Titan obtained funding from Coinbase to offer a software package developed in the USA for miners.
Coinbase Ventures, the investment arm of the major crypto-currency exchange, has invested an undisclosed amount in Titan, a Bitcoin industrial mining software and services developer (BTC).
According to Titan’s announcement, the investment will help continue the development of the company’s products and improve the efficiency and profitability of Bitcoin’s mining companies.
Ryan Condron, Titan’s co-founder and chief executive Profit Secret review officer, said: „Mining has advanced from the hobby to the industry to the critical global IT infrastructure, and Titan is ready to help world-class miners meet these challenges.
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Titan offers advanced pool and mining software specifically targeted at professional miners based in the US. Its network of mining nodes and panels enables miners to better compete on a global scale, according to the company.
Titan previously launched Titan Pool in partnership with CoinMint and CoreScientific, two major providers of mining infrastructure in the USA. Among the benefits the group offers, Titan cites increased transparency and, more importantly, the resolution of some jurisdictional issues for US miners.
China currently accounts for the vast majority of Bitcoin’s hashrate. The relative dominance can be attributed to a combination of attractive electricity costs and a localised supply chain.
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The Sichuan region is particularly attractive to miners because of its cheap hydroelectric power. Its importance is so pronounced that local seasons have a strong effect on Bitcoin’s hash rate. But cheap electricity is not exclusive to China, as some regions in the US, Canada and Europe are equally competitive.
The mining supply chain, on the other hand, sees a much stronger dominance of Chinese companies. Mining hardware manufacturers are based almost exclusively in China. This gives local miners a powerful advantage in the local field, as there can be difficulties in exporting and importing certain chips and devices. Although the US is catching up in terms of the mining hash rate, which represents 14% of the total, local companies still use Chinese-made devices.
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This can be particularly problematic in today’s geopolitical environment, where the United States actively bans Chinese-made products and services and even prohibits investment in Chinese companies. The mining industry has already begun to respond, with some traders repatriating the hash rate. Although President Trump’s departure may help ease tensions somewhat, some analysts believe that a resumption of relations between the United States and China may not be in sight.
Titan is focusing primarily on the software side of the mining supply chain, offering a national group to bring miners together. There have also been some developments in the local maintenance infrastructure, with Bitmain offering technician certification courses in the US in May 2020.
Interest in diversifying the mining industry away from China’s dominance appears to be high, but full independence is unlikely to be achieved until ASIC manufacturers from other countries intervene.