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Mining is one of the best and most misunderstood things about @OREsupply - today I will help demystify it and share a little on my strategy and mental models. What is $ore mining? Every 60 seconds miners place $sol on 1 to 25 tiles in a 5x5 grid. You can play all 25 and win every round... or you can play a subset of tiles and introduce more variability to your results. Unlike mining $btc or any other L1, $ore gives you the option to "mine" the winning block every round if you so choose. If you mine the winning block, then there is a 50-50 shot of the 1 ore being awarded to one person or divided amongst all miners. Your shot at winning the one ore and your share if it is divided is determined by your share of ore on the tile relative to the other miners. Every round 0.2 ore gets added to the motherlode with a 1/625 shot of hitting and getting split amongst the winning tile players proportional to their sol on that tile. What happens to the sol used to mine? In normal L1 mining, miners must spend significant resources to secure hardware and operate that hardware. When these miners "win" a round they must sell the token to cover their costs... this introduces a leak into the ecosystem. This leak grows with the value of the ecosystem as you need ever greater buy pressure to offset miner selling with higher prices. Ore in contrast can be done with any device that has a solana wallet and an internet connection. The solana miners use is also not lost when mining happens. 1% goes to fund the protocol, 10% goes to fund staking yield/buybacks and 89% is returned to the winning miners. The 10% that goes to fund staking/buybacks is split 10% staking and 90% buybacks. Why should I mine ore? Mining ore is the best way to exploit a long-term bullish view on the @OREsupply ecosystem. Currently you get a 19% APY from staking and a 86% APR from holding unrefined ore. The excess yield on unrefined ore from mining is why people mine. What is the catch and why is the unrefined APR so high, is this sustainable? All ore enters the world as unrefined ore. Now that you can buy ore or mine it you have to decide what is right for you. The yield from sitting on a mined ore position is so high that most people would prefer it over bought refined ore and that is why people mine it at a premium to spot ore prices. So long as people mine above spot then buybacks > emissions and circulating ore shrinks... either slowly or quite fast depending on the ratio of these two flows. The yield from unrefined ore comes from people refining it... when you want to claim your ore, you "refine" it and pay a 10% tax that goes to the other unrefined ore holders, proportional to their position in the overall pool. This is an anti-ponzi... the longer you hold the more you get from others refining. What happens if others stop refining... wouldn't the yield collapse and bring the whole thing to a grinding halt? As prices rise people will want access to their mined riches and will be willing to forgo yield to have liquidity. The same happens when prices tank across the market and people need liquidity... sometimes expensive liquidity is all you can access. Soon I will have a defi protocol for you where you can borrow against your staked ore without paying interest or facing liquidation risk... but that's not quite ready yet so we can table that. A week ago during the market selloff, unrefined ore was yielding 150% as people choose liquidity over profit... and those of that could wait or had more conviction were paid for that. Even if everyone acts rationally there will come a time when everyone should refine as I demonstrate below. Bottom left shows you how $100 of unrefined ore grows vs $100 of refined or $130 of refine to represent the premium you likely need to pay to get access to unrefined. You can see in the chart that in the $130 scenario the staked ore eventually catches up and exceeds the unrefined mined ore. The reason for that is the unrefined mined ore gets paid in refined ore as others pay their 10% refining tax... while you do not pay a tax when you claim this ore it also sits idle. With time the ratio of very productive unrefined ore to idle refined ore skews towards the idle refined ore, bringing down the yield. As you see below right, while it may take a very long time horizon for the miner to fall behind... by year 4 the miners go-forward return has fallen behind that of the staker. The miner has such a huge lead that they do not fall behind the staker in absolute terms until year 9 but as soon as go-forward returns fall below that of staking they should refine and switch to staking. How should I mine? Every tile has the same chance of "winning" in ore mining. As a result if each tile had the same sol on it then they would each have the same EV. When you enter the mines you will quickly realize that many people do not play all 25 tiles and as a result you often end up with some tiles that have relatively more sol and others with relatively less. Given each tile wins with the same frequency and you split the winnings amongst your fellow "winners"... it pays to avoid "crowded" squares. If you're mining with a small amount of sol you can target just the "good" squares and there are bots to help automate this... but be warned many are trying to do this and what the board looks like when you place your sol does not matter... it is what the board looks like when the round ends that matters. For this reason I always play 25 tiles as I want to win and I mine with too much solana to be effective any other way... I still end up with greater ownership of the "good" tiles and less ownership on the "bad" tiles. Some people will tell you mining 20 tiles has a better EV than 25... they are wrong. They are confusing outcome for process / math logic. The best way to explain it is if you play 24 tiles you will almost always win... you will win 24/25 times or 96% of the time... when you win you will have put less sol on the board than someone playing 25 tiles... you could do this strategy and see long winning streaks and think you've cracked the code... but there are no free lunches in ore mining... 4% of the time you will lose all of your mining capital and that concentrated loss will offset all the small gains in the other 96% of the time. The closest thing to a free lunch is selectively mining... mine when the effective cost of mining doing all 25 tiles is close to spot and avoid mining when it costs 2 or 3x spot. I personally mine when I can get unrefined ore at less than a 20-30% premium and mine very heavily when I can get it for close to spot. I do this by converting a little ore to sol and then mining with that... my ore portfolio is 90% refined and 10% unrefined so I have a long way to go... but the effort is worth it to me as if I can get more portfolio to 80/20 then I will have doubled my yield without any real liquidity cost as I will still have access to 80% of my ore without paying a 10% refining tax. Hope that helps make mining clear... and to help get this message out to the world.. please drop your wallet address below and follow me, @OREsupply and my new defi protocol @compoundORE for a shot to win one $ore - winner will be decided in 24 hours. Expect regular long form posts with more chances to win $ore so please turn on notifications for all three accounts.

Pump’s new ‘Mayhem Mode’ fails to boost token launches or revenue in first week theblock.co/post/379285/pu…

Set your calendars! Tuesday at 1pm ET & be sure to listen in as @mikesowerss hosts an AMA with TTG CEO @ThirdTimeIan 4 years into PFL; through the ups and downs, what will we be talking about 4 years from now? A roadmap walked through on stream brings things into focus! 🔗👇