A group of well-known Bitcoin developers create Titan Pool, the third cryptocurrency mining pool in the United States.
China has long led the Bitcoin ecosystem in terms of the amount of mining power. hash rate concentrated in this nation. To this day, the country is still the most important in terms of Bitcoin computing power, with a share of more than 65% in the network, as shown by the data from the University of Cambridge.
However, the strong repression to which the miners have been subjected Bitcoin (BTC) and other cryptocurrencies, In the country, they are leading industry players to consider other jurisdictions to establish their mining companies. Thus, the United States, a country that does not have clear regulations applicable to the growing cryptocurrency industry, is becoming one of the preferred countries for those who decide not to list China among their options to establish their mining companies.
The new mining pool for Bitcoin, called Titan PoolWas created recently in the United States by the cryptocurrency mining software company Titan, which maintains its headquarters in the country. Likewise, behind this company, there are major Bitcoin developers and participants in the digital industry, such as Jeff Garzik, renowned developer of the Bitcoin code and protocol SegWit2x; Ryan Condron, developer of performance software for mining pools, and Matthew Roszak, co-founder of the blockchain company Bloq and former president of the Chamber of Digital Commerce.
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A mining pool with distinction
Unlike many of the mining pools that are available on the market, Titan Pool is designed to offer services to business clients, so participation is not open to common and independent users as is the case with Poole's or others.
Titan Pool is intended to open up Bitcoin mining opportunities to different businesses, companies and organizations, offering competitive hash rates alongside other mining pools distributed around the world, in order to increase hash rate power and generate great rewards in this multi-million dollar market that last month alone generated more than 500 million dollars in profits to the miners.
Geographical decentralization of Bitcoin
Another of the goals that Titan Pool seeks to achieve is the geographic decentralization of the network, since many consider it a type of centralization that China concentrates more than 60% of Bitcoin's computing power, attacking the fundamental principles of this system. In addition, experts consider that this concentration of power will become a potential risk for the new digital economy, which will come to light with the technological and fundamental change that is coming to our society.
“Although Bitcoin is a decentralized network, the majority of the hash rate generated on the network comes from mining pools based in China. Many within the space see this as a form of geographic centralization that conflicts with the spirit of a borderless currency.”
Asia and Europe are, so far, the regions that have the greatest control over the Bitcoin network, a reality that has led many experts to believe that it could be used in the future to control transactions carried out within this network. Chris Larsen, CEO of Ripple, published a article where he expresses how China is winning the economic and technological cold war against the United States, and where its dominance over the Bitcoin network has great influence.
Most Bitcoin mining pools are located in China, which gives it the advantage if the government decided to “effectively block or reverse transactions” within this network. Larsen argues that the nation has been making strategic moves to consolidate itself as a technological power and that threaten the United States’ global dominance.
An industry in constant growth
Despite China's current dominance over cryptocurrency mining, the overall picture could change in the near future. That's why Titan's founders are betting on creating the first enterprise-grade mining pool for North America, providing an opportunity for the expansion of this industry within this region.
As the release indicates, cryptocurrency mining has gone from being a hobby for many to becoming a major industry in a short time. Through Titan Pool, its creators aspire to help businesses and companies understand the true potential of Bitcoin mining across its entire value chain.
On the other hand, in Latin America, another company is leading the creation of a new mining pool, called Doctorminer Mining PoolFrom Venezuela, the Doctorminer company announced the opening of the first cryptocurrency mining pool in Latin America, which pursues the same goals as Titan Pool of breaking China's dominance over the Bitcoin network.
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