Bitcoin mining has turned highly competitive over the last few years and is a huge $6 billion business every year. The continuously rising hash rate has made BTC mining even more computationally intensive. Miners worldwide compete on a massive scale to get a chance to unlock the next BTC block and add it to the blockchain.
As the computational requirements continue to escalate, miners worldwide have combined their resources to create mining pools. To launch its first enterprise-grade Bitcoin mining pool in North America, Titan has joined hands with CoinMint and CoreScientific.
CoinMint is one of the largest operators of cryptocurrency data centers while CoreScientific develops software for blockchain-based applications. Speaking about their partnership with Titan, Kevin Turner, CEO at Core Scientific said:
“Cryptocurrency mining has moved from hobby to major industry within a very short period. 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.”
North America Emerging As the Next Hub for Bitcoin Mining
Currently, Asia and Europe dominate a majority of the Bitcoin mining power. Moreover, China has a lion’s share of the global BTC mining activity. Titan said that its massive Bitcoin Mining Pool will help North America emerge as an alternative destination for Bitcoin mining.
The added benefits that Titan Pool will offer to the North American Bitcoin miners is greater efficiency, greater simplicity, and greater transparency. 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.”
The latest crackdown by the Chinese authorities on Bitcoin miners gives North America the opportunity to attract crypto mining. However, they would still need to match the privileges of abundance and low-cost hydroelectric power available to Bitcoin miners in China.
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