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.
