Gold Rush Manual | Ore mining is over, is it still worth participating?

Written by: shaofaye123, Foresight News

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

What is Ore?

Ore is a digital currency deployed on Solana BlockchainThe proof-of-work (PoW) algorithm is used. The design of this algorithm allows miners to maintain the network by solving cryptographic problems.Safety, and obtain the correspondingcryptocurrencyRewards. Unlike traditional mining projects, Ore adopts a non-exclusive mining reward mechanism, which ensures fair distribution of miner rewards. Ore provides each miner with a personalized computing challenge. As long as the miner completes his calculation, he can get a certain reward. This mechanism avoids the "winner takes all" phenomenon in mining, giving each participant the opportunity to get rewards, thereby 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, that 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 to start at 8:00 am Beijing time on August 6. TokenThe V2 upgrade was activated at the same time as the metadata.

Ore v2 version update

Ore 创始人 Hardhat Chad 发布了 ORE v2 版本更新。其中新版本将分三阶段（升级 v1 代币元数据、激活 v1 至 v2 升级以及激活挖矿），Ore v2 版本更新为矿工带来了一系列值得关注的新功能和改进，主要包括以下几点：

• Cancel the administrator variable: The new version uses open source algorithm management and cancels the administrator variable, which will improve the 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 rewards through staking;

• CPU-friendly hash function: The use of a hash function that is more CPU-friendly reduces the requirements for equipment during the mining process and improves the accessibility of mining;

• Optimize feedbackWitchAttack strategy: By optimizing the strategy, theWitchrisk of attack;

• Client upgrade: more devices will be supported in the future;

• intelligentcontractUpgradable: SmartcontractIt can be upgraded in the early stage, but 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 the token.

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 into 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 OrXiaobai Navigatione.

4. Check rewards: In 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 via command line (for Linux or Mac):

If you have already dug the first season, please run cargo install ore-cli. After that, enter ore — version to 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 the ORE mining command line program: cargo install ore-cli

Create ORE Miningwallet: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

(Script mining guide reference: @Btc_Crush https://x.com/Btc_Crush/status/1820475971042156872)

Mac and Linux support is more convenient because they have native terminals. For Windows, it is recommended to use the Ubuntu subsystem directly.

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

Mining efficiency analysis

Ore Mainly based onDifficulty Distribution RewardsThe higher the difficulty, the more rewards. The difficulty is randomly assigned, and it mainly depends on luck to get a high-difficulty block.

The probability of high-difficulty blocks being released is difficult to increase

—— If you extend the official default time of 30 seconds to find high-difficulty blocks, each reward will be halved, making it difficult to calculate the benefits.

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

Currently, the mining situation of Ore is quite competitive, and both excessively high fees and low difficulty may result in losses.

If the gas rate is below 500,000, 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 currency is also slightly average and at a relatively high level.

The following is a simple calculation of the relationship between the current cost and the currency price:

• Gas is pulled to more than 50w, and based on a successful transaction of about 1 minute, it consumes 0.00023 Sol, and the daily cost is about:

• 0.000255 Sol X 148 UX 60 X 24 = 54.3 U

• According to Dune statistics, the current participating addresses are around 10,000. The current coin price is calculated based on 450 U. The estimated daily profit is:

• 0.0001 X 450 UX 60 X 24 = 64.8 U (If you are lucky and the difficulty is above 25, the profit is really good)

Although the current participation returns are average, Ore as a POW token on Solana is still worth paying attention to.

The article comes from the Internet:Gold Rush Manual | Ore mining is over, is it still worth participating?

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