Ore project pauses mining operations due to Solana network congestion
In a bid to ease the strain on the Solana network, the anonymous creator of the Ore project, known as Hardhat Chad, has made the decision to temporarily suspend all mining activities. Ore, a blockchain project built on the Solana platform, is currently exploring different methods of distributing its tokens, and has been experimenting with the combination of proof-of-work (PoW) security and Solana’s fast transaction capabilities.
Since its inception, Ore has significantly contributed to network congestion, resulting in scheduling issues for transactions and a high number of failed transactions, particularly during the recent frenzy surrounding meme coins on the network. “By pausing now, I will have the much-needed time to analyze the data, assemble a team, and concentrate on perfecting version 2,” Chad stated in a recent post.
CoinGecko data reveals that the suspension of mining activities led to a surge in Ore’s price, which rose from $93 to over $300 before stabilizing at around $175. Meanwhile, Solana (SOL) has experienced a 3% decline in value over the past 24 hours, currently sitting at $133, signaling a bearish trend.
Unlike Bitcoin’s energy-intensive PoW mechanism, Solana operates on a proof-of-history and proof-of-stake consensus, allowing for high throughput and low transaction costs. This framework differs greatly from Ore’s initial intention to replicate Bitcoin’s mechanism on the Solana platform.
Looking ahead, the Ore project plans to introduce an updated version of its token that includes structural incentives for holding, coinciding with Solana’s implementation of performance enhancements and congestion management updates.
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