Titan Pool, a cryptocurrency mining software provider, has announced the creation of Titan Pool, a bitcoin mining pool in North America. An announcement shared with Bitcoin Magazine stressed the enterprise-grade services that pool participants would receive, as well as the importance of geographic location.
“Asia and Europe account for almost all of the mining power on the Bitcoin network, with the vast majority of pools in China,” the release said. “The Titan Pool provides a powerful North American alternative and a way for the continent’s Bitcoin miners to achieve the efficiency and scale that miners in other regions enjoy.”
While Bitcoin is a decentralized network, a majority of the hash rate generated on the network comes from mining pools in China. Many within space see this as a form of geographic centralization that goes against the ethos of a boundless currency, and efforts to contribute a significant hash percentage from more regions around the world are underway.
For its participants, Titan Pool aims to provide competitive hash rates with pools located elsewhere in the world and thus a fighting chance to earn bitcoin rewards; a series of reports on statistics, division of labor and compensation; and clear participation agreements that may contrast with the complications of joining foreign pools.
“Titan is uniquely positioned to provide North America’s first and best institutional-class Bitcoin mining pool,” Titan co-founder and CEO Ryan Condron said in the release. “In addition, our work in providing software to manage large cryptocurrency mines means that we thoroughly understand mining across the 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 a initiative to provide US congressmen with their own bitcoin.
“Cryptocurrency mining has gone from hobby to big industry within a very short period of time,” said Kevin Turner, the CEO of Core Scientific, in the release. Today it is a matter of global economic competitiveness – an issue that North America is in danger of falling behind. We are proud to be one of the first to use the Titan Pool and to work towards securing North America’s role in securing the Bitcoin network. “