Cryptocurrency mining software provider Titan announced the creation of Titan Pool, a bitcoin mining pool based in North America. An announcement shared with Bitcoin Magazine emphasized the enterprise-grade services that participants in the pool would receive, as well as the importance of its geographic location.
“Asia and Europe account for nearly all mining power on the Bitcoin network, with the vast majority of pools based in China,” per the 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.”
Though Bitcoin is a decentralized network, a majority of the hash rate generated on the network comes from mining pools based in China. Many within the space see this as a form of geographic centralization that conflicts with the ethos of a borderless currency, and efforts to contribute significant hash rate from more regions around the world are ongoing.
For its participants, Titan Pool seeks to offer competitive hash rates with pools based elsewhere in the world and thus a fighting chance at earning bitcoin rewards; a suite of reporting on statistics, work share and fees; and straightforward participation agreements that might contrast with the complications of participating in foreign pools.
“Titan is uniquely positioned to deliver North America’s first and best institutional-class Bitcoin mining pool,” Titan co-founder and CEO Ryan Condron said in the release. “Additionally, our work in delivering software for managing large cryptocurrency mines means that we deeply understand mining across its entire value chain.”
Inaugural partners for Titan Pool include Coinmint, which operates a large digital currency data center from the former facilities of an aluminum smelter in Upstate New York, and Core Scientific, which operates North American mining facilities and recently mined a bitcoin block as part of an initiative to furnish U.S. Congresspeople with bitcoin of their own.
“Cryptocurrency mining has moved from hobby to major industry within a very short period,” Kevin Turner, the CEO of Core Scientific, said in the release. “Today, it is a matter of global economic competitiveness — one where North America risks falling behind. 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.”
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