Mining for everyone
Bitcoin mining is not accessible due to high costs for equipment, enormous costs for electricity, and a very steep learning curve from a technical standpoint.
ORE on the other hand is accessible to everyone. It can be mined on a phone, laptop, raspberry pi, and other devices. I have onboarded friends and family with zero cryptocurrency or mining experience (over text message) in less than 15 minutes. Zero to mining in 10 minutes.
This is revolutionary in the mining sector and is not possible with Bitcoin or other mineable tokens. This remains one of the major reasons that I find ORE to be a new leader. They’re on to something and it is worth a pause to learn about and follow closely.
Financial Freedom
Bitcoin initially set out with the clear mission of financial freedom. Bitcoin started with the capability of mining on laptops and everyone had an opportunity to receive mining rewards (bitcoin). The protocol did not have a method to prevent the well-known realities of society – where the big players will eventually arrive and squeeze out the public to monopolize mining profits. Those days have arrived and bitcoin mining is no longer accessible or affordable.
Enter ORE. They have created a new mining contract to solve this dilemma. You do not need any special equipment and the mining contract makes it impossible for any participant to be excluded from mining rewards. ORE is the next generation to embody the original mission of mining access and financial freedom for everyone.
Everyone can create (mine) ORE
ORE has created a mining contract that resolves the issue we are facing with Bitcoin. ORE is non-censoring, making it impossible for any participant to be excluded from mining and receiving tokens. The protocol currently mines 1 ORE token every minute, of which everyone competes for their slice of the pie. Anyone can participate from a mobile phone, laptop, or desktop computer with a couple clicks.
Fair launch
ORE has solved the fair launch problem. For anyone that has been involved in digital assets, we have seen time after time the insider corruption, influencers, and outright scams with token launches. ORE is none of this. There is no insider allocation, no paid influencers, no pre-mined supply, nor any unfair advantage to the developers. ORE has reset the standard in the industry for others to follow.
Immutability / Integrity
When development is completed, the smart contract will be frozen by Hardhat Chad. This is very important feature of the asset, often overlooked. Essentially, it provides a new level of integrity to ensure the fair-launch stays fair, forever. The developers cannot change directions in the future and “print money” to debase investors or dilute the supply. It will not be possible. The contract will be immutable. To break or change this – one would need to break or change the Solana blockchain in addition to the ORE protocol.
Tokenomics
ORE has favorable tokenomics as compared to Bitcoin’s total supply of 21 million tokens. ORE was originally set to a max supply of 21 million, however was later reduced to 5 million to enhance the tokenomics and scarcity. Currently, approximately 1 ORE is mined every minute using a deflationary supply curve [image below] over the next 30 years. Emissions will reduce by 10% each year.
Only 5 Million
If ORE does fulfill its mission – keep in mind that only 5 million people can ever own 1 ORE token (30 years from now). As of this article, there are 10,851 holders of a total supply of 259,759 tokens. On average – each holder has about 24 ORE.
Yield / Passive Earning
One of the advantages of ORE being native to Solana is that it allowed the developers to add a native yield mechanism (passive earning) into the core mining protocol.
This allows an ORE holder to “stake” their holdings as native ORE or as liquidity pairs such as HNT-ORE or SOL-ORE. As a result, by “staking” these assets, you earn a passive income/earnings. Essentially, the protocol rewards you with a percentage of all newly mined tokens for your contribution as a liquidity provider. Everyone receives a small piece of the pie. This makes the ORE asset highly liquid (quick, easy, and cheap to swap).
Global Boosts (aka Staking Rewards)
As you learn more about ORE you will see the ability to provide global boosts. This term can be confusing for a new user, so I will break down how this term came about and what it means. In the most general sense, the term boost can be understood as “staking rewards“. The “global” term requires a little history lesson, but to start – consider it another way of saying “parent or protocol level“. Put that together and we have “protocol-level staking rewards“.
As a user, you have the option to stake native ORE or stake a liquidity pair such as HNT-ORE, SOL-ORE, and so on. For a new user, staking ORE (as is) is a great way to get started to understand how it works under the hood. At current, you also earn a 25% APR which is very high in the defi space.
How did the term Global Boost take form? This term “global” requires some historical context to understand. In the simplest terms, on the launch of ORE v2 the rate of return on rewards as a liquidity provider varied significantly from one mining pool to another. This return was based on how much hash power the competing mining pools generated. The more hash power, the more rewards. So everyone was left chasing the higher hash power for the highest reward/yield. This became a frustration for users and reduced participation in providing liquidity, an important goal of ORE.
The solution was to remove that variable at the mining pool level and build it into the parent/protocol level (aka global level). As a result, the rate of reward variability was resolved to attract more liquidity providers and avoid the need to “chase the yield”. Now, being a liquidity provider is seamless and time efficient.
Why does ORE matter?
This is an important question that everyone must answer for themselves. Here is why ORE matters to me.
There are so many digital assets and chaos in the crypto markets that it is overwhelming. It is enough for most newcomers to just stay away. I stayed away, at first. With everything else aside, mining still caught my curiosity and I felt there was no harm or major risk in trying to understand that aspect of this emerging technology.
Mining was how I on-boarded. It allowed me to overcome the stigma and instead, look under the hood to understand more. Soon after I started to mine, it became a rabbit hole which spanned years of twists and turns. Endless hours of reading and education about our global economy, politics, trading, and financial markets. It opened a level of understanding that seemed forged closed and only available to generational wealth. It made me see things that cannot be un-seen. At the end, I realized I was living under a rock. A financial slave to the our broken money system. Mining was the key to the door (that was already unlocked).
That is my why and ORE understands the importance of mining to on-board new users. It resonates with me and this is how I try to on-board my closest friends also – through mining. Mining is the most practical and pragmatic way to on-board.
How do I get started?
The new ORE website will be coming soon and I will update this link when they go public. For now, click here to join the ORE Discord.
Links and Resources
ORE token address: oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp
Dexscreener
Discord
