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American Bitcoin Mining Pool Aims to Erode China’s Dominance

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In brief

  • Mining software company Titan is launching a North American mining pool.
  • Core Scientific and CoinMint are founding members.
  • Most Bitcoin mining pools are in China.

Titan—a mining software company organized by blockchain infrastructure firm Bloq—has announced what it’s calling a new “enterprise-grade” mining pool for Bitcoin. It’s based in North America and geared toward companies that want to mine at scale.

And take a bite out of the Chinese mining industry while they’re at it.

Mining, which allocates raw computing power toward verifying transactions on the blockchain in exchange for the chance to earn cryptocurrency, has grown into a global industry over the past decade.

As Bitcoin’s value grew, it became economically reasonable to invest immense amounts of money in data centers that would give people a leg up in the race to verify transactions. This has come at a significant environmental cost, since these data centers require vast amounts of electricity.

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China has historically outpaced North America in terms of its mining capabilities, and Titan’s pool represents a growing effort on the part of American companies to turn the tide.

The University of Cambridge’s Centre for Alternative Finance published a report earlier this year asserting that 65% of the global Bitcoin hashrate (that is, how much computing power is dedicated to Bitcoin mining) was coming from China. The US came in at No. 2, with just over 7% (though these numbers don’t account for virtual private networks).

“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,” according to a press release.

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