CoinMint and Core Scientific Are Among the First to Back Bitcoin Mining Pool That Delivers Greater Efficiency, Transparency, and Simplicity
CHICAGO–(BUSINESS WIRE)–Cryptocurrency mining has rapidly become a matter of worldwide economic competitiveness as Bitcoin and other digital assets gain greater importance within global finance. In response, Titan, a leading developer of software and services for advancing cryptocurrency mining at scale, today announced the first enterprise-grade Bitcoin mining pool in North America, dedicated to spearheading the region’s presence and impact in Bitcoin mining.
The inaugural partners of the Titan Pool include:
- CoinMint, operator of one of the world’s largest digital currency data centers; and
- Core Scientific, a leader in infrastructure and software solutions for Artificial Intelligence and blockchain.
Miners and other interested parties can sign up for updates at Titan’s website.
Titan Pool to Advance North American Bitcoin Mining
Generating approximately $6 billion of new Bitcoin every year, “mining” is the globally competitive, computationally intensive method for securing the blockchain, the public ledger that supports Bitcoin. Miners compete using raw computing power in order for the chance to earn new Bitcoin — approximately $17M per day at the time of this announcement.
As interest in Bitcoin mining grew and became more professionalized, miners combined their resources into “pools” to increase their overall chances of earning new Bitcoin, splitting the rewards. However, Asia and Europe account for nearly all mining power on the Bitcoin network, with the vast majority of pools based in China.
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. The result is a mining pool in North America that offers professional-level benefits that miners require, such as:
- Greater efficiency — Bitcoin miners are in a global race to submit a block before any other pool or miner once solved. Based in North America and with nodes all over the world, Titan Pool members have a greater chance of submitting and propagating solved blocks in a timely manner, increasing their chances of earning rewards.
- Greater transparency — All users of the Titan Pool receive full reporting of the statistics, work share, fees, and rewards via both the pool website and an API.
- Greater simplicity — The Titan Pool reduces jurisdictional and support issues for North American miners, who previously may have entered into potentially complicated, trans-national agreements.
The Titan Pool’s open beta will begin mid-January 2021 with the full launch soon afterward.
“Titan is uniquely positioned to deliver North America’s first and best institutional-class Bitcoin mining pool. Our Co-founder Jeff Garzik created one of the very first mining pool programs for Bitcoin, which is still a reference design for other pools. Our CTO Jethro Grassie, has built robust pool software for Monero,” said Titan Co-founder and CEO Ryan Condron, himself an early innovator in the mining space. “Additionally, our work in delivering software for managing large cryptocurrency mines means that we deeply understand mining across its entire value chain.”
Mining Industry Leaders Voice Support for the Titan Mining Pool
“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,” said Kevin Turner, CEO at 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 major articles of faith in the cryptocurrency industry is decentralization. For a very long time, mining pools have not only been centralized in one region but, in fact, in one country,” said Mike Maloney, CFO at CoinMint. “While mining in North America has been slowly emerging for some time, a trustworthy pool led by industry leaders has been long in coming and is sorely needed. We are definitely looking forward to participating in the Titan Pool as a founding member.”
Titan is a leading developer of software and services for advancing cryptocurrency mining at scale. Built by miners 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, please visit Titan.io or follow the company on Twitter.