Project ORE Returns with V2 After Causing Solana Outage

ORE is an experimental project deployed on the Solana blockchain utilizing a Proof of Work (PoW) algorithm. This algorithm allows miners to secure the network and earn cryptocurrency rewards by solving cryptographic problems. Unlike traditional mining projects, ORE employs a non-exclusive mining reward mechanism, ensuring fair distribution of rewards among miners. Each miner is provided with personalized computational challenges, and upon completion, receives corresponding rewards.

The project launched in early April and quickly garnered widespread attention and participation within the Solana community. Additionally, ORE won the overall championship and 50,000 USDC in rewards at the 9th Solana Foundation Hackathon, Solana Renaissance competition. With a surge in ORE mining participants, transactions on the Solana network sharply increased, exacerbating network congestion issues. Concurrently, Solana faced additional congestion from bots and newly released meme coins increasing transactions.

Against this backdrop, ORE founder @HardhatChad decided to suspend all mining activities of the ORE project and commence upgrades to its V2 version. The V2 version primarily addresses the following issues:

1.Compression of inefficiencies in the code that gave certain miners asymmetric advantages.

2.Currently, there are no structural incentives for token holders. Miners holding Ore should gain an advantage during mining.

3.Difficulty adjustments should be algorithmic or elective. This will reduce the bias compared to voting.

On June 26, Hardhat Chad announced the introduction of a supply cap for ORE in the V2 contract, following extensive community feedback. This limitation introduces a fixed level of scarcity for ORE and provides stronger inflation protection for token holders.

On August 6, ORE officially announced the resumption of mining activities. According to Rootdata's hot projects board, ORE currently ranks first in popularity.

Participation in Mining

There are two ways to mine ORE:

Browser Mining: By visiting the ORE official website, creating an account, depositing a small amount of SOL (for fees), and clicking the Mine button.

Script Command Mining: Before starting mining, multiple environments need to be installed. After installation, mining can be initiated through commands. Similarly, creating a wallet and depositing a small amount of SOL for fees is required. There are native terminals for Mac and Linux.

For detailed operational guidance, refer to user @Btc_Crush.

Currently, ORE mining difficulty is relatively high. High fees and low difficulty can both lead to losses. It is advisable for machines below M3 configuration to participate cautiously. As ORE continues to produce, its price has dropped by 63.31% within 24 hours.