ORE mining on Solana network

[adaseb]

So for the past few days it was impossible getting any transaction in. I had to switch RPC back and forth and set a high fee just to get a simple SOL transaction to send.

Turns out there is something called ORE which is POW mining on a POS chain. Sounds crazy doesn’t it.

Launched 4 days ago. Market cap is small like $7M so has potential.

I tried it out, took forever to install and after an hour with a laptop CPU I earned 0.0005 ORE which at the moment is worth about $0.50

So maybe if you guys still got tons of CPU’s laying around nothing doing anything you can do this for fun.

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[ccplz]

this crap is stuck on starting: creating token account for me

[adaseb]

this crap is stuck on starting: creating token account for me

Yeah it’s a pain to get it started. And the coin tanked in value a lot. Was $2000 when I started and now $300 a few hours ago.

Seems people are doing nothing but renting AWS rigs and dumping these ORE right away. The dexscanner says we got like 80% sells in the last 24 hours. The mining selling pressure is just too high for this illiquid token.

[Bitcoin_Arena]

Yeah it’s a pain to get it started. And the coin tanked in value a lot. Was $2000 when I started and now $300 a few hours ago.

It does not look promising at all.

I could have done it for fun, but with the Mint Authority still enabled and ownership not renounced. It's just a waste of time. I can see why the price tanked that hard. On Raydium liquidity is just at $9.4K lol. 

[adaseb]

Yeah it’s a pain to get it started. And the coin tanked in value a lot. Was $2000 when I started and now $300 a few hours ago.

It does not look promising at all.

I could have done it for fun, but with the Mint Authority still enabled and ownership not renounced. It's just a waste of time. I can see why the price tanked that hard. On Raydium liquidity is just at $9.4K lol. 

Yeah its hard to say how it will turn out. However it seems every crappy meme coin on SOL pumps like crazy and even gets a few CEX listings. This looked promising because it allows anyone to mine some tokens even if they have a smart phone.

In their website they talk about fair launch and distrution and the website is well designed, the code also had a lot of work put into it. I am fairly new to Solana so I don't know much about the Mint Autority but I assumed its enabled because there is a new ORE minted every minute by the miners.

[Yamane_Keto]

Does anyone know how this is done? you can do POS for tokens on POW blockchain, where there is L2 and POS is performed on it, but this is the first time I have heard of POW mining on a POS chain.

Ore takes the core idea behind mining, where a miner solves cryptographic puzzles to secure the network while earning crypto, and applies it to its own token's launch on the Solana blockchain. Miners can take home a share of 1 ORE per minute, distributed by the number of puzzles they each solve.

Solves cryptographic puzzles doesn't seem like a good term to describe finding a nonce.

Github gave me more details https://github.com/0xrsydn/ore-miner?tab=readme-ov-file

I'll look at the code later.

[Bitcoin_Arena]

Yeah its hard to say how it will turn out. However it seems every crappy meme coin on SOL pumps like crazy and even gets a few CEX listings. This looked promising because it allows anyone to mine some tokens even if they have a smart phone.

Yeah, getting listed on a few good CExs could give some token miners some hope. What I noticed is hype plays a big role in pushing the token price, however shitty it looks like in the bull run. If there are a lot of people buzzing about it, it's good to be part of the ride and jump off right before the hype dies down.

I know a few tokens on Solana that are really so good or are at least far much better than most meme coins, but they just die a natural death because they don't have that hype.

The ORE thing though is pissing off a lot of Solana users because of network congestion, just like how the ordinals pissed off the Bitcoin users or cryptokitties with the Ethereum users back in the day 

Does anyone know how this is done? you can do POS for tokens on POW blockchain, where there is L2 and POS is performed on it, but this is the first time I have heard of POW mining on a POS chain.

Basically just a smart contract of sorts on Sol chain. I don't think it's really similar to the POW we usually know about.

[adaseb]

When you first launch the miner it starts mining some hash, this is very quick. Then for the next few minutes it looks for something and eventually sends it to the network and you get your reward.

However right now most of the sends are failed but eventually some will get thru. I think if they increased the difficult by like 100x then the spams would go down since it would take longer to find a “share”.

[adaseb]

Some updates on ORE if you werent following.

A few days ago there was a vote to increase difficulty by 4x, and it was approved by 98% of voters.
Yesterday there was a vote to increase difficulty by 32x and again it was approved by 98% of voters.

If you go to the discord, there might be a Nvidia GPU miner out there, I haven't tried this yet. But it seems that the CPU mining phase is a dead end. Plus there is also the issue of getting the transaction sent to the network and confirmed. Only way is to use JITO which ends up taking most of the miner rewards.