Mining software company Titan recently announced the launch of a North American mining pool. This enterprise-grade mining pool is designed to improve American dominance win the crypto mining market and take on China.
North American push for mining
Titan is a mining software company by Bloq, a blockchain infrastructure firm. Titan announced a new “enterprise-grade” mining pool for Bitcoin based in North America. The pool is designed for companies looking to mine at scale.
Mining is a process that allows computers to verify transactions on a blockchain. Miners receive cryptocurrency in exchange for their services. The more computing power a pool has, the higher its chances of mining the next block in a blockchain.
With the rising value of Bitcoin, it is becoming more economically feasible to invest a large amount of money in mining solutions. The environmental cost for Bitcoin is high as the data centers depend on a large amount of electricity, needed to run and cool their systems.
Taking on China
China has been a leader in Bitcoin mining for years. Now, American companies are trying to turn the tide and bring a bigger chunk of Bitcoin hashrate home. According to a report from the University of Cambridge’s Centre for Alternative Finance, 65% of the global Bitcoin hashrate still resides in China. The US comes at a distant second with just 7% of the hashrate.
Titan wants to change this landscape and tilt it in favor of the US. The company said in a press release,
“The Titan Pool offers a powerful North American alternative and a way for the continent’s Bitcoin miners to achieve the efficiency and scale enjoyed by miners in other regions.”
Two American companies- Core Scientific and Coinmint are already on board for the new pool, which will focus on professionalized mining. The pool could be useful in removing jurisdictional hazards for miners who are mining in China but are based in the US. The pool is currently in closed beta.
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