ORE Mining on Solana and How to Get Started

ORE Mining presents a groundbreaking, equitable approach to crypto mining, leveraging Solana’s high-performance blockchain. Unlike conventional Proof-of-Work (PoW) models, ORE ensures that all miners have the opportunity to participate and succeed. In this guide, we will dive into the fundamentals of ORE, its functionality, and how you can begin mining on Solana.

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What is ORE?

ORE is a crypto mining protocol based on Solana that departs from traditional Proof of Work (PoW) systems by allowing multiple miners to earn rewards simultaneously. It utilizes a unique mining algorithm called DrillX, which combines Equihash and Blake3 algorithms for cost-effective on-chain verification and difficulty distribution. Here’s what sets ORE apart:

Key Features

• Non-exclusive rewards: Multiple miners can earn rewards at the same time.
• Personalized challenges: Each miner is assigned a unique computational challenge. Solving it earns a share of the reward.
• Low-cost on-chain verification: Leveraging Solana’s blockchain, ORE ensures cheap and efficient on-chain verification.
• Rapid reward distribution: ORE mining occurs in quick 1-minute intervals, allowing for near-instant reward payouts.
• Stake-weighted rewards: Miners who stake ORE tokens receive a reward multiplier, with the highest stakers earning a 2x bonus.
• Anti-sybil: Submitting solutions more than once per minute is discouraged, as it is inefficient and may result in fees without extra rewards.
• Fixed token supply: A total of 21 million ORE tokens will ever exist, with 1 ORE token being distributed per minute over the next 40 years.

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Backpac offers a custom plan for ORE Miners

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How ORE Mining Works

1. Personalized Challenges

• Miners create a mining account and receive a unique computational puzzle to solve.
• The difficulty of the challenge is adjusted based on programmatic rules, ensuring a fair distribution rate of ORE tokens.

2. Solution Discovery

• Miners use computational power to solve the unique puzzle by finding a specific combination of numbers that satisfies the challenge's criteria.

3. Verification on Solana

• Once a solution is discovered, the miner submits it to the ORE program on the Solana blockchain for quick verification.

4. Fair Reward Distribution

• Valid solutions earn ORE tokens, with rewards proportional to the difficulty of the solved challenge.
• Miners who stake ORE tokens receive bonus multipliers based on their stake, with rewards recalculated every minute (epoch).

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How to Get Started with ORE Mining

ORE provides two ways to get started mining: via a Web App or a Command Line Interface (CLI).

Option 1: Web App

• Requirements: A Solana wallet (e.g., Phantom, Backpack, Solflare) and SOL to cover fees.
• Steps:
  1. Create an account on ORE Mining.
  2. Add SOL to your wallet.
  3. Click on "Mine" to start mining directly from your browser.

Option 2: Command Line Interface (CLI)

For a more performance-oriented option, use the ORE CLI. Here’s what you need to do:

Prerequisites:

1. Install Rust and Solana CLI

   • Ensure you have Rust and Solana CLI installed on your system.

2. Set Up Solana CLI

   • Ensure your Solana CLI is configured to a local wallet with enough SOL to cover transaction fees.

Setting Up Your RPC Endpoint:

• You will need an RPC endpoint to efficiently send your requests to Solana's mainnet. Grab your Backpac Endpoint and API Key API Key.
• From your Backpac dashboard, copy the HTTPS url for your Solana Mainnet endpoint.

In your terminal, set the endpoint with the following command:

solana config set -u https://solana-mainnet.backpac.xyz/{YOUR_API_KEY}

Installing ORE CLI

Install the ORE CLI by following the instructions at ORE Downloads.

Running ORE Miner

After installation, run the following command in your terminal to start mining:

ore mine

You can also override your default RPC by using the --rpc flag:

ore mine --rpc https://solana-mainnet.backpac.xyz/{YOUR_API_KEY}

Why Backpac?

For ORE miners, Backpac offers an by using multiple RPC endpoints to help land transactions:

🚫Avoid Rate Limits: Automatically failover to alternative providers when rate limits are hit, ensuring uninterrupted transaction processing..

🔄RPC Request Failover Redundancy: In case of node provider issues, Backpac dynamically switches to a backup provider, maintaining high availability and reliability.

⚡Parallel RPC Request Processing: Backpac™ boosts efficiency with Parallel RPC Request Processing, allowing you to send a single RPC request to multiple endpoints simultaneously.

From your Backpac dashboard, you can copy the HTTP URL and API Key link for your Solana Mainnet endpoint.

Conclusion

Backpac™ optimizes your Solana mining operations by strategically distributing RPC requests across multiple node providers. This intelligent load balancing helps you avoid rate limits and increases your chances of successfully landing transactions.