from an account producing more than 400 kH/s are automatically forked into the ether. If you get zero, you'll be less likely to break rules.

Right now, these people know they can just pound the network like crazy, get the majority of what small amount falls out of the block, and still makes WAY more than the typical miner. Now, correct me if I am wrong, but the sweet spot refers to total network hashpower, meaning all the pools and solo miners combined. Which means the fact that Suprnova has the right not to have limits only serves to ruin all the other pool's payouts, even if they do abide by speed limits to optimize payouts. That isn't eco-friendly/equal by design, it is eco-friendly/equal in ideology only. It's like the ozone layer and CFCs, if you only ASK people to stop using CFCs and it's more profitable to ignore those rules, they do and will. There has to be some kind of penalty or freeze out, otherwise mining is only equal in spirit, not reality.

Kind of sours me on mining XMG altogether now, because it just isn't equal in application. Which, honestly, is really the only thing that sets Magi apart at this point.

I think we give it a week or so. If the energy used by the Mh/s whales is coming out of their pockets, it will become obvious that their mining is not profitable and they will leave or reduce their rate. 9 Mh/s is equal to 70-150 modern computers and their electricity cost to run is not negligible, probably between 30-100 USD depending on where they live and assuming each computer is using 100W --> 240 kWh/day. There was a post here earlier about some person spending $6.30/day or some amount like this, and that the person would leave since the mining is not profitable. For that person, they are probably using 20-40 kWh/day, which simply a huge unsustainable amount, as if the person is running 5-15 large computers for the sole purpose of mining. The nature of Magi is to irritate this person! I am running Magi on my 70W machine that I use for other purpose; the cost of this is about $0.24/day and it would be so even if I weren't mining. I believe the correction will slowly occur on its own.

If the whales are getting free energy, though, it gets more complicated. That is when there would be problem.

You can't assume that the electricity consumption for a mining whale is the same proportionally as the publicly available miner.  If they are truly a whale they can afford to pay 1 BTC for a GPU miner and never share it with anyone else.  9 MH/s is probably a single 6 AMD rx580 rig drawing about 880W. "GPU/ASIC resistant" never meant that it was impossible.  

I have noticed a lot of ASICS being offered for algos that used to be GPU only.  The Antminer D3 shipped 2 weeks ago for the last batch and people are probably starting to receive them.  Google the Baikal Giant X10.  All 7 of the supported algorithms used to be ASIC resistant.  Ethereum Asic miners (LIGHTMINER Z02, Geass miner, and maybe others)  and  are also out now but they are mostly not being shipped out of China yet, and probably won't be until they stop being profitable for the manufacturer to run themselves.

What I think is probably happening right now with 80MH/s on magi's network is that the new Chinese ASIC miners being "tested" by the manufacturer, or those like the Antminer D3 that recently shipped, are slamming those coins with huge hashrates.  GPU mining rigs, now unprofitable on their former coins, are being forced onto other coins like Magi in search of a coin that can still be mined at a profit.  At a high enough price, even 0.1 XMG blocks will be profitable for them and they won't go away because they don't have anything else to go back to.

Speeding limiting the public mining software would do nothing because not all mining software is public.  A speed limit would have to be coded into the wallet and would require another hard fork, but without other changes this also wouldn't stop anything.  Someone running a 9MH/s mining rig could just have the wallet running 30 different times and split the hash rate between each one.

m7m algo can't be mined on a GPU or ASIC miner, it doesn't work. That's one of the things that makes Magi different.

The thing about computers is they advance so rapidly that what is impossible today is possible tomorrow.  Difficult isn't the same thing as impossible to make work at any cost.  Top of the line GPUs now have 4gb of ram, unlike when the algorithm was developed.  It would probably cost a few $million to make an entire batch of new asic chips to mine m7m, but it doesn't mean that the Chinese guy who works at the chip company couldn't make a prototype for a few $thousand and use it himself.  Money is a good motivation for people to make things work.

It's math, not motivation. CPUs and GPUs work, at a fundamental basis, differently, that is why it isn't possible. It would be like typing a novel on a hamster, you could do it, but nothing meaningful is going to come out on the other side.

[Derko]

what is the average income for MAGI miner a day on really good CPU? I think of buying some good CPUs, I have only GPU right now...

I have server with 2 x  E5640  @ 2.67GHz and it makes about 100KH (accepted: 284/286 (99.30%), 92.69 khash/s (yay!!!));
with current diff i makes about 0.15 XMG/day, BUT one pool (xmg.minerclaim.net) is down and when the admins bring it back the profit will be down to 0.08-0.1 XMG/day

Hmm it's seems like a very low profit. Why you mine it then? You can mine other cpu things and buy MAGI from exchange. 1 magi is $1.47 now so you're making 23 cents profit a day? Cpus consume more electricity for sure!

i do not mine it anymore. this result is about 12 hours old

Better to play the long game with Magi and wait it out - if there is too much hash the heavy hitters will get bored...

I change the strategy
this cpu have 4 cores with 8 threads. the server is 2x cpu, so i have 16 threads. now 12 threads mine XMR and 4 threads mine XMG.

[Joebwan]

Do you know what ROI is having Ryzen 7 1700 or Ryzen 7 1700X?

It is worth to mine with AMD?

[abraxsis]

Good afternoon. The message is not much about the topic of your communication. Why the course Magi falls and why it is heavily dependent on the course BTC? Yesterday I bought tokens on the Bittrex and the fall began. Is there a prediction from anyone? What will happen to the coins

Im assuming you are new to crypto. All altcoins rise and fall in relation to BTC. BTC is what all other coins are priced/valued with (even those paired with LTC, USDT, or ETH).

There is no predictions other than prices will rise and prices will fall depending on a lot of factors, just like stocks on the stock market. You should learn how to read stock charts and how to predict coming pricing changes. News from the developers can also determine the price changes of coins.

[abraxsis]

what is the average income for MAGI miner a day on really good CPU? I think of buying some good CPUs, I have only GPU right now...

I have server with 2 x  E5640  @ 2.67GHz and it makes about 100KH (accepted: 284/286 (99.30%), 92.69 khash/s (yay!!!));
with current diff i makes about 0.15 XMG/day, BUT one pool (xmg.minerclaim.net) is down and when the admins bring it back the profit will be down to 0.08-0.1 XMG/day

Hmm it's seems like a very low profit. Why you mine it then? You can mine other cpu things and buy MAGI from exchange. 1 magi is $1.47 now so you're making 23 cents profit a day? Cpus consume more electricity for sure!

i do not mine it anymore. this result is about 12 hours old

Better to play the long game with Magi and wait it out - if there is too much hash the heavy hitters will get bored...

I change the strategy
this cpu have 4 cores with 8 threads. the server is 2x cpu, so i have 16 threads. now 12 threads mine XMR and 4 threads mine XMG.

My strategy is a bit different. I skip a cup a coffee every day and buy crypto with the proceeds. Or I eBay an unused item per week and buy crypto with the proceeds.

I save on electricity, equipment costs, and have the option to buy whatever is the best buy for that day versus being locked into a single coin and it's market value.

[jjude80]

Looking for a place to mine Magi?
Come to https://cryptotastic.net!!!
Not only are we a mining pool, I am trying build a fun community through Discord
https://discord.gg/PxCv68R

!!!Be Warned!!!
You must keep your total hash speed per wallet below 250 kh/s. 
And preferably at approximately 128 kh/s
I believe that all cpu miners allow you to limit how much cpu you are using per running session.
Either by overall cpu% or by number of threads(cores) and which ones to use per wallet session.
Need help configuring your miner, come to the discord channel and we will give you a hand.

We will not tolerate farms mining Magi.
You will be banned and your earning confiscated and restributed.

[mimokrokodil]

We will not tolerate farms mining Magi.
You will be banned and your earning confiscated and restributed.

Such friendly, much magic.
Will ignore your pool even if it will remain the only one. Love and kisses!

[Derko]

We will not tolerate farms mining Magi.
You will be banned and your earning confiscated and restributed.

Such friendly, much magic.
Will ignore your pool even if it will remain the only one. Love and kisses!

dreams

[111magic]

Looking for a place to mine Magi?
Come to https://cryptotastic.net!!!
Not only are we a mining pool, I am trying build a fun community through Discord
https://discord.gg/PxCv68R

!!!Be Warned!!!
You must keep your total hash speed per wallet below 250 kh/s. 
And preferably at approximately 128 kh/s
I believe that all cpu miners allow you to limit how much cpu you are using per running session.
Either by overall cpu% or by number of threads(cores) and which ones to use per wallet session.
Need help configuring your miner, come to the discord channel and we will give you a hand.

We will not tolerate farms mining Magi.
You will be banned and your earning confiscated and restributed.

Very nice jjude80! Just like to add 1 thing to tell that huge miners are mining for profit. Check coinmarketcap & see that huge miners can receive gain more money with Monero.

[s0litaire]

  Such friendly, much magic.
Will ignore your pool even if it will remain the only one. Love and kisses!

dreams

Sounds like a couple who don't actually know what this coin is about...

Remember miners: "Think Low Power not More Power" 

[zeox_bg]

Hi guys,

I need help with loading my backed up wallet. I updated to the latest version, and it created a new wallet. I have a *.DAT backup, but I see no option in the wallet for opening that file.

Tried looking everywhere online and found no info.

[turtle86]

Hi guys,

I need help with loading my backed up wallet. I updated to the latest version, and it created a new wallet. I have a *.DAT backup, but I see no option in the wallet for opening that file.

Tried looking everywhere online and found no info.

is your wallet on a Windows PC?

go to following DIR (copy paste into explorer or use RUN): %appdata%/magi/
you will find your wallet.DAT file there.

[integrale]

Hi Folks

Have a question about staking , how long it remains in this mode usually , im curious because my wallet staking already more then 4 hours , nothing happens since it starts to stake ?

any information would be helpfull

thx and Happy mining

Wallet 1.4.5.3 Linux

fully synced

12 connections

[ParaplegicRacehorse]

Hi guys,

I need help with loading my backed up wallet. I updated to the latest version, and it created a new wallet. I have a *.DAT backup, but I see no option in the wallet for opening that file.

Tried looking everywhere online and found no info.

is your wallet on a Windows PC?

go to following DIR (copy paste into explorer or use RUN): %appdata%/magi/
you will find your wallet.DAT file there.

OP isn't looking for it. OP knows where it is. Wants to know how to restore a back-up.

@zeox_bg ::

I don't know how to restore a backup, either, but I have a few ideas.
Try this: 1. Close your wallet program. 2. COPY (don't CUT&paste) your backup wallet.dat into your magi data dir. 3. DO overwrite the auto-generated wallet.dat. 4. Restart wallet program.

Does that work?

[111magic]

Hi Folks

Have a question about staking , how long it remains in this mode usually , im curious because my wallet staking already more then 4 hours , nothing happens since it starts to stake ?

any information would be helpfull

thx and Happy mining

Wallet 1.4.5.3 Linux

fully synced

12 connections

Here is some info about PoS/Proof of Staking.
Its gives you more info.

https://asktom.cf/index.php?topic=735170.msg9991269#msg9991269

[bitsumo]

I was using XpoolX but after the recent upgrade all my coins are gone and my none of my workers are able to connect for 24H. I see other workers online (60-90) but I can't seem to connect. I read somewhere that they said all coins were safe but they never seem to come back to my wallet so I'm not sure.

This makes me want to change pool. Any tips? Preferably where they don't allow whales to mine everything (I run Raspberry Pi's so I can't compete with that). Thanks!

my exact point on the current situation.

theres whales on all the pools and even on the speed limited one and none of the pools are doing anything about it

Hi

For those who have problems with missing coins, pease send me a email at info@xpoolx.com and i'll fix your accounts.

Sorry for inconvenences

Still no reply even though I've sent an e-mail many hours ago. When are you going to resolve all accounts? I'd like my mined coins back.

[111magic]

I was using XpoolX but after the recent upgrade all my coins are gone and my none of my workers are able to connect for 24H. I see other workers online (60-90) but I can't seem to connect. I read somewhere that they said all coins were safe but they never seem to come back to my wallet so I'm not sure.

This makes me want to change pool. Any tips? Preferably where they don't allow whales to mine everything (I run Raspberry Pi's so I can't compete with that). Thanks!

my exact point on the current situation.

theres whales on all the pools and even on the speed limited one and none of the pools are doing anything about it

Hi

For those who have problems with missing coins, pease send me a email at info@xpoolx.com and i'll fix your accounts.

Sorry for inconvenences

Still no reply even though I've sent an e-mail many hours ago. When are you going to resolve all accounts? I'd like my mined coins back.

Thought i noticed a post here from xpoolx. Hope your issue will be solved.

[bitsumo]

I was using XpoolX but after the recent upgrade all my coins are gone and my none of my workers are able to connect for 24H. I see other workers online (60-90) but I can't seem to connect. I read somewhere that they said all coins were safe but they never seem to come back to my wallet so I'm not sure.

This makes me want to change pool. Any tips? Preferably where they don't allow whales to mine everything (I run Raspberry Pi's so I can't compete with that). Thanks!

my exact point on the current situation.

theres whales on all the pools and even on the speed limited one and none of the pools are doing anything about it

Hi

For those who have problems with missing coins, pease send me a email at info@xpoolx.com and i'll fix your accounts.

Sorry for inconvenences

Still no reply even though I've sent an e-mail many hours ago. When are you going to resolve all accounts? I'd like my mined coins back.

Thought i noticed a post here from xpoolx. Hope your issue will be solved.

Thanks. Yeah, it's the one I'm quoting in my message

[integrale]

Hi Folks

Have a question about staking , how long it remains in this mode usually , im curious because my wallet staking already more then 4 hours , nothing happens since it starts to stake ?

any information would be helpfull

thx and Happy mining

Wallet 1.4.5.3 Linux

fully synced

12 connections

Here is some info about PoS/Proof of Staking.
Its gives you more info.

https://asktom.cf/index.php?topic=735170.msg9991269#msg9991269

thx for the fast response , very detailed and informational source

[svedex]

xpoolx never sent me 34 xmg's from their pool. contacted them 3 times and no reply plus they deleted all the transaction on my 2 months old account i was using for xmg. workers are there, but 34 xmg's are gone.....
dont know who runs it but that is scam.

I was using XpoolX but after the recent upgrade all my coins are gone and my none of my workers are able to connect for 24H. I see other workers online (60-90) but I can't seem to connect. I read somewhere that they said all coins were safe but they never seem to come back to my wallet so I'm not sure.

This makes me want to change pool. Any tips? Preferably where they don't allow whales to mine everything (I run Raspberry Pi's so I can't compete with that). Thanks!