Following the aggravation of congestion on the Solana network, Ore, a project featuring a token mined similar to bitcoin, has announced a halt to its mining activities.
“I have decided to pause all mining, effective immediately,” stated @HardhatChad to X, the apparent pseudonymous creator of the Ore project. “I believe this action is in the best interests of Solana, Ore holders, and the quickest path forward to v2.”
The project, which launched approximately two weeks ago, quickly garnered attention within the Solana community, leading to a surge in ore mining activities. This sudden increase in interest and mining resulted in a flood of transactions on the Solana network, exacerbating congestion issues.
Simultaneously, Solana faced congestion from other sources, including heightened transaction activity from bots and the release of new memecoins. This surge in demand for block space caused the network to slow down, prompting Solana to release a patch update to address the congestion.
“Ore launched just two weeks ago as an experimental hackathon project,” @HardhatChad further explained on X. “Since then, it has become the most utilized program on Solana in terms of transaction count and has generated a peak load of mainnet network traffic greater than any smart contract in blockchain history.”
With Ore, miners solve cryptographic puzzles to secure the network and earn cryptocurrency. Based on the number of puzzles solved, miners receive a share of 1 ORE per minute.
“The recent difficulty updates have demonstrated conclusively that a new contract design is necessary,” @HardhatChad remarked on X. “By pausing now, I will have the necessary time to analyze the data, assemble a team, and direct our efforts toward ensuring v2 is successful.”
@HardhatChad mentioned on X spaces on Tuesday that v2 is expected to be ready in “a handful of weeks.”
