How Does Ripple Mining Work

How Does Ripple Mining Work

Interested in Ripple mining?

Well, unfortunately, unlike other cryptocurrencies, Ripple mining is impossible.

What is Ripple?

Ripple uses a blockchain ledger similar to other crypto-currenies, but it is different in technicalities making it easier and faster to process transactions.

In other words, Ripple is a digital asset built for easy payments.

While banks still see other virtual currencies as a threat, Ripple is the only currency today that works directly with the world's largest banks and financial institutions

It is an open-source, decentralized, built on blockchain technology that settles transactions in 3 to 5 seconds, which is super-fast compared to the transfer time of Ethereum, and certainly Bitcoin, not to menthion the 3-5 days of bank transfer.

Ripple offers the most advanced blockchain technology for global payment, a reliable and instant mode to receive your payments from all over the world.

Ripple makes it very easy for low-cost worldwide payments, with its diverse network of 300+ financial institutions.

It has payout capabilities in 40+ currencies and has on-demand equity as an alternative.

Ripple main pro’s

  1. Fast transfers, high scalability enabling 1,500 transfers per second.
  2. Low transfer fees, which can save banks and users up to 60% in transaction costs (according to Ripple’s official website).
  3. The Ripple servers are updated in real-time without compromising the transmissions that occur simultaneously. 

Why can’t we mine Ripple?

The original Ripple system was created in 2004 by Ryan Fogger.

In 2012 Chris Larsen and Jed McLaugh made the coin part of their company, Ripple Labs Inc.

They have even managed to raise initial capital from well-known and reputable venture capital funds like Google Ventures and Pantera.

The ripple coins themselves – one hundred billion (100,000,000,000,000) – were created before its launch and therefore cannot be mined and their number remains constant.

Of the existing 100 billion coins, 45% are in circulation, while the balance is held by Ripple Company, and will be gradually released later.

Therefore it is actually impossible to mine Ripple as we mine other cryptocurrencies.

Ripple management releases up to a billion tokens per month, usually by publicly announcing the release.

If we can’t mine Ripple, how can we get it?

“Ripple mining” in the acceptable term is impossible.

That doesnt mean that we can’t profit from the popularity of this currency!

The solution for potential miners would be to mine Ripple “indirectly”:

That means: Mine other cryptocurrency, and then exchange it to Ripple.

Moving forward, these are the steps you will need to follow:

  1. Choose the currency you want to mine.
  2. Buy (or open) a wallet for this currency, so it can be transferred to your account.
  3. Buy a mining hardware.
  4. Get a mining software.
  5. Join a mining pool
  6. Mine your chosen cryptocurency.
  7. Exchange your mined cryptocurrency for Ripple in an exchange platform.

 

 

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