What is Ripple Mining?

Unfortunately, Ripple mining is not something that can be done anymore. The currency was created in its entirety at the start, so Ripple mining is now only something that can be done by its creators.

Despite that, it’s still very popular. It’s used for currency transactions with businesses or banks when they wish to transfer currency and it’s seen a great deal of growth recently.

Ripple transaction network protocol relies on technology similar to that found in Blockchain technology but it isn’t quite the same. Ripple doesn’t need to be mined, but the Ripple mining protocol is great for ensuring the transactions go through and it works on a consensus-based network.

Ripple has proved to be very popular with large financial services providers. It lets banks transfer currency and other assets relatively easily. Ripple can be exchanged for all sorts of things—currencies such as US Dollars and Euros, precious metals like Gold or even air miles. These assets can be moved between financial or business institutions almost instantly using Ripple. Ripple as proved to be a lot more efficient than other money transfer systems like Swift. Transfers using these other systems can sometimes take days to finalize and they charge large service fees as well. Ripple transfers, by contrast, are almost instantaneous and cheap.

XRP is the name of the currency used on the Ripple network. It has a low transaction cost and while it can be traded, as we mentioned it can no longer be mined, so there is no longer any such thing as Ripple mining.