US Plans to Take on China in Bitcoin Mining

Software developer and services provider for Crypto Mining Crypto Mining Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Read this Term, Titan announced that it has partnered with CoinMint and Core Scientific to establish the first-ever enterprise-grade Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining pool in North America. The recent launch indicates the efforts of American crypto companies to challenge the dominance of China in bitcoin mining.

In an official press release, the US-based company notified that the mining business is generating around $6 billion every year, and the interest in bitcoin mining is growing despite the competitive environment.

Titan Mining mentioned that North America’s share in bitcoin mining is almost zero as Asia and Europe account for nearly all mining power on the BTC network. Additionally, the company mentioned the role of China in the market as the majority of mining pools are based in the Asian country.

The company has positioned itself as a powerful alternative and an important platform for North America’s bitcoin miners to compete with other miners from countries like China and Russia.

Commenting on the announcement, Ryan Condron, Co-founder and CEO of Titan, said: “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. Additionally, our work in delivering software for managing large cryptocurrency mines means that we deeply understand mining across its entire value chain.”

China’s Mining Problems

China has always been against the use of privately-owned cryptocurrencies in the country. In 2017, the Asian country launched a crackdown on ICOs and banned the use of digital currencies. Despite the ban, China supported crypto mining pools in the region and fulfilled the energy needs of the mining companies. But, in recent months, several media reports emerged indicating a possible crackdown from regulatory authorities on Chinese crypto mining pools amid a regional energy crisis and regulatory requirements. Titan aims to take advantage of the situation with the launch of an enterprise-grade bitcoin mining pool.

The Titan Pool’s open beta will begin mid-January 2021 with the full launch soon afterwards.