For a decade now, cryptocurrency mining has been one of the most trendy phenomena on the Internet. This potential way of enrichment has long been a real meme. The first and still the most popular crypto-asset is Bitcoin, however, for a number of reasons (one of which is its popularity), it is safe to say that there is nothing to benefit from there anymore. Those who want to make money from cryptocurrency mining are looking for alternatives to BTC. Is Ripple worth choosing as such?
Ripple, unlike BTC and most other cryptocurrencies, has a semi-centralized register. This greatly speeds up transactions but imposes additional mining requirements. How to mine Ripple, how profitable is it and is there any chance of success using a home computer? If you are interested in the answers to this question, then keep reading.
Ripple or XRP has been released by Ripple Labs. It is a well-established and reputable development for managing finances and making payments online. The main target audience is banking institutions.
Ripple’s network algorithm sends payments from one user to another around the world with minimal fees in the fastest way possible. The users can even create unique tokens themselves.
The network’s own tokens (XRP) are used to pay fees for transfers within the network. At the time of writing this review, the price per transaction is approximately 0.00001 coin. After the transaction, which takes about 5 seconds, the coin is “burned”. A total of 100 billion XRP coins have been generated and there will be no more. Thus, Ripple mining is not possible.
Although you can’t mine XRP, you can mine other cryptocurrencies such as Bitcoin, Ethereum, or others, and then exchange them on our exchange for Ripple tokens. Currently, this is the only way to get XRP
What is Needed to Get Ripple
So, it is impossible to mine Ripple. This cryptocurrency can only be obtained indirectly, through mining other coins, for instance,
The most important thing is that the algorithm enables you to add blocks to the blockchain by solving tasks, i.e., mining. Since most of them use the Proof of Work consensus, you will need the following set:
- a sufficiently fast and stable connection to the Internet;
- a wallet that supports storing the assets that you plan to mine (if you plan to mine multiple assets at once, make sure you have a multi-currency wallet);
- sufficiently powerful equipment for mining – if your cryptocurrency supports mining with specialized equipment, it is useless to try to start mining with CPU and GPU;
- mining software – an algorithm for solving tasks depending on the selected cryptocurrency.
Keep in mind that cryptocurrency mining is an expensive affair, the price of which depends on the assets you choose. For example, Monero prohibits the use of special matrixes for mining, so you can mine even with an ordinary PC (albeit powerful) based on CPU and GPU. However, this is an exception as most cryptocurrencies will require a mining machine based on an application-specific integrated circuit or a programmable gate array. This automatically raises the level of start-up investment to the amount of tens of thousands of dollars. If that kind of financial outlay is not in your plans, a good solution is to join a mining pool.
Mining Alone or Joining a Mining Pool – What’s Better for Ripple
Cryptocurrency mining is feasible for assets with algorithms that allow coin issuance. The way to do this is to add new blocks through complex calculations. The user who adds a block receives a reward, and the total mass of coins is increased by the amount of the reward. It is provided for solving complex problems and requires expensive equipment because to get the reward, it is necessary to solve the problem first. Rewarded is the person who invested the time.
As the power of the equipment increases, the system automatically increases the complexity of the tasks. As a result, it becomes simply impossible for a single miner, even those armed with a mining machine. Mining solo ceases to bring any results. It forces miners to join together in pools.
A mining pool is a group of miners who pool the processing power of their machines. This increases the chances of successful mining but also imposes certain obligations: the reward for an added block is distributed among the pool members. The reward is not divided equally but in proportion to their contribution to the pool’s performance. In addition, the pool can charge a withdrawal fee.
Is it Possible to Succeed on a Home PC?
Since you cannot mine Ripple directly, it all depends on the choice of asset that will be selected as a mining object. If the system prohibits the use of specialized equipment (such as Monero), then you can expect success even using an ordinary PC.
Otherwise, there is a need for specialized equipment based on ASIC and other similar solutions. If you use a PC for mining, it is recommended to upgrade it with a powerful graphic processor – GPU.
Can I Mine Using iOs and Android Devices?
A cell phone, even the most advanced one, does not have enough power for mining. It is not possible to mine on a cell phone directly but it can be used as a cloud mining terminal.
Cloud mining is the use of remote equipment, the miner in this case does not buy a hard drive but only rents it for a certain period of time. You can equally use Android and iOs devices for cloud mining.
Is it profitable to mine Ripple?
Since it is impossible to mine Ripple directly, the profitability will depend on the asset that will be chosen as the object of mining. The cost of equipment, the price of electricity, and other factors are also important.
How many coins can I mine?
Unlike most cryptocurrencies, the number of XRP tokens does not increase but continuously decreases after each transaction. The original mass was 100 billion; at the time of writing this article, that number has roughly halved.
How much does it cost to mine one XRP token?
It depends on which crypto will be mined as a medium of exchange for XRP. In addition, the terms of the mining pool – the withdrawal fees – may differ.
This information is a private opinion of our experts, it is NOT official information and is NOT a guide to action. Cryptocurrency mining is a risky operation, which the miner is fully responsible for.