Software developer and services provider for crypto mining, Titan announced that it has partnered with CoinMint and Core Scientific to establish the first-ever enterprise-grade bitcoin mining pool in North America. The recent launch indicates the efforts of American crypto companies to challenge the dominance of China in bitcoin mining.
In an official press release, the US-based company notified that the mining business is generating around $6 billion every year, and the interest in bitcoin mining is growing despite the competitive environment.
Titan Mining mentioned that North America’s share in bitcoin mining is almost zero as Asia and Europe account for nearly all mining power on the BTC network. Additionally, the company mentioned the role of China in the market as the majority of mining pools are based in the Asian country.
The company has positioned itself as a powerful alternative and an important platform for North America’s bitcoin miners to compete with other miners from countries like China and Russia.
Market Trading Ideas for May 10-14Go to article >>
Commenting on the announcement, Ryan Condron, Co-founder and CEO of Titan, said: “Titan is uniquely positioned to deliver North America’s first and best institutional-class Bitcoin mining pool. Our Co-founder Jeff Garzik created one of the very first mining pool programs for Bitcoin, which is still a reference design for other pools. Our CTO Jethro Grassie has built robust pool software for Monero. Additionally, our work in delivering software for managing large cryptocurrency mines means that we deeply understand mining across its entire value chain.”
China’s Mining Problems
China has always been against the use of privately-owned cryptocurrencies in the country. In 2017, the Asian country launched a crackdown on ICOs and banned the use of digital currencies. Despite the ban, China supported crypto mining pools in the region and fulfilled the energy needs of the mining companies. But, in recent months, several media reports emerged indicating a possible crackdown from regulatory authorities on Chinese crypto mining pools amid a regional energy crisis and regulatory requirements. Titan aims to take advantage of the situation with the launch of an enterprise-grade bitcoin mining pool.
The Titan Pool’s open beta will begin mid-January 2021 with the full launch soon afterwards.