• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin-Style Mining Boosts Activity on Solana via Ore project

user avatar

by Giorgi Kostiuk

a year ago


Important Details

Bitcoin-style mining has become popular on the Solana blockchain through the Ore project. This project has successfully increased transactions on the Solana network, putting a strain on the system.

The Ore project's mining model allows miners to earn 1 ORE every minute by solving cryptographic puzzles. Ore's token supply is expected to reach 21 million in 42 years, but it does not have a maximum limit. As of now, more than 4,100 ORE tokens have been mined, with close to 3,000 tokens already claimed. The Ore treasury currently holds 1,145 ORE, while top accounts hold up to 150 ORE.

Influence on Solana Network

The Ore project has attracted attention from the Solana community, resulting in a rise in mining activities. Mining is not limited to large miners, and anyone can participate. This growth in mining has led to an increase in transactions processed on the Solana blockchain, adding pressure to the network.

Austin Federa, the head of strategy at the Solana Foundation, mentioned that the Solana network is facing challenges due to a significant increase in traffic from Ore. He confirmed that bug fixes are underway and improvements are on the horizon. However, he acknowledged that there is no immediate solution, and the demand for scaling up the network will persist.

Ore's token began trading on April 2 and reached a peak price of $3,786 on April 5, according to DEX Screener. Currently, the token is trading at just below $2,000.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

New Opportunities in the Meme Cryptocurrency Market: Troller Cat Gaining Popularity

chest

Exploring the rise of Troller Cat amid shifts in meme cryptocurrencies and the current status of Shiba Inu and Pepe.

user avatarGiorgi Kostiuk

Bit Digital Makes $67.3 Million Ethereum Purchase, Strengthening Its Holdings

chest

Bit Digital invests $67.3 million in Ethereum, raising total holdings to nearly 120,306 coins.

user avatarGiorgi Kostiuk

Block Inc. Joins S&P 500, Replacing Hess Corp.

chest

Block Inc. will replace Hess Corp. in the S&P 500, potentially impacting Bitcoin's acceptance by institutional investors.

user avatarGiorgi Kostiuk

XRP Sets New Record Following Legislative Changes

chest

XRP hit $3.66, surpassing previous records due to increased investor interest and the expected signing of the GENIUS Act.

user avatarGiorgi Kostiuk

MEI Pharma and Litecoin: New $100 Million Treasury Strategy

chest

MEI Pharma has announced a $100 million treasury strategy with Litecoin, led by Litecoin creator Charlie Lee. Market reaction was volatile.

user avatarGiorgi Kostiuk

Merkel Urges for a Cohesive EU Response to US Tariffs

chest

Merkel calls for EU unity in response to US tariffs that may disrupt trade chains.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.