How to Increase Bitcoin Mining Profitability with IBMU

[greenuser]

How to Increase Bitcoin Mining Profitability with IBMU

There are many posts about the profitability of mining and how hard it is to make coin.
Many feel helpless, so think about closing down.

I also have friends that spend and receive BTC on a daily basis.  They complain on how long transactions take to get confirmations.  Some are not computer literate.  The only reason they use BTC is because of anonymity and / or it takes power away from the corrupt banking sector.  (Remember; in Iceland the bankers that crashed the economy went to prison while in other countries they were bailed out by taxpayers) Also, now that interest rates are negative, when you deposit money with these banks they charge an annual fee.

Many of these people have started to increase the default transaction fee on their wallets.  From 0.0002BTC (1/5mBTC) to 0.0005BTC (1/2mBTC) or even 0.00075BTC (3/4mBTC).
This will get them faster confirmations but it is often the pools that benefit from this and not the miner.  Soon the blocks will half from 25BTC to 12.5BTC so we need to think about what (if anything) we can do to increase mining profitability.

I am sure pools will change their approach if there is a shift to solo mining but only those with peta-tonnes of hashpower have any real leverage. 

Unless we Unite..?
 
If both small and large miners unite and form an International Bitcoin Miners Union (IBMU) we may have a voice.
Yes I understand that so much of the hashpower now comes from China, but now China is hurting too and,... we may get their support yet.

“Miners of the world unite, you have nothing to loose but your (block)chains”

I am interested in the views of miners and pool operators.
I am interested in proposals for industrial action.
If you speak a language other than English, Please translate this post and use it to start a thread in the “local” area of this forum. You may also give feedback here of what the non English speaking feeling is on this issue.

Remember not to go off topic. Keep all posts related to:
“How to Increase Bitcoin Mining Profitability with IBMU”
If you do not mine, DO NOT POST (start your own “Friends of IBMU or FIBMU”)

Thank you and remember, Bitcoin loves you.

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[brownuser]

quote  “Miners of the world unite, you have nothing to loose but your (block)chains”

indeed ,I agree emphatically .Heres another one to add ,allowances made for its dated gender reference :

quote  "Gentlemen !We must hang together or we shall surely hang ,apart"

There is a lot to take in here ,this covers so much ground .My initial ,visceral feeling is that some kind of loose federation of miners is needed ,or at least some more cohesive communication in the community...I will re read and give this some serious thought and post again .

[-ck]

quote  “Miners of the world unite, you have nothing to loose but your (block)chains”

indeed ,I agree emphatically .Heres another one to add ,allowances made for its dated gender reference :

quote  "Gentlemen !We must hang together or we shall surely hang ,apart"

There is a lot to take in here ,this covers so much ground .My initial ,visceral feeling is that some kind of loose federation of miners is needed ,or at least some more cohesive communication in the community...I will re read and give this some serious thought and post again .

Hey brownuser. It's nice that you created a new account to support your previous greenuser post, but did you have to make it that obvious?

It is a pipe dream to expect the bulk of unique miners to give away guaranteed small continuous income for the risk of earning nothing in the (false) belief that somehow making the small remaining group individual miners powerful. I admire your enthusiasm, conviction and goals, but this is not a realistic solution.

[brownuser]

CK....I am indeed blessed to be noticed by you so soon.....however, I am NOT "greenuser" although I admit that I  DO know her and was inspired by the choice of name borrowed the concept for my own username .

Some points to consider

Firstly I am male ,greenuser has stated her gender in other posts or at least alluded to it .

Secondly ,would someone who goes to such lengths to write these extended posts not have the imaginative skills to use a less likely pseudonym ?

Back to the point of the thread : I disagree with your assumption that other miners would not be interested in combining to control the means of production .One should not take ones own views and superimpose them onto the whole world-picture .After all ,change has to start somewhere and to take the attitude that "it'll never happen" will inevitably lead to you being proved right .

To write this off as a pipe dream (although I do enjoy the occasional said pipe) is a little quick of the mark .Could the concept not be discussed before being dismissed out of hand ? Im sure that I dont have to fetch my etymological dictionary to give you the meaning of "forum".

[jonnybravo0311]

Unionization has indeed been previously discussed and summarily dismissed.  There is nothing to unionize against.  In fact here's the original post: https://bitcointalk.org/index.php?topic=1085642.0

If miners don't like the fact that they aren't getting paid transaction fees, don't mine on a pool that doesn't pay the fees to its miners.

[brownuser]

JB ,thats a typical Boss mentality...and to use hillbilly talk "thats fightin tawk where Ima cummin frahm mista !" 

sounds so simple when you put it that way ,mate .To me ,it shouts "CENTRALISATION".

And further ,situations change over time and hence may need to be re-examined .But maybe you are to close to the centre to care ?

[jonnybravo0311]

I'm not entirely sure I understand your reply.

If miners want to effect change, they certainly can, in exactly the way I stated: stop mining on pools that either don't pay fees, or take shortcuts like SPV mining and producing empty blocks.  There are plenty of options available to them, my own pool being one.

Where does a union fit into things?  A union exists to empower laborers who would otherwise have none.  Miners have a choice of where to point their hash, and where to spend their money purchasing that hash.  If you don't like the way a pool operates, or the way a cloud mining provider operates, don't utilize their services.

[ASHLIUSZ]

bitcoin mining takes large amount of time and requires large computing power.. if we want to increase bitcoin mining profitability with IBMU, have to find some new hardware with more error finding probability..

[talks_cheep]

What's the next step? Communistic mining? Regardless of your hashrate, reward is distributed "equally"? But, some are "more" equal than others? As someone said previously, it's nothing more than a pipe dream. I have a certain hashrate, and I expect a certain payout rate.