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Thursday Nov 6 2025 09:40
2 min
After a period of dormancy, Solana's veteran mining protocol, Ore, has returned to the spotlight, experiencing significant price surges and daily revenue growth, sparking renewed market interest. This resurgence is attributed to the launch of its new V2 mining protocol, which introduces comprehensive improvements in mechanisms and economic models.
The V2 mining protocol is designed as an on-chain strategy game. The system consists of a 5x5 grid comprising 25 blocks. Miners can 'occupy space' on the blocks by staking SOL tokens. At the end of each round (1 minute), the system randomly selects a winning block, and all SOL tokens from the 24 non-winning blocks are distributed proportionally to the miners in the winning block, based on the amount of space they occupy. Additionally, one lucky miner in the winning block also receives 1 ORE token as a reward.
The system also introduces a Motherlode jackpot mechanism, where 0.2 ORE tokens are injected into the jackpot each mining round, with a 1/625 chance of triggering an additional large jackpot. If the jackpot is not triggered, it continues to accumulate. Once the jackpot is won, all accumulated rewards are distributed to the winners proportionally to their contributions. This design encourages long-term participation by providing random incentives.
When miners withdraw their mining rewards, they must pay a 10% 'refining fee,' which is automatically redistributed proportionally to miners who have not yet withdrawn their rewards. This incentivizes holding tokens for a longer period and reduces selling pressure. Furthermore, Ore automatically charges 10% of SOL mining rewards as protocol revenue, 90% of which is burned and 10% distributed to stakers.
In conclusion, Ore's V2 mining protocol represents a significant improvement over the old PoW mining model, with multiple optimizations in mechanism design, incentive structure, and economic sustainability. However, whether this mining craze will last in the long term remains to be seen.
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