First logical question is how to get more Bitcoins in the circulation. The answer is Bitcoin mining. It is a process that is using computing power to solve mathematical problems and besides that it is adding the transactions to the blockchain and unlocks new Bitcoins into the network.
What is a Mining Pool?
We explained what is mining in the text above. Now when the group of the people that mine Bitcoins join together it is called Mining Pool. It is a huge warehouse with large number of mining hardware. Basically, the group of miners are mining Bitcoins together, under the agreement to share block rewards when they are unlocked. The rewards are allocated in proportion to the contributed has power of each miner of the pool.
Which countries have the most Bitcoin miners?
In these day, mining requires the newest technology for mining and the low cost of electricity which can really be the main factor when it comes to mining. So, the answer to the above question is that the miners can be found where the energy resources is available and the new technology is highly prevalent. Here are some countries with these characteristics.
BitFury is the name of the company which it seems to be one of the greatest player in the world of cryptocurrencies. BitFury is a blockchain technology company which is developing and selling efficiency streaming hardware to Bitcoin users. Some data are saying that this company have mined about 15% of all Bitcoins.
Some of the largest mining pools are located in the China, and the main reason is the fact that the electricity in the China is cheap, so Bitcoin miners in China have advantage compared to others miners by capturing a large percentage of Bitcoins hash power.
The company named 21 Inc., one of the largest mining companies in the world is making United States on the list of the highest bitcoin mining countries. The majority of this company hash power is pointed to the mining pool and the pool in the 2016 mined about 3% of all bitcoins.
There are of course many smaller mining pools over the world which cumulatively make up smaller part of Bitcoin mining network, so about 20% of all bitcoin mined taking place outside of the countries that are mentioned in the text above.