Blockchainers, Did You Know Ripple Mining is NOT Possible to Earn XRP Coins?
Is It Possible to Mine Ripple and Earn XRP?
Cryptocurrencies have expanded all over the world in the last years. Retail investors decided to place their funds in different cryptocurrencies such as Bitcoin (BTC) or Ether (ETH). However, there is also an interest in XRP coins.
It is possible to earn Bitcoin and Ethereum coins just mining them. This is, using powerful mining chips that allow both networks to process transactions. Because of this work, miners earn a fixed amount of BTC or ETH.
There are some users that are wondering whether it is possible to mine XRP and earn some coins. However, XRP is not mineable. It is not possible to mine XRP coins. This is one of the main differences between XRP and Bitcoin or Litecoin (LTC).
XRP is currently controlled by a company known as Ripple Labs. The company currently denies of having control over XRP tokens, but the reality is that they created the currency and they control an important part of the supply.
At the moment, there are in circulation around 40 billion XRP in circulation, but the company has produced 100 billion XRP. Other virtual currencies have also a limited supply which can be reached once all the coins have been mined. The circulating supply of the most important cryptocurrencies continues to grow every single day. But XRP works in a different way. Ripple Labs decide when to release more coins to the market and at which rate.
There is, however, a way to earn XRP coins by mining. It is possible to mine another cryptocurrency and then exchange them for XRP. That means that the only way to acquire XRP is by buying or trading it.
XRP has been created by Ripple in order to solve several problems faced by financial institutions all over the world. Ripple has developed different products and services that allow companies to process cross-border payments in a faster and easier way.
Some of these products are xCurrent or xRapid. In general, the technology used by banks is getting older and is not able to meet the demand of the clients. Companies, individuals and banks need a fast and reliable way to send and receive payments around the world and Ripple facilitates that. At the moment, there are more than 100 companies working with Ripple and using its products.
In the future, XRP could be increasingly demanded by different companies around the world that want to process different payments and help their clients.
XRP tokens cannot be mined. The only way to acquire XRP is buying it at any exchange for USD or any other trading pair.