Proof-of-work mining utilizes a device's computing resources to build blocks one at a time. The building of a block that is censored by remaining devices (miners) accomplishes processing the transactions in MAGI's network as well. A block that once is built goes into the blockchain. The miner will receive a reward upon building a block.
It should be noted, however, that MAGI's proof-of-Work mining does not guarantee the amount of reward proportional to hashrate of the miner. In the extreme condition, huge hashrate leads to trivial reward. Thanks to the MAGI's PoW implementation, solo-mining remains to be feasible.
In terms of the MAGI's the proof-of-Work protocol, controlling the CPU efficiency during mining at a fixed rate or on a varying basis in accordance with the block reward is strongly recommended. The CPU efficiency can be changed by using either the built-in "-e" flag (source code, command-line binaries: m-minerd and GUI binaries: m-cpuminer-qt), or external programs used in miners provided by Spexx and NeedIfFindIt.
At the present configuration, 100% mPoW reward goes to Miners, and no reward is reserved for any parties, including the MAGI team.
For pool mining, register one of the following pools. Once registered, create a worker that will be used by the miner to login.
- Suprnova: http://xmg.suprnova.cc
- MaxMiners: https://xmg.maxminers.net
- m-hash: https://pom.m-hash.com
- MinerClaim: http://minerclaim.net
Pool mining refers to that multiple miners contribute to the generation of a block; the block reward is divided among miners according to individual contributed hashrate.
The basic command to run the miner is as follows:
minerd -o stratum+tcp://xmg.suprnova.cc:7128 -u Weblogin.WorkerName -p WorkerPassword -t thread_numbers -e cpu_efficiency
Under the mPoW scheme, solo mining is still feasible.
Firstly, edit magi.conf to include the following lines:
daemon=1 server=1 rpcport=8232 rpcallowip=127.0.0.1 rpcuser=randome_username rpcpassword=randome_rpcpassword
Secondly, run minerd to enable sole mining:
minerd -url http://127.0.0.1:8232 -u randome_username -p randome_rpcpassword -t thread_numbers -e cpu_efficiency
Different from PoW mining, in proof-of-stake (PoS) minting one can mine and validate block transactions according to the amount of coins in wallet and the amount of time staked, the combination of which composes the computational power for PoS, i.e., coin age, or stake weight.
In MAGI's implementation of PoS (aka mPoS), the stake weight is conditionally proportional to amount of coins and duration of stake. The maximum staking time is limited within one week; that is, the offline time should not exceed more than a week. There is no advantage of gaining offline coin age for more than a week. In addition, increase in the number of coins in stake does not always lead to higher stake weight.
To stake with mPoS, it is recommended to keep at most 1000 XMG in one address. If one has more than 1000 XMG in wallet, split the coins into multiple fractions, and send each of them to an address. Before enabling stake, the following settings are recommended to be set in magi.conf (these numbers might not guarantee the best results):
# Transaction under stake with a value greater than the threshold is being splitted stakesplitthreshold=1000 # Transactions with values less than the threshold will combine into one stakecombinethreshold=500