Nowadays cryptocurrencies are one of the most popular invest among people. Ripple became the brightening star in the sector since it had a price surge recently. Investors prefer explore it to find ways of earning XRP coins. In consequence of, Ripple mining is wanted to learn by users and they want to learn which mining rig is best.
Actually Ripple mining is not possible. It doesn’t matter if you heard total opposite. Ripple cannot mineable. This makes Ripple different from other cryptocurrencies such as Bitcoin, Etherum, TRON etc.
So what are the reasons? In fact, there are many. A company controlls ripple. Ripple Labs are also created by same company. The company is the only one who can create XRP coins.
Until now, the company has produced approximately 100 billion XRP but only 39.8 billion of it has been released to circulation. Most of the other coins -like Bitcoin- can be mined until that total supply is released into circulation. This makes circulating supply of Ripple fix. Until company releases more coins this will remain same.
Only way to get XRP coins is mining and that is to mine other cryptos. Then you can exchange them for Bitcoin and after buy XRP or you can buy directly XRP if there is a trading pair for the currency you have mined.
We can say the only way to get XRP is trade -with other coins.
In general, financial institutions and banks are not big fan of cryptocurrencies. So far, many banks around the world choose Ripple as their preferred coin. It is true! Many banks targeted Ripple. Because, Ripple has created some very useful and much-needed products like xCurrent or xRapid and they are used to speed up the financial transactions.
The technology that is used by banks is old fashion. Usually it is not capable of meeting higher and higher demands. Thats why the banks need to improve their tech. Since there is a reputable company behind it and it is more stable than many other coins financial institutions favored the Ripple.
We can say recent price surge is actual reason of this decision. It is believed that banks are getting ready to actually implement products of Ripple. This will lead to transaction of Ripple in the future. But Ripple mining remains impossible.