What is ORE?
ORE is a revolutionary proof-of-work cryptocurrency built directly on the Solana blockchain as a smart contract, making it the first and only minable token on Solana. Unlike traditional PoW systems like Bitcoin where miners compete against each other with only one winner per block, ORE introduces a fair mining protocol that guarantees everyone who participates can earn rewards. The platform combines the proven distribution model of proof-of-work mining with Solana's high-speed, low-cost infrastructure to create an accessible mining experience for anyone with a computer or smartphone.
Launched in 2024 by Regolith Labs, ORE aims to serve as a Solana-native store of value with maximal freedom and minimal trust assumptions. The protocol uses the DrillX proof-of-work algorithm, which leverages Equihash and Blake3 to provide efficient on-chain verification while maintaining fairness. With a maximum supply capped at 5 million tokens distributed at an average rate of 1 ORE per minute, the platform offers predictable and transparent tokenomics designed to create sustainable value over the long term.
ORE represents a paradigm shift from traditional mining by eliminating the winner-takes-all dynamics that favor industrial-scale operations. Instead, it provides personalized computational challenges to each miner, allowing multiple participants to earn rewards simultaneously based on the difficulty of their solutions. This approach democratizes token distribution while showcasing Solana's capabilities in supporting innovative consensus mechanisms.
Key Features
- Non-Exclusive Rewards: Multiple miners can win rewards simultaneously during each one-minute epoch, eliminating the zero-sum competition found in traditional PoW systems where only one miner wins per block.
- Personalized Mining Challenges: Each miner receives a unique computational puzzle tailored to their mining account, ensuring a level playing field where success depends on effort rather than overwhelming computational dominance.
- Stake-Weighted Multipliers: Miners can boost their rewards by up to 2x by staking ORE tokens in the protocol, with the largest staker receiving the maximum multiplier and all others receiving proportional bonuses between 1x-2x.
- Rapid Minute-by-Minute Epochs: Built on Solana's fast runtime, the mining protocol operates in 60-second intervals with near-instant challenge verification and immediate reward distribution to miners.
- Low-Cost On-Chain Verification: The DrillX algorithm uses an asymmetric proof-of-work design that requires significant computational effort to generate solutions but allows for cheap and fast verification directly on the Solana blockchain.
- Anti-Sybil Mechanism: The protocol design makes it counterproductive to submit solutions more frequently than once per minute, as excessive submissions result in errors and wasted transaction fees without additional rewards.
- Accessible Mining Interfaces: Miners can participate through either a user-friendly web application that works directly in browsers or a high-performance command-line interface for advanced users seeking optimal efficiency.
- Protocol Revenue and Token Burying: The upgraded ORE protocol introduced in October 2024 generates protocol revenue and implements automated token burying mechanisms, creating potential for net deflation when burning exceeds emissions.
How It Works
ORE mining begins when a user creates a mining account on the Solana blockchain, which stores proof-of-work submissions. The smart contract then generates a unique computational challenge for each miner, eliminating direct competition between participants. Miners use their local computational power to search for hash solutions that meet specific difficulty criteria, with higher difficulty levels yielding proportionally larger rewards.
During each 60-second epoch, miners work to find the most difficult valid hash they can compute. At the end of the interval, they submit their best solution to the ORE smart contract on Solana, which quickly verifies the submission's validity and difficulty level. The contract then distributes rewards proportionally based on the difficulty achieved, with additional multipliers applied for users who have staked ORE tokens. This system ensures that all miners who submit valid solutions earn rewards, making mining participation economically viable regardless of scale.
The entire process leverages Solana's high throughput and low transaction costs to enable practical minute-by-minute mining that would be prohibitively expensive on other blockchains. Because ORE is an SPL token on Solana, mined tokens can be immediately used across the broader Solana DeFi ecosystem for trading, lending, liquidity provision, or other applications.
Supported Networks
ORE operates exclusively on the Solana blockchain as a native SPL token. The platform is built as a Solana program (smart contract) and relies entirely on Solana's infrastructure for transaction processing, mining verification, and token distribution.
Fees and Costs
Mining ORE requires covering standard Solana network transaction fees paid in SOL. These fees are typically very low, ranging from fractions of a cent to a few cents per transaction depending on network congestion. Miners also need to pay a one-time account creation fee in SOL to establish their mining account on the blockchain.
For optimal mining performance, miners may want to set priority fees during periods of high network congestion to ensure their transactions are processed quickly. The web application mining interface requires users to deposit SOL into their mining account to cover ongoing transaction costs. There are no additional platform fees or commissions charged by the ORE protocol itself beyond these standard Solana network costs.
Miners using RPC endpoints from providers like QuickNode or other infrastructure services may incur additional costs depending on their chosen service tier, particularly for high-frequency or enterprise-scale mining operations.
Security and Audits
ORE's smart contract code is open source and available on GitHub through Regolith Labs' official repository. The project has undergone community review and scrutiny since its launch, with the codebase publicly accessible for independent verification. The protocol's security relies on Solana's underlying blockchain security and the cryptographic soundness of the DrillX proof-of-work algorithm.
The platform launched with no pre-mine or founder allocation, distributing 100% of tokens through mining to ensure fairness. The protocol underwent a significant redesign and relaunch in October 2024 to introduce protocol revenue mechanisms and improve long-term sustainability. While specific third-party audit reports were not identified in available documentation, the open-source nature allows the community and security researchers to continuously review the code.
Users should be aware that as with all smart contracts, there is inherent smart contract risk. The protocol has been battle-tested through real-world usage since its 2024 launch, with active community participation and development.
Use Cases
Store of Value: ORE is designed to function as a Solana-native digital store of value similar to Bitcoin, with predictable issuance and a fixed supply cap making it suitable for long-term holding and wealth preservation within the Solana ecosystem.
DeFi Integration: As an SPL token, ORE can be integrated into Solana DeFi protocols for liquidity provision, lending, borrowing, and trading. The platform aims to create networks of liquidity pools including stablecoins, real-world assets, and DePIN project tokens.
Accessible Mining Participation: Individuals without specialized mining hardware can participate in cryptocurrency mining and earn rewards, making it ideal for those seeking to acquire crypto through contribution rather than purchase.
Developer Building Blocks: Developers can build applications using ORE for payments, create tracking tools for mining balances, implement token burning mechanisms through "Foundries," or integrate ORE swapping functionality using Jupiter and other Solana DEXs.
Staking and Yield Generation: Miners and holders can stake their ORE tokens to earn multipliers on mining rewards, providing an additional yield strategy beyond basic mining participation.
Risks to Consider
Smart contract risk represents the primary technical consideration for ORE users. While the code is open source and has undergone community review, vulnerabilities could potentially exist that might be exploited. As a relatively new protocol that underwent a significant redesign in 2024, the platform continues to evolve, and changes to the protocol mechanics could impact user experience or economics.
Market risk affects ORE like any cryptocurrency, with token price subject to significant volatility based on market sentiment, trading volume, and adoption levels. Mining profitability depends on both the token's market value and the computational difficulty of challenges, which can fluctuate. The economic viability of mining requires careful consideration of electricity costs, hardware depreciation, and Solana transaction fees against potential rewards.
Platform-specific risks include dependency on Solana network performance and availability. If the Solana blockchain experiences downtime or congestion, mining operations would be affected. The competitive dynamics of mining can also shift over time as more participants join, potentially reducing individual reward rates. Additionally, the protocol's long-term sustainability depends on successfully generating protocol revenue and achieving community adoption as both a mining platform and DeFi asset.
