Ripple Mining? Can You Actually Make Money Doing It?
Planning to kick-start with Ripple mining and mint your first XRP? Ripple is a Cryptocurrency with a centralized ledger. It continues to dominate the Coinmarketcap and focuses on reducing the transaction time for cross-border payments. Ripple is an open-source protocol and allows cheap and fast transactions.
Besides, the Ripple team is also highly effective in crafting new partnerships with banks. The coin was initially designed to help the banks cut their costs and provide them a better and faster solution to conduct international transactions. This is also one of the primary reasons why many Crypto veterans despise the concept of Ripple. Satoshi Nakamoto made Bitcoin for removing the third party from transactions, and Ripple kills this purpose.
However, despite the negativity surrounding the coin, people still search for ripple meaning or how to set up an XRP mining rig.
Unlike Bitcoin, Litecoin, or other Cryptocurrencies, Ripple mining is not possible. The only persons who can generate additional XRP are those who actually created the coin. Around a hundred billion ripple coins are available in the market right now since the inception of the Ripple protocol, and all of them are created by its founder. Mining XRP coins is not possible, and it doesn’t matter if you are a beginner or expert in cryptocurrency’s mining.
The situation makes it difficult for people searching for XRP mining. How can you mine something which is not possible to do? However, if your primary focus for mining was to accumulate the coin and sell it at a favorable price, then there is another option. You can purchase XRP coin using Bitcoin via popular exchanges such as Binance or Huobi and accumulate till your desired price. In other words, the only way to get a new XRP is by buying them. Hence, if you ever run across a method that explains Ripple mining, it is likely a trick or a scam.
If you can’t mine XRP, then are transactions validated?
The technology that banks have been using for cross border payment results in a lot of operational costs. In fact, many XRP enthusiasts believe that banks are getting ready to implement Ripple’s products into their payment system. If this happens, it will provide Ripple with a unique use case making it essential for future cross-border transactions.
Although when it comes does to for Ripple mining, it remains impossible and will forever be like this. Ripple uses a very different type of consensus to validate the transaction on its ledger. When a user broadcasts a transaction on the XRP network, the validators of the network decides either to pass the transaction or annul it through the process of voting. If a transaction receives 80% or more valid votes, it goes through, and the Ripple ledger gets updated.
With fast international payments and thirty-second transaction time, XRP proves itself one of the most rapid solutions for digital payments. Ripple is also one of the top ten Cryptocurrencies, but its inability to enable mining is something that you can’t do. XRP mining remains unfeasible and will forever do.