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Ripple is one of the most popular crypto currency like bitcoin and any other alt coin. But without awareness about ripple mining you can’t get desired ROI on Ripple. There is a lot of terms about Ripple mining like How to mine ripple, How does ripple currency work? where to mine ripple. So this article is all about Ripple mining, it will short out many of your doubts about ripple mining, let’s have a detail look on the Ripple mining facts.
Ripple: the largest currency after bitcoin
There is a drastic jump in the last 3-4 years and the total value of all approaching currencies is about 1trillion in 2018. Bitcoin is the largest cryptocurrency but some more rivals of bitcoin got the great heights. Ripple has become one of the largest cryptocurrency other than Bitcoin because of the huge profit in 2017. Ripple is a real-time settlement programme made for reliable and free transactions. Ripple’s currency is XRP. Although ripple is a growing one but the huge question is how to mine ripple? Here in this article, I will give all the possible answer about Ripple mining so observe carefully.
What is Ripple Mining :
Ripple was launched in 2012 by Chris Larsen and Jed McCaleb for making transactions quick, easy, and free. Ripple is a distributive public ledger which permits exchanges and liquidation without the interference of any third party. Ripple works on a P2P network and its main motive is to create the decentralized payment network. Now I am going to discuss one thing that what is Ripple mining? There is a genus of miners which solve out all the crypto currency related problems on their PCs and the process called Ripple mining. When a particular miner verifies the transaction then a block is added in the blockchain and the miner gets a reward with Ripple currency.
How Ripple mining is done?
Ripple doesn’t compete Bitcoin but supports it. In fact, the Ripple’s network is generated for the hassle free transfer of different currencies like Dollar, Rupees, Pounds, Yen etc. But Ripple is also a high ranked cryptocurrency so people want to mine it like other currencies. So here are some ways of Ripple mining.
Open Ripple Wallet
Before starting with Ripple, you have to open a Ripple wallet. Don’t worry it is pretty easy to open a Ripple wallet. Initially, you have to find out a trusted partner and then generate an account on your partner’s website and activate your account. Firstly you have to put 50XRP. There is the same process of transactions like Bitcoin. With 50 XRP, you can grab a certain amount of Dollars and Bitcoins.
Ripple mining with Ripple exchange
Another method of Ripple mining is to exchange Ripple. You can interchange Ripple with any currency like Dollar, Pounds, Rupees, and Yen. There are some trusted tradings like Bitrex, Coinone, Bitstamp, Kraken, Bitfinex, and Poloniex. You can Exchange Ripple with them for mining.
Let’s talk about the most wanted method of Ripple mining, Cloud mining. In this way, a remote based datacentre is used to mine different digital currencies. The most favorable feature of cloud mining is that you don’t need any mining hardware. But if you are a newbie then be careful as there are plenty of companies which offers cloud mining but they are just scam.
Join a mining pool
Let’s discuss our another way of mining Ripple and it is by joining a mining pool. For the beginners who want to invest in digital currency then it is the most effective way of mining. You just need to select a trusted miner and join the mining pool. When the group of miners resolves any crypto complexity then they can reward and the amount is shared between all the miners.
The progress of any cryptocurrency depends on how much people adopt it as a mean of exchange and the same thing is with Ripple. Well, above I have described the best ways to mine Ripple and surely these ways assist you. Still, any query regarding Ripple mining then comments below and also share your experiences with us. For latest updates stay connected.