Ore Season 2, which caused Solana to crash, is back online—what’s different this time?
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Ore Season 2, which caused Solana to crash, is back online—what’s different this time?
Old mining, new玩法.
Navigating Web3 tides with focused insightsBy TechFlow
Market conditions have been volatile and turbulent.
This grueling market has stirred memories of the vibrant first half of the year. Bome, Slerf, various cat-and-dog-themed memecoins — on Solana alone, memes sparked wave after wave of hype in the crypto market. Among these trends, $ORE, which once brought the entire Solana network to a halt, likely remains fresh in the minds of those who participated in the Solana frenzy.
Don’t remember this project? No problem — we’ve got you covered with an introduction.
Ore v1: Mining That Crashed Solana
Old Mining, New Hype
In short, Ore aimed to introduce a novel PoW mining twist on Solana’s fast PoS blockchain. Miners simply deposit $SOL into a mining smart contract and then share one $ORE reward per minute based on the number of problems they solve. The “deposit-to-mine” mechanism allowed any user to participate using just a phone or computer.
Of course, as with any innovation narrative, the ultimate goal was driving price excitement. What drew attention initially was $ORE’s explosive price surge — nearly 100x in just a few days after launch.
Fueled by rapid price appreciation and inclusive mining mechanics, combined with the already enthusiastic Solana ecosystem at the time, the project quickly gained massive popularity. Every group chat was buzzing about it; everyone was mining. Within about three days of launch, Ore miners were generating nearly a million transaction requests per hour, causing Solana to grind to a halt — transactions were lost or delayed, creating chaos.
A single project impacting the usability of an entire blockchain — the last time this happened was during $XEN’s "social experiment," when it spiked Ethereum mainnet gas fees. Although Ore made the usually smooth Solana painfully sluggish, bad publicity is still publicity. And for miners and speculators, network performance issues were irrelevant. Ore captured market attention in record time: within days, the number of $ORE holders on-chain grew to over 30,000, and major Solana memecoin whales jumped in.
Flaws Emerge, Mining Paused
The good times didn’t last. As large-scale mining ramped up, flaws in the smart contract began to surface: the mechanism originally designed to ensure fairness went awry, turning into a race where whoever successfully submitted a transaction claimed the $ORE reward — a deviation from the team’s original vision of fair distribution.
Shortly after the bug emerged, Ore founder @HardhatChad announced a pause in mining activities and stated that a v2 update would be released soon.
For months afterward, Ore gradually faded from public view — until recently, when Ore v2 relaunched.
Ore v2 Launches
Token Upgrade
In Ore v1, $ORE had no supply cap. With the v2 upgrade, the total supply of $ORE is now capped at 21 million, expected to be fully mined within 40 years.
Note that $OREv1 and $OREv2 are two separate tokens. All $OREv1 tokens will receive a special designation and can be upgraded to $OREv2 via the official website or through the Solana blink created by founder @HardhatChad, before November 2, 2024.
Ore v2 Progress and Performance
According to dashboard data from Flipside and Dune platforms tracking the Ore project, Ore v2 mining is currently active and thriving:
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Ore v2 mining currently consumes nearly 25% of Solana’s total compute units and over 50% of used compute units.
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Compared to Ore v1, transaction success rates in v2 have significantly improved, reaching 95%.
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Token Distribution
Approximately 12,000 $ORE tokens are now in circulation, held across more than 3,600 addresses.
How to Participate
Ore v2 maintains the simple mining model of v1. Visit the mining page: https://ore.supply/mine, connect your wallet, pay the mining gas fee, and mining begins automatically.
Image: Connect wallet and pay gas
Image: Dashboard after paying mining gas
Related Links
Ore Project Website: https://ore.supply/
Ore Official Twitter: https://x.com/OREsupply
Ore Flipside Data Dashboard:
https://flipsidecrypto.xyz/pine/ore-v2-metrics-EpCkQ8
Ore Dune Data Dashboard:
https://dune.com/0xichigo/ore-v2-mining
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