How to Mine Ripple

Ripple is a real-time gross settlement system that is built upon an internet protocol called ripples (XRP). Released in 2012 by Chris Larsen and Jed McCaleb, Ripple enables instant, secure, and free financial transactions globally with no chargebacks. Also known as Ripple Protocol or Ripple Transaction Protocol (RTP), Ripple is a distributed public ledger that allows exchanges, payments, and remittance without any involvement of third party. The cryptocurrency has a market cap of $8.1 Billion.

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Ripple Mining

Ripple is a peer-to-peer payment network, whose primary goal is to build the decentralized payment network approach similar to Bitcoin. A group of miners together solve cryptographic problems on their specialized computers across the globe and that process is known as Ripple mining. When cryptographic problems are resolved by miners and a new block is added in the blockchain, post that they get rewarded with a particular amount of Ripples.

How Ripple Mining is done?

Ripple supports Bitcoin, instead of being a competitor. The network of Ripple is designed for the easiest transfer of currencies like Dollar, Euro, Pounds, Rupees, and Yen. Nowadays, just like Bitcoin, people are also interested in mining Ripple as it is the most scalable digital currency in the cryptocurrency mining industry. Continuing the discussion, here are some ways to mine Ripple. Take a look.

Ripple Wallet

To get started with Ripple, first miners have to open a wallet. The process of opening a ripple wallet is quite simple. Find a reliable mining partner, create an account on that miner’s website and activate your account. In the beginning, you need to invest around 50 XRP. The process of receiving and sending amount in Ripple is similar to Bitcoin. When your account has minimum 50 XRP, then only you can receive a particular amount of USD and BTC in your account.

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Ripple Exchange

The second way to mine ripple is to exchange them. You can exchange Ripple from fiat currencies like Dollar, Pounds, Yen, and Rupees. Some of the reliable Ripple trading exchanges are Bittrex, Coinone, Bitstamp, Kraken, Bitfinex, and Poloniex.

Cloud Mining

Today, one of the most sought-after ways to mine Ripple is cloud mining. In this process, a remote datacenter with shared power is used to mine cryptocurrencies. The reason why people are preferring cloud mining is that it enables miners to mine cryptocurrencies without any hardware. However, beginners in this industry need to be careful as plenty of mining companies are fooling people around and doing scams. So, it is advisable to choose a trustworthy mining partner and start mining Ripple.

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Mining Pool

Another effective way of mining Ripple is join a mining pool. If you are a beginner in the cryptocurrency mining industry and want to invest in this hyper-growth industry, then joining a mining pool is an ideal option. To begin with this method, all you have to do is choose a reliable miner, join a mining pool, and start mining. When miners will successfully resolve the cryptographic problems, then they will be awarded with a fixed amount of Ripples and that will be distributed among miners as per each miner effort.