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Re:Show HN: Tiny, fast, and free API to geolocate IP addresses by k-godwin on Monday December 09, 2019 @01:18PM (#21744917)
1) Agreements with ISPs [most accurate]

2) IP Spidering via traceroutes / RIPE/etc data.

3) Agreements with third parties that have IP/Address mapping due to data supplied from users. [least accurate]

That'd be my guess anyway.

Re:Show HN: Tiny, fast, and free API to geolocate IP addresses by NathanOsullivan on Tuesday December 10, 2019 @04:18PM (#21756969)
They also have a form on their site to submit corrections. Maxmind's db is so prevalent now, I suspect (indirect) users submit all the info they need nowadays.