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Home»ADOPTION NEWS»Bitcoin-like mining begins with ore on Solana
ADOPTION NEWS

Bitcoin-like mining begins with ore on Solana

By Crypto FlexsApril 6, 20242 Mins Read
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Bitcoin-like mining begins with ore on Solana
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Mining like Bitcoin has emerged. Solana brush

+3.22%
A project called Ore is implementing blockchain, and its success is increasing the pressure on the network.

Ore takes the core idea of ​​mining, where miners release their own tokens on the Solana blockchain by solving cryptographic puzzles to secure the network while earning cryptocurrency.

Miners can take home 1 ORE per minute, depending on the number of puzzles each person solves. The supply of ORE is set to reach 21 million tokens after 42 years, but there is no maximum supply limit.

To date, over 4,100 ORE have been mined, of which nearly 3,000 tokens have been claimed. The Ore Treasury holds 1,145 OREs and other parent accounts have up to 150 OREs.

Pressure on Solana

The ore attracted the attention of the Solana community, who began mining it on a large scale. Mining is widely available to everyone and is currently not limited to large scale miners. As a result, the number of transactions processed on the blockchain has increased, putting pressure on the network.

“The Solana network is being tested once again with a huge influx of traffic,” said Austin Federa, head of strategy at the Solana Foundation. Posted in. “Bug fixes will be released next week and things will start to improve. But there is no silver bullet and nothing is “done.” “Demand is expected to continue to grow, and more work will be needed to scale the system to meet that demand.”

The ore began trading on April 2 and reached a high of $3,786 on April 5, according to DEX Screener. It’s currently trading for just $2,000.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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