CHICAGO–(BUSINESS WIRE) – Cryptocurrency mining has quickly become a matter of global economic competitiveness as Bitcoin and other digital assets gain prominence in global finance. In response, Titan, a leading developer of software and services to advance large-scale cryptocurrency mining, today announced the first enterprise-level Bitcoin mining pool in North America, dedicated to leading the region’s presence and impact in Bitcoin mining.
Titan Pool’s inaugural partners include:
CoinMint, operator of one of the world’s largest digital currency data centers; and
Core Scientific, leader in infrastructure and software solutions for artificial intelligence and blockchain.
Minors and other interested parties can sign up for updates on the Titan website.
Titan Pool to Advance Bitcoin Mining in North America
Generating around $ 6 billion in new Bitcoin each year, “mining” is the globally competitive and computation-intensive method of securing blockchain, the public ledger that supports Bitcoin. Miners compete against each other using raw computing power for the chance to win new Bitcoin – around $ 17 million per day at the time of this announcement.
As interest in Bitcoin mining grew and professionalized, miners combined their resources into “pools” to increase their overall chances of earning new Bitcoin, by sharing the rewards. However, Asia and Europe account for almost all of the mining power on the Bitcoin network, with the vast majority of pools being based in China.
The Titan Pool provides a powerful North American alternative and a way for mainland Bitcoin miners to achieve the efficiency and scale enjoyed by miners in other regions. The result is a mining pool in North America that provides professional-level benefits miners need, such as:
- Better efficiency – Bitcoin miners are in a global race to submit a block before any other pool or miner once resolved. Based in North America and with nodes all over the world, Titan Pool members are more likely to submit and propagate resolved blocks in a timely manner, increasing their chances of earning rewards.
- Greater transparency – All Titan Pool users receive comprehensive reports on stats, work share, fees, and rewards through the pool’s website and API.
- Greater simplicity – The Titan Pool alleviates jurisdictional and support issues for North American miners, who may have already made potentially complicated transnational agreements.
Titan Pool’s open beta will begin in mid-January 2021 with full launch shortly thereafter.
“Titan is uniquely positioned to provide the first and best institutional class Bitcoin mining pool in North America. Our co-founder Jeff Garzik created one of the very first Bitcoin mining pool programs, which is still a benchmark design for other pools. Our CTO Jethro grassie, has developed robust swimming pool software for Monero, ”said Titan co-founder and CEO Ryan condron, himself one of the first innovators in the mining field. “Additionally, our job of providing software for managing large cryptocurrency mines means that we have a deep understanding of mining across its value chain.
Voice support from mining industry leaders for the Titan mining pool
“Cryptocurrency mining has gone from a hobby to a major industry in a very short period of time. Today it’s about global economic competitiveness – where North America risks falling behind, ”said Kevin Turner, CEO of Core Scientific and former COO of Microsoft. “We are proud to be among the first to use the Titan Pool, working to secure North America’s role in securing the Bitcoin network.”
“One of the main articles of faith in the cryptocurrency industry is decentralization. For a very long time, mining pools were not only centralized in a region but, in fact, in a country, ”said Mike Maloney, CFO of CoinMint. “While mining in North America has slowly emerged for some time, a trustworthy pool led by industry leaders is slow in coming and is badly needed. We are really looking forward to participating in the Titan Pool as a founding member.
Titan is one of the leading developers of software and services to advance large-scale cryptocurrency mining. Built through minors for miners, Titan makes mining easy, profitable and scalable. Titan was formed and founded in September 2018 within BloqLabs by Ryan Condron, Jeff Garzik and Matthew Roszak. For more information, visit Titan.io or follow the company on Twitter.