- A pseudonymous contributor of Ore, @HardhatChad, announced on X that the project would suspend mining because of heightened network congestion on the Solana.
- He added that Ore version two ought to be available in the upcoming weeks.
Following an increase in network congestion on Solana SOL +5.43%, Ore, a startup that mines a currency similar to Bitcoin, stated that it is stopping mining.
“I have decided to suspend all mining, effective immediately,” tweeted @HardhatChad. “I believe this action to be in the best interests of Solana, Ore holders, and the fastest path forward to v2,” he added.
The Solana community became interested in the initiative approximately two weeks ago, and they started mining ore seriously. More transactions entered the Solana network as a result of the rapid increase in interest and mining, which appears to have contributed to congestion problems.
Congestion was also being caused by a spike in transactions that were being started by bots and recently launched meme coins, which Solana was having to deal with. The network slowed down as the demand for block space surged. To lessen the congestion in response, Solana published a patch update.
Furthermore, Ore was only introduced as an experimental hackathon project two weeks ago, according to @HardhatChad’s statement on X. Since then, it has become the most popular application on Solana in terms of transactions, and it has produced the highest peak load of mainnet network traffic of any blockchain smart contract ever.
Miners use Ore to solve cryptographic problems and earn cryptocurrency while securing the network. Miners get paid a share of 1 ORE per minute based on how many problems they solve.
According to @HardhatChad’s statement on X, the latest difficulty updates have demonstrated unequivocally that a new contract design is required. I will be able to take some much-needed time to review the data, assemble a team, and concentrate our efforts on perfecting v2.
On Tuesday, @HardhatChad stated on X spaces that v2 should be available in a “handful of weeks.”
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