ORE ran proof of work for a year and a half. The community scrapped it. HardHat Chad explains why:
"Two parties dominated hash power, emissions concentrated. And there's a fundamental value leak in all POW systems: miners spend fiat on electricity, earn crypto, and sell it back to fiat."
"The value they spend on hashes comes out of the token. Even proof of useful work has this problem."
"The community stepped back and redesigned. Grid mining: 5x5 grid, one-minute rounds, deploy SOL to prospect for ORE. Protocol fee drives revenue. Value that would have leaked stays in."
HardHat Chad (@HardhatChad) reveals why @OREsupply's buyback system is automated, continuous, and directly tied to miner activity:
"$50 million in total buyback volume. Eight months. Since launching grid mining last August."
"Multiple buybacks per hour, every hour. It fluctuates with how much SOL miners deploy, that drives fees, fees drive buybacks."
"The more miners deploy, the more fees, the more buybacks. Value that would have leaked out stays in."
I spent time today going back (for like the 4th time) to @OREsupply
I've always found this to be such a breath of fresh air just because its fun to see something new innovated in the space.
Now there exists all sorts of ORE stats sites that I wasn't aware of previously that really allow you to dive into the numbers. (like https://t.co/mg3ET41MV3 and https://t.co/s4pGAWXFKN )
It seems like the real magic is in earning ORE as cheaply as possible and holding on to it (not refining it) for as long as possible.
The best I've been able to reverse engineer it is to cover all 25 tiles and don't go crazy about the total amount of SOL deployed per round.
There's a fairly consistent rate at which you'll bleed SOL and gain ORE. Unless you get lucky and win solo / Motherlode.
Short of luck, I back tested various stats over various time frames and came up with this little nugget:
If you hold your unrefined ORE for 30-35 days on average you'll be profitable. Anything beyond that increases your profitability.
Of course holding unrefined ORE is the most profitable part of this game, and it only is profitable if others are cashing out or "refining" their ORE - so you don't see a lot of people talking about that. They want you to cash out because it increases the earnings for the people who haven't refined yet.
Any other miners out there want to share their REAL advice on the topic? In a game where giving other players bad advice can increase your profits, I'm curious to hear some other real takes.
For me...it's just a fun little past-time.
Thousands of manlets will mine solana:oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp, and Solana will run the most hated rally once again.
I don't make the rules.
There are few better moments in crypto than landing a single $ORE, especially when you've only deployed .0325 SOL.
That's a little over $2 to land a $108 future proof store of value.
Attention, self-sovereign individuals:
ORE is now spendable through @SP3NDdotshop
No fiat currencies or stablecoins required.
Store value. Spend value.
Future-proof electronic cash.
A bet on $ORE is one on a revenue-generating protocol which survived a 95% collapse in both earnings and token price and has now stabilized and recovering.
Today, ORE generates nearly $40m in annualized token holder revenue while trading at roughly $50m FDV.
The ⛏️are calling.