Titan cryptocurrency mining software company is looking to grab a larger slice of the North American market by creating its first enterprise-grade Bitcoin pool in the continent, focusing on spearheading the region’s presence and impact in cryptocurrency mining.
Titan has already partnered with CoreScientfic crypto mining infrastructure provider and CoinMint crypto mining company to enable the launch of its first Bitcoin mining pool in North America. Titan is open to working together with other crypto mining firms.
Currently, Europe and Asia dominate in Bitcoin mining with Chinese miners controlling 66% of global Bitcoin computer power.
The Titan pool aims to provide a strong alternative in North America and a way for the continent’s Bitcoin miners to accomplish the scale and efficiency enjoyed by miners in other regions. The commitment aims to enable the continent to have a mining pool that provides professional-level benefits that Bitcoin mining companies (Bitcoin miners) need.
With the presence of the Titan mining pool, crypto mining companies in North America are set to enjoy benefits such as greater simplicity, faster and efficient mining processing, and achieve greater economies of scale.
The Titan’s open beta would start in mid-January 2021 and a complete launch come afterward.
Titan Co-founder and CEO Ryan Condron said:
“Titan is uniquely positioned to deliver North America’s first and best institutional-class Bitcoin mining pool. Our work in delivering software for managing large cryptocurrency mines means that we deeply understand mining across its entire value chain.”
Impact of China Crackdown on Crypto Miners
Crypto miners have been flocking to China to take advantage of cheap renewable electricity in the country. However, with the recent crackdown by the Chinese authorities, crypto miners have found it challenging to pay electricity bills. The Chinese law enforcement officials recently embarked on a nationwide operation to freeze cards linked to cryptocurrency transactions as an effort to weed out money laundering and illegal financial activities with a target of finance and crypto industries.
Crypto miners have been experiencing difficulty to exchange the mined cryptocurrency to the Chinese Yuan. Such challenges are pushing crypto miners to the wall and influencing them to move their activity outside of China and relocate to North America, specifically to Canada and the United States. However, Bitcoin mining pools in North America still need to match the affordable hydroelectric power and the privileges of abundance available to crypto miners in China.