Ripple Mining? Can You Make Money Doing It?
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Planning to kick-start 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 and financial institutions. The coin was initially designed to help the banks cut their costs and provide them with 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 third parties and banks from transactions, and Ripple kills this purpose.
However, despite the negative sentiments around the coin, people still search for Ripple’s 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 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. You can’t mine something which is not possible. 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 using Bitcoin via popular exchanges such as Binance or Huobi and accumulate until it reaches your desired price. In other words, the only way to get 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.
Transaction Validation on Ripple Network
The current technology banks use for cross border payment results in a lot of operational costs. As a solution, many XRP enthusiasts believe that banks are getting ready to implement Ripple’s products for cross-border settlements. If this happens, it will provide Ripple with a unique use case making it essential for future cross-border transactions.
Although when it comes to 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 decide to pass 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 and has a daily turnover of over a million dollars in transactions. However, despite the positive growth and influence, its mining remains unfeasible.