Minions can easily be matched based on IP address, or by subnet (using CIDR notation).
salt -S 192.168.40.20 test.ping salt -S 10.0.0.0/24 test.ping
Note
Only IPv4 matching is supported at this time.
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Docs for previous releases are available on readthedocs.org.
Latest Salt release: 2014.7.2
4.2. Grains
4.4. Compound matchers