Ore has re-emerged as a major talking point in the crypto space. Initially launched as an experimental hackathon project, its unique Proof-of-Work (PoW) mechanism once caused significant congestion on the Solana network. Now, with the launch of its second version, Ore v2, interest has surged once again. This guide provides a clear overview of what Ore is, what’s new in v2, and actionable steps to start mining.
What Is ORE?
Ore is a digital currency operating on the Solana blockchain that uses a Proof-of-Work (PoW) consensus algorithm. This design allows miners to help secure the network by solving computational puzzles and earning cryptocurrency rewards in return.
Unlike many traditional mining systems, Ore uses a non-exclusive reward mechanism. Each miner receives a personalized computational challenge. Upon solving it, the miner is rewarded, which prevents a “winner-takes-all” scenario and promotes fairness. This approach encourages broader participation and improves the network’s inclusivity.
To address supply inflation, Ore implements a strictly controlled emission rate. The supply grows linearly at a rate between 0 and 2 Ore per minute. The project is known for its enigmatic team, with Hardhat Chad being the only publicly known core developer.
The second phase of Ore mining began on August 6. This update included upgrades to the V1 token metadata and activated the new V2 protocol.
Key Updates in ORE v2
The founder, Hardhat Chad, announced several major improvements in the ORE v2 release. The rollout is structured in three phases: upgrading V1 token metadata, activating the V1 to V2 migration, and finally activating mining.
Notable upgrades include:
- Removal of Admin Controls: The new version uses open-source algorithmic management, increasing decentralization.
- Supply Cap: A hard cap of 21 million Ore tokens has been set, with mining expected to conclude by 2064.
- Staking Mechanism: Miners can now stake tokens to receive up to 2x mining rewards.
- CPU-Friendly Hashing: The new hash function reduces hardware requirements, making mining more accessible.
- Anti-Sybil Attack Improvements: Enhanced strategies mitigate the risk of sybil attacks.
- Client Upgrades: Future updates will support a wider range of devices.
- Upgradeable Smart Contracts: Contracts are initially upgradeable but will be permanently locked in the future.
- Token Migration: V1 tokens can be exchanged for new Ore tokens at a 1:1 ratio within a three-month window.
How to Start Mining ORE
You can participate in Ore mining directly through a web browser or by using a script for more advanced control.
Web Browser Mining
This method is user-friendly and ideal for beginners.
- Create an Account: Visit the official Ore website and register for a new mining account.
- Deposit Funds: You will need to deposit a small amount of SOL (around 0.1 SOL) to your account to cover transaction (gas) fees.
- Start Mining: Locate and click the "Mine" button on your account dashboard. The system will automatically assign a block difficulty, and you will begin earning Ore.
- Track Rewards: The mining interface displays your accumulated Ore rewards in real-time. Once a reward is confirmed, it is added to your account balance.
Script-Based Mining (Advanced)
For users comfortable with command-line interfaces, script mining offers more customization. This guide is tailored for Linux or Mac systems. Windows users are advised to use the Windows Subsystem for Linux (WSL).
- Install Rust: Begin by installing the Rust programming environment:
curl https://sh.rustup.rs -sSf | sh - Install Build Tools: Install essential build libraries:
sudo apt-get install build-essential - Install Solana Tools: Set up the Solana command-line tools:
sh -c "$(curl -sSfL https://release.solana.com/v1.18.4/install)" - Install ORE CLI: Install the Ore command-line program:
cargo install ore-cli - Create a Wallet: Generate a new Solana wallet keypair:
solana-keygen new - Begin Mining: Execute the mining command. Adjust the
--threadsparameter based on your CPU's core count.ore --rpc https://api.mainnet-beta.solana.com --keypair ~/.config/solana/id.json --priority-fee 1 mine --threads 4 - Check Rewards: To see your mining rewards:
ore --rpc https://api.mainnet-beta.solana.com --keypair ~/.config/solana/id.json rewards - Claim Rewards: To withdraw your earned Ore to your wallet:
ore --rpc https://api.mainnet-beta.solana.com --keypair ~/.config/solana/id.json claim
👉 Explore advanced mining strategies
Mining Efficiency and Profitability Analysis
Ore rewards are based on the difficulty of the block a miner solves. Higher difficulty blocks yield larger rewards, but the assignment of difficulty is random, making luck a significant factor.
Attempting to manipulate this system often backfires:
- Extending the default 30-second search time for a higher-difficulty block will halve the potential reward.
- Setting a minimum difficulty threshold in the source code can lead to multiple rejected attempts, resulting in net losses.
The current mining landscape is highly competitive. Engaging with too high a transaction fee or too low a difficulty can easily lead to an unprofitable operation.
Key Considerations:
- Gas fees below 500,000 lamports may prevent transactions from being included in a block.
- At current token prices, solving blocks with a difficulty below 18 may not cover the cost of the gas fee.
- Machines less powerful than an Apple M3 chip may struggle to be profitable.
Estimated Daily Cost & Earnings:
- Cost: With a gas fee set above 500,000 lamports (~0.00023 SOL per successful transaction) and one transaction per minute, the daily cost in USD (assuming SOL at $148) is approximately **$54.30**.
- Earnings: With roughly 10,000 active addresses and a token price of $450, a miner could earn about **$64.80** per day (mining 0.0001 Ore per block). This requires consistently average luck; "luckier" miners solving higher-difficulty blocks will earn more.
While current profit margins are slim for the average participant, Ore remains a noteworthy PoW token on Solana. 👉 View real-time profitability tools
Frequently Asked Questions
What is the total supply of ORE?
ORE v2 has a hard cap of 21 million tokens. This supply will be gradually emitted through the mining process until approximately the year 2064.
Can I still convert my ORE v1 tokens to v2?
Yes, the project has provided a three-month grace period for holders to migrate their ORE v1 tokens to the new v2 tokens at a 1:1 ratio. Ensure you complete this process before the window closes.
Do I need powerful hardware to mine ORE?
Not necessarily. A key update in v2 is the shift to a CPU-friendly algorithm. While more powerful CPUs will have a higher hash rate, standard modern computers can participate effectively, making it more accessible than GPU-intensive mining.
What is the purpose of staking in ORE v2?
The new staking mechanism allows miners to lock up their ORE tokens to receive a multiplier on their mining rewards, up to a maximum of 2x. This provides an additional way to earn from the network.
Is mining ORE profitable right now?
Profitability is highly variable and depends on current token price, network congestion (which affects gas fees), the mining difficulty you receive, and your hardware efficiency. It's essential to calculate your potential costs and earnings before investing significant resources.
How does Ore prevent Sybil attacks?
The protocol has implemented optimized anti-Sybil strategies in its v2 update. These cryptographic measures make it computationally expensive and economically unviable to create a large number of fake identities to game the mining system.