Chicago-based blockchain development firm Bloq Labs had launched the beta version of Titan, a new software suite for cryptocurrency miners. Bloq Labs co-founder Jeff Garzik told attendees of the recent Binance conference in Singapore that the protocol is capable of maximizing the hash rate (computing power) on a mining machine by “double digits.”
“Through intelligent and dynamic adjustment, Titan gets the most out of your machines,” the project’s website reads. Bloq Labs was founded by blockchain startup Bloq in March of 2017 as an initiative to support open-source projects relating to blockchain technology and Bitcoin.
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NEWS: @bloqinc engineer and @titan_mining CEO Ryan Condron on today’s launch of the Titan #cryptomining management system’s beta program. https://t.co/5sjGqzOQgB
— Bloq (@bloqinc) January 22, 2019
115 Miners Are on the Waiting List to Try the Software, With More Expected to Come
Miners who wish to try out the new software can join a waiting list to become beta testers. At press time, 115 individuals had signed on to the waiting list. While the program is free to download and install, Bloq Labs will collect a profit based on advanced hash rate production
Ryan Condron, CEO of the Titan project, said that the project has quietly been in development for some time now. Titan will make “crypto mining easier, more profitable, and more scalable,” he explained.
One of Titan’s goals is to lengthen the shelf-life of mining machines. The software claims to be capable of working with mining setups of all sizes–from entire mining farms to at-home solo rigs–and can mine multiple kinds of cryptocurrencies that run on different kinds of consensus algorithms.
Traditionally, “managing mining hardware is a very manual process,” Condron wrote in the announcement of Titan’s beta launch. “Not only do you have to individually access and configure each device, but you must continually monitor and adjust your devices to make sure that they are online and mining the most profitable coin.”
“Additionally, there’s the balancing act of managing operational costs and physical infrastructure concerns, such as electricity costs, wire management, and heat dissipation,” he explained. Titan will allegedly manage the machines in a way that takes each of these factors into account and makes the process of mining far more efficient.
Is This What the Mining Industry Has Been Waiting For?
If the software is successful, Titan could have a positive effect on the Bitcoin mining industry, which has been in serious trouble for months. Several large mining firms have reportedly laid off employees en masse, while reports of mining equipment being sold “by the kilo” have reverberated around the media since before the first of the year. A boost in efficiency in the mining process could mean lower material costs–and fewer layoffs.
Titan could also have an effect on reducing the carbon footprint of the cryptocurrency mining industry. While the exact environmental cost of running any single cryptocurrency network is unknown, the Bitcoin network is estimated to use up as much electricity in a year as some small countries.