Authors: Arain, ChainCatcher

Editors: Marco, ChainCatcher

Ore resumed mining on August 6th and became a highly anticipated project on Solana this week, with its popularity soaring on the Web3 data asset platform.

On July 29th, Ore founder Hardhat Chad released the ORE v2 version update. According to Coingecko data, the price of Ore hit a high at noon on July 30th, reaching $1409 per coin, a nearly 40% increase within 24 hours.

Based on the performance of Ore V1 in April this year—when the mining frenzy caused network congestion on Solana, forcing Solana to undergo technical upgrades, and the market frenzy before the V2 mining, many miners turned their attention to the project and started mining after V2 was launched.

Perhaps due to the widespread market downturn, contrary to expectations, Ore's price has been plummeting since it resumed mining on August 6th. As of the time of writing, its price has dropped by nearly 90%, and miners have been complaining in the community that Ore is at a shutdown price.

Ore V2's Current Mining Income Is Not Optimistic

Ore's anonymous founder, Hardhat Chad, stated that Ore aims to become "the native currency of the Internet." Similar to Bitcoin, Ore adopts a proof-of-work (PoW) algorithm and has a total supply of 21 million. However, unlike Bitcoin, Ore has a "non-exclusive mining reward mechanism," meaning that each miner solves their own "problem," and the "problems" in the hands of each miner may be different, with no competition between miners.

In theory, Ore does not require miners to have advanced hardware facilities or computer knowledge. Its official website claims that "any laptop, mobile phone, or home computer can mine ORE. There is no need to purchase advanced hardware, and even software novices can start mining."

However, in reality, according to ChainCatcher's interviews, new miners planning to mine Ore have encountered some deployment issues.

Miner Xiao C only started researching mining after Ore V2 was launched. He stated that due to the fragmented tutorials on the Internet, he personally attempted deployment but was not very successful. He has now handed over the tutorial documents to the team's technical personnel for further research.

Wang Xiaolou is a KOL in the Chinese-speaking crypto industry on Twitter and is also a founding member of the KillerWhalesDAO. After successfully mining Ore using his personal computer, he shared his mining tutorial.

He told ChainCatcher that he started mining at 8:00 am on August 6th but did not mine continuously. "I don't remember how long in total, and now the Stake balance shows 0.00458741627 ORE."

Wang Xiaolou pointed out that renting a server to mine Ore after the upgrade to V2 is not feasible, but mining with a personal computer can be successful. However, currently, his personal "M3" is struggling a bit—M3 is the world's first computer chip based on 3-nanometer technology launched by Apple in October 2023.

"It's quite difficult to mine now, but you can give it a try," Wang Xiaolou said.

Xiao C expressed that Wang Xiaolou's experience in mining Ore made him reconsider whether to deploy mining Ore. "Is this a shutdown price? My friend just said he only mined 0.0004, just enough to cover the electricity bill. With such little income, I may not consider mining for now."

But Wang Xiaolou stated that he would continue to mine, "This is a pursuit of technology for me."

Chaincather also found that complaints about the low mining income of Ore are filling the Ore community. Many miners, like Wang Xiaolou, are "painfully happy," joking about mining at a loss.

Why Ore Is Once Again Attracting Attention

"Ore 2.0 is here. The mining feast back then directly caused the entire Solana chain to be sluggish, and the price of the coin rose to tens of thousands of U. Now, with 2.0, you can mine directly on the web page. Open the webpage, connect the wallet, and take some gas. Act quickly." At the arrival of Ore V2, KOLs on Twitter are calling for action.

As users continue to flock to the high-performance, low-cost Solana public chain, the novel mining protocol "Ore," designed for fair token distribution, has emerged, much like a Bitcoin on Solana, once again igniting the mining frenzy on Solana.

On April 2nd, ORE V1 was deployed on Solana, providing mining opportunities for those who deposited SOL into smart contracts, thus sharing a protocol reward of 1 ORE per minute.

Behind Ore is no venture capital support. Hardhat Chad described it as an experimental hackathon project, and the project won a $50,000 prize from the Solana Fund at the beginning of May, recognizing Ore as one of the projects that could have an impact on Solana.

Ore did indeed impact Solana. This conclusion had already been verified by the market in mid-April. Many people became interested in the "Bitcoin" on Solana, coupled with the high output of 1 ORE per minute, Ore mining was once the most used behavior on Solana. Because the Ore V1 algorithm was relatively easy to manipulate, a large amount of spam clogged the Solana network, causing many mining transactions to fail—only successful submissions could successfully mine Ore.

On April 16th, Hardhat Chad announced the suspension of mining for Ore to make improvements and to launch Ore V2. As a result, Ore temporarily quieted down in the market.

At the end of July, Ore reappeared in the form of Ore V2. Ore V2 is a completely different version from V1, divided into three stages: upgrading v1 token metadata, activating the v1 to v2 upgrade, and activating mining.

The Ore v2 version update includes:

• Removal of administrator variables: The new version uses open-source algorithms to manage and removes administrator variables, which will increase the decentralization of the system.
• Supply limit: Ore v2 sets a total supply limit of 21 million coins, expected to be mined by 2064.
• Introduction of staking mechanism: Miners can earn up to 2 times the mining reward through staking.
• CPU-friendly hash function: Adopts a hash function that is more friendly to CPUs, reducing the device requirements for mining and improving mining accessibility.
• Optimized anti-sybil attack strategy: By optimizing the strategy, the risk of sybil attacks is reduced.
• Client upgrade: Will support more devices in the future.
• Upgradeable smart contracts: Smart contracts can be upgraded initially and will be permanently frozen later.
• Token exchange: V1 tokens can be exchanged for the new version of Ore at a 1:1 ratio within 3 months, providing a smooth transition for holders of the old version tokens.

It is important to note that the V2 version has two significant changes: the introduction of a new, less playable mining algorithm, DrillX, to ensure that simple mobile phones and laptops will never be unable to mine due to high prices; and the introduction of staking to increase mining rewards, reducing the incentive for miners to claim and sell to maintain price stability.

However, based on the current discussions in the Ore mining community, Ore V2 is not as attractive in terms of income as the V1 version, and the introduction of staking has not generated the desired income for miners.

In Ore's Discord, miner @Bb849 expressed surprise at the sharp drop in the price of V2, writing, "I don't understand why the price would plummet. In fact, there are not enough Ore to sell. We (miners) may have created about 4000 Ore, but more than 4000 have been staked."

@Junlerotg.xbt replied to Bb840 below, stating that many uninformed buyers overbought Ore before the launch of V2, resulting in losses in the current market conditions, leading to selling. This conclusion received support from many other miners in the V2 discussion area, with other miners pointing out that V1 holders may also have upgraded to V2 and sold, as the mining cost of V1 is lower—but this is not a significant portion.

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