ORE v2 mining has been restarted. How to participate and achieve maximum benefits?

Original title: "Gold Rush Manual | Ore Mining is Overdue, Is It Still Worth Participating?"

Original author: shaofaye123, Foresight News

Ore, as an experimental hackathon project, once caused congestion on the Solana network, and its token price attracted attention. Once the second phase of the project was launched, it immediately attracted countless attention. This article will take you to participate in the gold rush.

What is Ore?

Ore is a digital currency that is deployed on the Solana blockchain and uses the Proof of Work (PoW) algorithm. The design of this algorithm allows miners to maintain the security of the network by solving cryptographic problems and receive corresponding cryptocurrency rewards. Unlike traditional mining projects, Ore adopts a non-exclusive mining reward mechanism, which ensures the fair distribution of miner rewards. Ore provides each miner with a personalized computing challenge. As long as the miner completes his own calculation, he can get a certain reward. This mechanism avoids the "winner takes all" phenomenon in mining, giving each participant a chance to get rewards, thus improving the inclusiveness and fairness of the network. Ore also sets a strict supply growth rate for the supply inflation problem in the mining process, which is 0 to 2 Ore per minute, growing in a linear manner. However, the background of the Ore project team is relatively mysterious, and the only known core developer is Hardhat Chad.

The second phase of Ore mining was announced at 8:00 Beijing time on August 6, activating the V2 upgrade while upgrading the V1 token metadata.

Ore v2 version update

Ore founder Hardhat Chad released the ORE v2 version update. The new version will be divided into three stages (upgrading v1 token metadata, activating v1 to v2 upgrades, and activating mining). The Ore v2 version update brings a series of noteworthy new features and improvements to miners, mainly including the following points:

· Cancellation of administrator variables: The new version cancels the administrator variables by switching to open source algorithm management, which will increase the degree of decentralization of the system;

· Supply limit: Ore v2 sets a total supply limit of 21 million pieces, which is expected to be mined by 2064;

· Introducing a staking mechanism: miners can obtain up to 2 times the mining reward through staking;

· CPU-friendly hash function: The adoption of a more CPU-friendly hash function reduces the requirements for equipment during mining and improves the accessibility of mining;

· Optimized anti-sybil attack strategy: The risk of sybil attacks is reduced by optimizing the strategy;

· Client upgrade: More devices will be supported in the future;

· Smart contract upgradeable: Smart contracts can be upgraded in the early stage and will be permanently frozen in the later stage;

· Token exchange: v1 tokens can be exchanged for the new version of Ore at a 1:1 ratio within 3 months, providing an opportunity for a smooth transition for holders of the old version of tokens.

How to participate?

Web browser mining guide

1. Create an account: Visit the Ore official website, register and create a new mining account.

2. Deposit funds: Deposit 0.1 SOL to the account, which will be used for Gas.

3. Start mining: Find and click the "Mine" button on the account interface, the system will automatically assign block difficulty, and you can start earning Ore.

4. View rewards: On the mining interface, you can view the amount of Ore mined in real time. Once confirmed, these rewards will be added to your account balance.

Script Mining Guide

Mining through the command line (applicable to Linux or Mac systems):

If you have mined the first season, please directly execute: cargo install ore-cli, then enter ore — version, return to ore-cli 1.1.0

Install Rust environment: curl https://sh.rustup.rs -sSf | sh

Install dependent libraries: sudo apt-get install build-essential

Install Solana development environment: sh -c「$(curl -sSfL https://release.solana.com/v1.18.4/install)"

Install ORE mining command line program: cargo install ore-cli

Create an ORE mining wallet: solana-keygen new

Enter the following command line to start mining: ore — rpc https://api.mainnet-beta.solana.com — keypair ~/.config/solana/id.json — priority-fee 1 mine — threads 4

Query mining rewards: ore — rpc https://api.mainnet-beta.solana.com — keypair ~/.config/solana/id.json rewards

Withdraw rewards: ore — rpc https://api.mainnet-beta.solana.com — keypair ~/.config/solana/id.json claim

(For script mining guide, please refer to @Btc_Crush https://x.com/Btc_Crush/status/1820475971042156872）

Mac and Linux support is more convenient because there are native terminals. Windows recommends using the Ubuntu subsystem directly.

(Official mining guide reference: https://ore.danielchrobak.software/)

Mining efficiency analysis

Ore mainly distributes rewards based on difficulty. The higher the difficulty, the more rewards. Difficulty distribution is random, and it mainly depends on luck to get high-difficulty blocks.

It is difficult to increase the probability of high-difficulty blocks

——If you extend the official default time of 30 seconds to find high-difficulty blocks, each share will cause the reward to be halved, and it is difficult to calculate the income.

——If you set a minimum difficulty limit in the source code, multiple rejections will also cause losses, which is also difficult to balance.

Currently, the mining situation of Ore is relatively volatile, and both excessively high fees and low difficulty may cause losses.

If the gas rate is below 50w, it may not be possible to get on the chain. According to the current calculation, if the difficulty is below 18, it may not be able to offset the cost and cause losses. It is also recommended to participate with caution if the machine is below M3 configuration. Compared with the current excessive enthusiasm for mining, the price trend of the coin is also slightly average and at a relatively high level. The following is a simple calculation of the correlation between the current cost and the coin price: Gas is pulled to more than 50w, and according to a successful transaction in about 1 minute, it consumes 0.00023 Sol, and the daily cost is about: 0.000255 Sol X 148 U X 60 X 24 = 54.3 U. According to Dune statistics, the current participating address is about 1w. The current coin price is calculated based on 450 U. The estimated daily profit is: 0.0001 X 450 U X 60 X 24 = 64.8 U (If you are lucky, the difficulty of the European Emperor player is above 25, and the income is really good) Although the current participation income is average, Ore is a popular mining platform on Solana. POW tokens are still worth keeping an eye on.

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