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

[finlaydag33k]

Little question:
If I unlock my wallet for mintonly, then relock it, then unlock it again to send a transaction, then lock it again and unlock it again in mintonly.
Would this reset my minting?

I think it doesn't, but I just want to make sure before I keep on staking for nothing xD

[Sam67]

I think whales just jumped on Magi once they saw the recent price increase without knowing how the coin works. They don't understand that their rewards don't increase just because they use more hashing power. Once they realize they can make more money on another coin they will point their rigs elsewhere.

[drgauravxmg]

The application has requested the runtime to terminate it in an unusual way.
Please contact the Application's Support Team for more information.

The new update stops syncing with the network, after a while, with this error.

Please help.

Anyone with this technical error?

have you updated to the latest version ? (1.4.5.3) , had same problem before

As mentioned, the new update IS 1.4.5.3. Facing issues with the same

[ex33s]

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.

[HeftyMagi]

The application has requested the runtime to terminate it in an unusual way.
Please contact the Application's Support Team for more information.

The new update stops syncing with the network, after a while, with this error.

Please help.

Anyone with this technical error?

have you updated to the latest version ? (1.4.5.3) , had same problem before

As mentioned, the new update IS 1.4.5.3. Facing issues with the same

did you try to download blockchain and extract it into roaming/magi did you delete old blockchain and all files except wallet.dat and conf

[trader03]

Amigos ya encontré la solución para que la minería a baja escala sea un poco mas rentable, (Solo tenemos que lograr que XMG aumente de valor, por lo menos entre unos $5 a $7 aproximadamente) ese sería un punto dulce tal vez, creo.

El obstáculo es como hacer que aumente de valor, tal vez creando campañas de publicidad a esta moneda para que mas gente la utilice y la compren mas y mas, atrayendo mas inversores, creando que aumente su demanda y a la ves logrando que su valor aumente, tal cual sucede con el BITCOIN.

Tal vez esta sea un de tantas opciones en la mesa.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Friends and I found the solution for small-scale mining is a little more profitable, (We just have to get XMG to increase in value, at least between $ 5 to $ 7 approximately) that would be a sweet spot maybe, I think.

The obstacle is how to increase value, perhaps by creating publicity campaigns for this currency so that more people use it and buy more and more, attracting more investors, creating an increase in demand and see their value increase, as it happens with the BITCOIN.

Maybe this is one of the many options at the table. : - \

[SolsticeFV]

I guess current block value is temporary solution to test network after fork. Ofcourse with such reward nobody will mine this coin..

maybe some happy fans  

I don't know wether it's temporary or not (I'm not the dev so), but it was just to show that lowering the block value (without the coin value increasing) isn't a good idea

The devs have already responded to this I believe. One of them can correct me if I am wrong here...

The payout drops entirely by design if the hash rate gets too high on the network. Meaning if whales are present the block value will drop. This will encourage them to go elsewhere where they can make more money. After they leave the block rewards will increase by design. If they come back it will drop again.

We are just waiting for this fact to dawn on them and they move on.

Though I think in the long run it wont be a complete solution. As once it gets figured out, whales will pool hop. They will go mine Monero for awhile until the difficulty here drops and rewards get higher. Then they will switch back here until the reward drops. Then back to Monero...etc.

[finlaydag33k]

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?)

Amigos ya encontré la solución para que la minería a baja escala sea un poco mas rentable, (Solo tenemos que lograr que XMG aumente de valor, por lo menos entre unos $5 a $7 aproximadamente) ese sería un punto dulce tal vez, creo.

El obstáculo es como hacer que aumente de valor, tal vez creando campañas de publicidad a esta moneda para que mas gente la utilice y la compren mas y mas, atrayendo mas inversores, creando que aumente su demanda y a la ves logrando que su valor aumente, tal cual sucede con el BITCOIN.

Tal vez esta sea un de tantas opciones en la mesa.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Friends and I found the solution for small-scale mining is a little more profitable, (We just have to get XMG to increase in value, at least between $ 5 to $ 7 approximately) that would be a sweet spot maybe, I think.

The obstacle is how to increase value, perhaps by creating publicity campaigns for this currency so that more people use it and buy more and more, attracting more investors, creating an increase in demand and see their value increase, as it happens with the BITCOIN.

Maybe this is one of the many options at the table. : - \

Easier said then done.
also, do mind that if XMG goes up in value, more big miners might join in as it's getting more profitable, decreasing your rewards anyways.
no offense, but your comment sounds more like: "Get it to $5 so I can leave with a nice profit" rather than an actual fix :p

[The Frisian]

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.

[trader03]

If the price of 1 XMG were reduced to 0.1 USD at the moment, I think it would be the end of all this, since it would need 7000Kh / s or 7000.0000 of H / s approximately to be able to obtain a measly 0.1 USD per day.

Unless, if you lower the price of 1 XMG increase the reward per block found.

[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.