How to mine XRP: a guide for beginners1 article

How to mine XRP A guide for beginners article

When an average person hears the word “cryptocurrency”, he most likely will remember not about the blockchain, but about mining. Mining as a process of creating new coins and a possible way to earn cryptocurrency owes its popularity to Bitcoin.

However, the essence of the process is not limited to the minting of new coins. This is a complex job of verifying transactions and recording them in the blockchain as the next block. In networks based on the Proof of Work consensus mechanism, this process is carried out by solving complex mathematical problems.

The work of the miners is necessary to maintain the security and functionality of the network, and it is rewarded with new coins. The received coins can be stored, sold, converted BTC/XMR, etc. Proof-of-Work is not the only way to ensure consensus in the network. Accordingly, not all coins can be mined, and some can only be bought for fiat money or other cryptocurrency.

What is Ripple?

XRP, the native token of the Ripple network, briefly entered the top 1 in terms of trading volume in July 2023 amid a partial victory in the SEC lawsuit. It is not surprising that the loud headlines and optimistic forecasts of the fans of the coin attracted the attention of numerous newcomers to the asset. It is novice users who wonder how to mine XRP and are invariably disappointed when they find out that it is impossible.

The history of the project began in 2004. The programmer R. Fugger began work on creating a new payment system, and in 2005 its first version appeared. The organization steadily grew and developed, and in 2011 it was decided to launch a decentralized network. In 2012, OpenCoins was created to improve the functionality of an existing platform. A year later, the organization was named Ripple Labs.

The Ripple platform was created not as a potential competitor to the traditional financial system, but as a tool for its improvement. The main purpose of the platform is to provide a technical basis for fast and cheap money transfers that are carried out with the participation of XRP.

Mining coins was not provided initially. OpenCoins has issued 100 billion coins and said that it does not plan to issue additional coins. 65% of the coins remained in the ownership of the company, the remaining 35% were put into circulation. Yes, there are sometimes tempting XRP mining offers on the net, but this is an outright scam.

Where to get Ripple?

Not being able to mine does not mean that the coin is not available. The most obvious and practical way to get XRP is to buy coins on a cryptocurrency exchange. However, if you are persistently interested in mining, you will have to master the indirect method. That is, you mine another coin, for example, Bitcoin, Litecoin, Ravencoin, and then exchange it for Ripple. For mining you will need:

  • Equipment. For Bitcoin or Litecoin you need an ASIC miner, a user-level device is suitable for mining Monero or Ravencoin.
  • Special software.
  • Stable internet connection.
  • Cryptocurrency wallet for storing mined coins.

Please note that profitable mining of some coins is possible only in mining pools. You can join the pool on some top cryptocurrency exchanges or on specialized sites.

If you have a cryptocurrency, but there is no particular desire to register an account on a centralized exchange, you can use the services of the LetsExchange platform. Here you can exchange more than 3000 coins and tokens for XRP. You will definitely not have to disclose your data and will not need additional swaps.

All you need is to correctly fill out the exchange widget and confirm the application:

  • In the upper field, enter or select a coin for sale and enter the amount of the transaction.
  • In the bottom field, select or enter XRP to buy.
  • Top up your deposit.
  • Specify the address of your wallet for crediting the purchased coins.
  • Click the “Exchange” button.

Of course, XRP can be earned. For example, some cryptocurrency exchanges provide opportunities for passive income, for example, landing, savings, bi-currency investments. Of course, for this you initially need some amount of XRP.

Coins can also be obtained in cryptocurrency faucets, but this method is frankly unproductive and also takes a lot of time.