+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Meet the 21 companies you've never heard of that are battling to control bitcoin

Aug 13, 2015, 15:13 IST

BARCELONA, SPAIN - AUGUST 04: Yang Sun of China competes during the Swimming Men's Freestyle 1500m Final on day sixteen of the 15th FINA World Championships at Palau Sant Jordi on August 4, 2013 in Barcelona, Spain. (Photo by Alexander Hassenstein/Getty Images)Alexander Hassenstein/Getty Images

Flashy startups like Coinbase, Circle, Blockchain, and BitPay are some of the most famous companies in bitcoin.

Advertisement

But arguably more important are the miners - individuals and organisations who form the core backbone of bitcoin, ensuring the digital currency's integrity.

Bitcoin runs on a blockchain, a decentralised and public ledger of every transaction made on the network. By offering processing power towards this, users get a chance to win bitcoin - creating an arms race of miners scrambling to assemble ever-more sophisticated and powerful equipment to "mine" new bitcoin.

Complimentary Tech Event
Transform talent with learning that works
Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

Some individuals go it alone; others join open "pools" where they combine their resources to improve their odds; some larger companies also have mining efforts. While the #1 spot can change from week to week, we have ranked the biggest mining companies using data covering August 5 to August 12 from bitcoin network analysis company Blocktrail.

Next Article