Almost everyone who is at least superficially interested in cryptocurrencies knows about mining. This is the name of the process of verifying transactions on the network, which is accompanied by the minting of new coins. In this way, new BTC and other coins are generated, which are based on the Proof of Work consensus algorithm. This algorithm is often criticized for its high power consumption.
In some cryptocurrency projects, the entire supply of coins has already been released. That is, they can be bought, earned in the same ways as fiat currency, or ordered from the issuing company. For example, convert USDT (ERC20) to USDT (TRC20) is possible, but only Tether Limited can create new coins. Is it possible to mine XRP?
Why is Ripple (XRP) attractive?
First of all, it is worth noting that Ripple and XRP are not synonymous. Ripple Labs is a company that specializes in developing products for asset exchange and money transfer management. This company created the global payment system Ripple Network to improve the work of banks and other financial institutions. The Ripple Network provides the ability to quickly transfer value with minimal fees.
XRP is the digital currency of the project. It is used to pay blockchain fees. The commission is about 0.00001 XRP and after payment, the used coins are destroyed. Transaction confirmation is completed within 3-5 seconds. By the time the network was launched, 100 billion XRP tokens had been created and their further release is not provided. That is, it is impossible to mine XRP in the same way as BTС.
How to mine Ripple?
So, if all the coins have already been created, then how to mine Ripple? Normal heroes always take a detour, especially since detours do exist. This is the so-called indirect mining, when a user mines another cryptocurrency (Lightcoin, Monero, Dogecoin, etc.) and then converts it into XRP. The easiest way to exchange coins is through the LetsExchange.io platform, where transactions with more than 3400 coins are available. Registration for access to the exchange terminal is not required.
How to start mining
The easiest and most obvious way to get XRP is to buy coins on a cryptocurrency exchange. You can simply store the purchased coins, waiting for the price to rise, or you can use the passive income programs that are available on many top exchanges.
If it is fundamentally important for you to receive coins precisely by mining, only the mentioned indirect way remains. You will need:
- Mining equipment. Depending on the coin you are interested in, this can be an ASIC miner or a computer.
- Software.
- Cryptocurrency wallet that supports the coin you plan to mine. From a practical point of view, it is more rational to immediately choose a multi-currency wallet.
- Reliable Internet connection.
- Reliable source of electricity.
- Mining pool. This is not a prerequisite, but working in the pool is significantly more profitable, and for some coins it is the only possible way to make a profit.
Mining Ripple on PC
Bitcoin, Litecoin and some other coins are mined using ASICs. It’s expensive and difficult, so it’s better to choose an ASIC-resistant coin. User-level devices can mine Monero, VertCoin, Doge or Ravencoin. Perhaps the best choice is Monero, which can be mined using both a conventional and a GPU.
Mining Ripple on Android and iOS
The possibilities of mining on smartphones are very limited and it is most likely that you will not be able to get a tangible profit from the extraction of little-known coins. It is wiser to use mobile devices to access cloud mining services. You don’t need any other equipment for this, you just rent computing power from the provider.