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One year ago today, ORE introduced virtual mining on @solana.
Mining no longer required specialized hardware or an electricity arms race. Anyone could compete for newly issued ORE, with the additional incentive of accumulating unrefined ORE.
A year of iteration and refinement later, the principle remains: fair distribution, open participation, and a monetary design that rewards patience.
All you need is a Solana wallet.
Start mining: ore.com/learn
ORE retweeted
fix the mining, fix the distribution, fix the world
One year ago today, ORE introduced virtual mining on @solana.
Mining no longer required specialized hardware or an electricity arms race. Anyone could compete for newly issued ORE, with the additional incentive of accumulating unrefined ORE.
A year of iteration and refinement later, the principle remains: fair distribution, open participation, and a monetary design that rewards patience.
All you need is a Solana wallet.
Start mining: ore.com/learn
ORE retweeted
731 rounds of solana:oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp mining on @solana ⛏️
- 19.54 $SOL in, 17.49 back, 2.05 $SOL real cost
- ~1.56 solana:oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp mined
- Staked $stORE up 2.71 to 3.53
- @ORE Reserve grew to ~7,066 solana:oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp of backing
Time in the mines > timing the mines.
I hold and mine solana:oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp . NFA
ORE retweeted
A year ago today, ORE moved from PoW mining to virtual mining, challenging traditional assumptions about how mining should work.
ORE challenged the idea that electricity costs, expensive equipment and other forms of value leakage are not necessary to establish social consensus around a new Store of Value.
ORE made it possible for anyone with an internet connection and a Solana wallet to mine, democratizing access to mining in the process.
Since then, ORE has added and removed many features along the way, making the protocol stronger than ever.
If you mined and held ORE a year ago today, your stack would have grown by approximately ~60%.
The best time to mine ORE was a year ago. The next best time is today.
Join us: ore.com/learn/how-mining-wor…
ORE retweeted
Here’s another way to think about it:
Bitcoin, Zcash, etc. are vertically integrated in the sense that they have their own L1s. The risk is that their underlying infrastructure may struggle to scale to the throughput and performance required for the global demand of p2p non-sovereign electronic cash, while also supporting a native DeFi ecosystem that doesn’t require wrapping to other networks (trusted third parties, defeating the purpose).
Ore chose to not build its own L1, and instead inherits Solana’s transaction throughput, performance improvements, and rapidly expanding DeFi ecosystem (without having to wrap through trusted third parties).
By effectively outsourcing infrastructure development to Anza and the broader Solana ecosystem, Ore can focus its resources entirely on building future-proof money: immutably freezing core components of the protocol, the reserve, quantum resistance, etc.
Yes Ore is now relying on Solana's continued existence, censorship resistant infra, and continued performance improvements.
An argument could be made though that it is more likely that Bitcoin scalability is neglected and/or Zcash fails to grow a native DeFi eco vs Solana failing as infra+eco for Ore.
Perhaps Ore found a compelling point on the tradeoff spectrum.
ORE retweeted
I've had the opportunity to interview @HardhatChad @ORE a couple times now. Ore is cool. solana:oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp solana:So11111111111111111111111111111111111111112
ORE retweeted
Alpenglow is live. A fitting milestone to revisit ORE's role in Solana's early scaling challenges.
In April 2024, demand for ORE mining flooded Solana with activity, leaving users struggling to get transactions through. @HardhatChad recalls how those events helped kick off the push for greater bandwidth and lower latency.
Two and a half years later, 150 ms finality is here. IBRL.
ORE retweeted
ultimately one of the main points of this revenue is to build up a reserve of complementary assets (gold, usd, staked sol...) that can be used to buy back ORE
you can think of it as a set of limit orders that buy back ORE and bury it during downturns
the endgame is for the Reserve to have enough buying power to absorb the sellable supply at a defined minimum price before it is depleted
once it reaches and sustains that point, ORE's appeal as a savings asset becomes stronger, because holders have a floor against which to assess their downside risk
if there’s one metric to track right now it’s the growth rate of this Reserve
the Reserve however, is only half the story. if building it up is defence, then the offence lies in establishing a long-term monetary premium
ore's potential for a monetary premium is strong, thanks (in part) to its fair launch, slow initial distribution, credible long-term scarcity, and growing mining participation (particularly from non-professionals)
to see this clearly you also have to see why it makes sense for something like ore to exist in the SoV design space (read this essay for my longer form thoughts here: xitter.cf/sacha/status/211252140…)
in sum, continuing to establish this monetary premium is the primary objective. the Reserve just preserves some of the capital generated along the way (in effect turning activity during the bull into buying power during the bear)
naturally, offence and defence here are intertwined, in the sense that this buying power also reinforces ORE's memetics and appeal as a long term SoV
A bet on $ORE is one on a revenue-generating SoV protocol which survived a 95% collapse in both earnings and token price and has now stabilized and is recovering.
ORE generates over $40m in annualized token holder revenue while trading at roughly $60m FDV.
The ⛏️are calling.
ORE retweeted
do yourself a favor and just own 1 solana:oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp
you owe it to your future self
ORE retweeted
🎥 The debate over crypto as money is stronger than ever this cycle, with ZEC the latest to join the conversation.
While most weren’t originally designed as money, @ORE on Solana was built for that purpose from day one 👇