Ripple (XRP) Cloud Mining Services
Ripple Cryptocurrency Review: Features And Mining
The Ripple cryptocurrency network was released in 2012. The network uses a XRP coins. It is also referred by other names such as the Ripple Transaction protocol, or the ripple protocol.
Ripple uses Consensus protocol rather than the Proof-of-Work or Proof-of-Stake Protocols which are employed by most cryptocurrencies. The Consensus protocol helps in validating the various transactions that take place in the Ripple Network. By being a digital payment network, it is built to support transactions involving cryptocurrencies, fiat currencies or even commodities. In so doing, it acts as a medium of connecting payment providers, corporates, digital asset exchanges and banks through RippleNet.
Ripple has partnered with a number of payment networks and companies which have become members. These include Bank of Tokyo Mistubishi UFJ, RBC, MoneyGram, WestPac, CREDIT AGRICOLE, American Express, Axis Bank, UniCredit, International Foreign Exchange, TransfaerGo, EarthPort Payment Network and others.
Being multifunctional payment system, RippleNet produces its own cryptocurrency XRP. The service also supports providers who have decided to receive this currency.
Features Of Ripple Network
- It offers connectivity across a variety of payment networks;
- Transactions are usually instant (max. of 4 seconds) and on-demand;
- The operational and liquidity costs are generally low;
- The transactions can be traced in real time;
- It is also very scalable holding 500 transactions per second throughout the week.
The end of 2017 saw the value of Ripple Skyrocket to hit an all-time high of $ 3.84 USD on 4th January, 2018. This was a great rise in prices since over the years since Ripple was released, its prices were averaging under $1 up to mid December 2017. After the promising rise in value, XRP, have since witnessed a retracement of its value in the last one month (January 2018), with its value going below $1 again. But the trend seems to have resumed; the price of a single XRP token stably becomes higher. Owing to the Ripple profit due to its scalability and instant transactions, more and more investors are finding a better option to invest in.
The market cap of Ripple is about $45 millions, making the third largest crypto coin by market capitalization after Bitcoin and Ethereum. However, there is already a total supply of 100 millions of XRP and therefore direct XRP Mining is not usually possible.
Ripple originally stored some 20 billion XRP and made the remaining 80 billion XRP available to the companies. That is why as per today only about 39 billion XRP are circulating. The remaining XRP is held in an escrow account.
How to Get Ripple
There are no ways for directly Ripple mining. The users have to mine other cryptocurrencies and change them to get XRM coins. The most trusted exchangers offer BTC/XRP transactions more often. After mining Bitcoin you can exchange them for XRP on various services such as Bittrex, Poloniex, Bitstamp, Kraken, Coinone and Bitfinex. Since Ripple supports Bitcoin rather than competing with it, investors find it easy to mine Bitcoin and exchange it for Ripple (XRP).
Every month 1 billion XRP are released for the market from the independent Escrow Ripple account. Now, those wishing to acquire new XRP tokens, they can exchange other crypto coins for XRP.
At the moment, the most popular method to receive Ripple is to mine Bitcoin using Application Specific Integrated Circuit (ASIC) miners or through cloud mining services and exchange them to XRP.
Mining through CPU and GPU are considered to be quite expensive and non-profitable and hence not very much used nowadays. However, ASIC mining still calls for power consumptions, losses due to breakdowns and maintenance fees.
For cloud mining, the miners can choose to have their payouts made in the form of XRP coins if the cloud mining service provider allows payouts in for of XRP. In this instance BTC/XRM exchange will be done automatically. If the cloud mining service provider doesn’t allow for payouts in form of XRP coins, the miner can exchange the mined coins for XRP coins by himself.
Advantages Of Ripple Cryptocurrency
- Ripple is cheap cryptocurrency. Buying or exchanging Ripple you will not have to cater for electricity bills and hardware maintenance fees. There is no need to buy mining hardware.
- The reduced cost leads to an increased mining profitability.
- It also ensures that your surrounding is quite without the constant humming of the mining hardware and fans.
Services Which Offer Ripple
There are a number of cloud mining service providers worldwide. However, in order to attain the most mining profitability, a miner will have to be very careful when choosing the cloud mining service provider to use.
Choosing the best Ripple cloud mining service provider will require the miner to look at the performance level of the company. Some Ripple mining sites offer a Ripple profitability calculator to assist miners in determining the profitability of mining Ripple.
In addition, the miner should look for a cloud mining service provider that offers daily payouts.
The best Ripple mining sites are:
Eobot is a real-time exchange service based in USA. It supports more than fifteen cryptocurrencies to exchange, including Ripple. The main Eobot advantages are:
- Eobot offers mining contracts for 24 hours to 5 years terms;
- Mining rigs consist of Antminer S series miners, mainly the Antminer S7 and S9 hardware;
- Payouts are available every minute;
- Eobot charge $0.00021 GH/s daily for the 4GH/s Antminer S9 miner plus a 34% maintenance fee;
- The service supports Windows, Android and iOS apps.
Nicehash.com offers miners to take part in the live marketplace. The users should to sign up and make a first payment to start trading. The company offers two types of contracts: fixed price contracts and standard bidding orders. Nicehash makes daily withdrawals 4 times a day using uses PPS (Pay per Share) based payout method.
Exmo.com provides comfortable terms of trading for all customers. The service consists of two modulus: currency exchanger and trades mode. The first platform offers to buy required amount of coins without understanding the details of the process. The second one is for the experienced traders who want to take part the marketplace and influence on the results of the trading process.