To address network congestion on Solana, Ore project creator Hardhat Chad has announced a temporary halt to all mining activities. Ore, a blockchain project on Solana, is exploring token distribution using a proof-of-work (PoW) mechanism to improve security while leveraging Solana’s fast transaction speeds. The project’s recent activity has contributed to network congestion, resulting in transaction delays and a high rate of failed transactions, particularly during the meme coin frenzy.

In a recent post, Chad stated, “By pausing now, I will gain much-needed time to study data, assemble a team, and focus on improving v2.” The decision to pause mining is seen as a strategic move to benefit Solana, Ore holders, and expedite the development of v2.

The suspension of mining comes after Ore’s price surged from $93 to over $300 upon the announcement of the paused token supply, eventually stabilizing around $175 according to CoinGecko. In contrast, Solana (SOL) has experienced a 3% decline in the past 24 hours, currently trading at $133, indicating a bearish trend.

Solana operates on a proof-of-history and proof-of-stake consensus mechanism, offering high throughput and low transaction fees. This differs significantly from Bitcoin’s energy-intensive PoW model, which Ore initially aimed to replicate on Solana.

Looking ahead, the Ore project plans to introduce a revamped token version with new incentives for holders as Solana implements updates to enhance performance and address network congestion.

Post Views: 1