In the letter
- Mining software company Titan launches a North American mining pool.
- Core Scientific and CoinMint are founding members.
- Most of the bitcoin mining pools are located in China.
titanium– a mining software company organized by blockchain infrastructure firm Bloq – has announced what it is calling a new corporate mining pool for Bitcoin. The company is based in North America and caters to companies looking to mine on a large scale.
And take a bite out of the Chinese mining industry while you’re at it.
MiningOver the past decade, the company has grown into a global industry providing raw computing power to verify transactions on the blockchain in order to obtain cryptocurrency.
As Bitcoin’s value rose, it became economically prudent to invest immense amounts of money in data centers that would allow people to race to verify transactions. This has come to one significant environmental costsbecause these data centers require enormous amounts of electricity.
China has historically outperformed North America in terms of its mining capabilities, and Titan’s pool is a growing effort by American companies to turn the tide.
The Cambridge University Center for Alternative Finance published a report Earlier this year, it was claimed that 65% of the global bitcoin hashrate (i.e. how much computing power is used to mine bitcoin) came from China. The US came in second at just over 7% (although those numbers don’t make up virtual private networks).
“The Titan Pool offers a powerful North American alternative and a way for the continent’s bitcoin miners to achieve the efficiency and scalability that miners in other regions enjoy,” said a press release.
One of America’s best-known Bitcoin mining companies, Coinmint, is already on board the new mining pool, as is Core Scientific, a blockchain infrastructure company.
Ryan Condron, Titan CEO, said Decrypt The pool is very much geared towards professional mining. “For the near future, our success will be not only helping miners earn more, but also helping them integrate more easily into the broader global financial infrastructure, ”he said.
Part of this has to do with reducing specific jurisdiction issues for transnational miners who may have been based in North America but are mining in China.
“Mining is more or less the ‘Federal Reserve’ of the global Bitcoin network,” said Condron Decrypt, “And non-crypto institutions will want to integrate further here. To do this, the mining industry has to meet them where they are – this is where the Titan Pool and its members come in. “
The pool is currently in closed beta. It is planned to be open to the public with Coinmint and Core Scientific in January and to be officially launched “soon after”.