Mining software company Titan, organized by blockchain infrastructure firm Bloq, announced it has launched a new enterprise-class mining pool for bitcoin. The pool operates in North America and provides services for companies wishing to mine on a large scale. In this way, they want to gain a significant share of the mining industry led by China.
Crypto mining is a global industry now
In its simplest definition, mining, which is “to allocate raw computing power to verify transactions on the block chain in exchange for the chance to earn crypto money”, has become a global industry especially in the last decade. As the value of bitcoin increased, it became economically feasible to invest money in data centers that would allow people to stay one step ahead of the race to verify transactions. These data centers require large amounts of electricity, and there is a significant environmental cost.
China surpassed North America in terms of mining capabilities. However, Titan’s new pool could be a powerful weapon for American companies to come forward in the race.
The pool is already attracting giant companies
The University of Cambridge Center for Alternative Finance released a report earlier this year revealing that 65% of the global bitcoin hashrate comes from China. The USA ranks second with just over 7%, but these statistics do not take into account virtual private networks.
The press release says:
Titan Pool is a powerful North American alternative. We offer a way for Bitcoin miners on the continent to achieve the efficiency and scale that miners in other regions benefit from.
Major companies such as Coinmint, one of the leading American companies, and the blockchain infrastructure company Core Scientific, have already joined the new mining pool.
Titan CEO Ryan Condron said the pool is geared towards professionalized mining:
In the near term, our success will come not only from helping miners earn more but also to integrate more easily into the broader global financial infrastructure.
Do you think Titan’s impressive mining pool could supplant China? Share your comments below.