The founder of Ore announced the suspension of the Solana mining project! Waiting for V2 optimization, this news caused a huge sensation in the field of digital currency like a bomb. For a time, people talked about the motivation behind this decision. In this article, we will delve into the decision of the founder of Ore, explore the reasons and possible impacts behind it, and deconstruct this highly watched event for you.

In order to better understand the decision of the founder of Ore, let us first review the development history of the Solana mining project. As an emerging blockchain network, Solana has attracted the attention of many investors and developers with its excellent performance and low transaction fees. As a mining project on Solana, Ore has always attracted much attention. Its efficient mining mechanism and stable operation have brought considerable returns to investors. However, just when the market was surging, the founder of Ore announced the suspension of the mining project and chose to wait for the arrival of V2 optimization.

What kind of considerations are hidden behind this decision? It is reported that the founder of Ore said that the suspension of the mining project is to wait for the optimization of Solana V2 version to improve the efficiency and benefits of mining. The V2 version will bring faster transaction confirmation speed and lower transaction costs, which will greatly improve the mining experience and create more profits for miners. Therefore, the founder of Ore believes that waiting for the arrival of V2 optimization will bring broader development space for the project, which is worth looking forward to by investors.

It is worth noting that this decision of the founder of Ore is not an isolated case, but a common phenomenon in the field of digital currency. With the continuous development and improvement of blockchain technology, project parties pay more attention to product stability and user experience. In the face of fierce market competition and high requirements of investors, suspending mining projects and waiting for optimization has become a common strategy. This strategy can not only enhance the competitiveness of the project, but also bring more stable returns to investors, which is a wise choice.

However, for investors, the decision of the founder of Ore also brings certain uncertainties. Suspending the mining project means temporarily losing the benefits brought by mining, and the time waiting for V2 optimization also makes investors anxious. Despite this, investors still expressed their understanding and support for the decision of the founder of Ore. They believe that the arrival of V2 optimization will bring greater surprises to the project and bring them more generous returns.

In summary, the decision by the founder of Ore to suspend the Solana mining project and wait for V2 optimization has brought some fluctuations, but it also shows that the project party attaches great importance to product quality and user experience. With the arrival of V2, I believe that the Ore mining project will usher in new development opportunities and create more wealth for investors. Let us look forward to the arrival of V2 optimization and witness the next glorious moment of the Ore mining project!

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Coin Circle (120BTC.COm): What is Ore, the mining project from Solana Hackathon earlier this month? It has received a lot of attention in the two weeks since its launch, but why did the founder Hardhat
Chad suddenly announce yesterday that the project will be stopped and waiting for the development of v2? What impact will it have on users?

Ore allows everyone to mine fairly

Ore is an experimental project. The mechanism is to use a special proof-of-work mechanism to allow everyone to use any device (tablets, mobile phones, home computers) to mine on Solana and obtain ORE tokens.

What problem does Ore want to solve: the mining threshold is too high

Currently, if anyone wants to participate in crypto or coin proof-of-work mining, it usually requires a lot of upfront capital investment and advanced hardware setting knowledge. This often excludes many more participants who intend to become miners, which will ultimately damage network security and token distribution models.

Ore said that it can solve the above mining threshold problem through a novel proof-of-work algorithm. The algorithm allows users to mine on any device without purchasing expensive hardware or joining a mining pool, and guarantees a share of the income.

Ore design concept: customized mining difficulty

Unlike Bitcoin mining, where all miners guess the hash value of the next block together, Ore assigns customized calculation questions to each miner to achieve the goal of "everyone can participate in mining".

As long as miners provide solutions to their personal challenges, the Ore smart contract will guarantee that they will receive a portion of the Ore supply.

Ore will ensure that everyone can participate in mining and get rewards. Ore uses a mining protocol with non-exclusive rewards to achieve this. If a miner cracks his own calculation challenge, it will not prevent another miner from winning. Instead of letting each miner participate in a winner-takes-all competition, Ore provides each miner with his own personalized calculation challenge. And because miners in the Ore network cannot be censored, it can ensure that everyone can join.

The core concept of Ore is to ensure that "all participants can participate in mining and get rewards." However, it should be noted that the value of the reward is another feasibility issue.

Although miners with better hardware tend to get more rewards over time, Ore's ideal design should allow everyone to successfully mine through devices such as laptops or mobile phones.

Ore token distribution: linear unlocking with no upper limit

No matter how many active miners there are on the Ore network, the network will maintain a linear supply rate of about 1 ORE token per minute, and there is no total limit.

According to the official website, ORE tokens are launched fairly. There is no team allocation or pre-mined supply for ORE tokens. Everyone competes for mining at the same starting point. Users are allowed to participate in mining since April 2.

Ore has gained a lot of user participation: affecting the performance of the Solana network

The launch of Ore attracted many users to join, but it also caused vicious competition for some miners who did not get more rewards, making the congestion and transaction failure problems of the Solana network more serious.

In addition to the design problems of the underlying technical architecture of the network, the community believes that the application-level meme coins and Ore are the key to the congestion of this network.

Founder announces suspension of Ore mining

Ore has received a lot of attention since its launch two weeks ago, but the founder Hardhat Chad announced yesterday that the operation of this project will be suspended.

Ore mining has been suspended pending v2 optimization

The current mining mechanism of the Ore network has been suspended. Chad said that there are many problems in the current design that need to be solved. He hopes to spend a few weeks researching and building a team to regroup and launch v2:

 The existing code design is imperfect, which gives some miners an asymmetric advantage.

 There is currently no structural incentive to hold ORE tokens. Ideally, it is hoped that miners holding ORE tokens will have an advantage when mining.

 There will be more bias in voting for mining difficulty. The difficulty change should be an algorithm or a user's choice.

Chad said that when these problems are solved, the open source client software will be rebuilt for users, and the mining mechanism will be restored. It is expected to take several weeks to complete these tasks.

Existing user rights will not be affected

Existing mined ORE tokens can be claimed at any time, and can be upgraded to the token version of the v2 network later.