After making congestion even worse Solana brush
-2.031%
Ore, a project that mines Bitcoin-like tokens, announced that it is ceasing mining.
“I have decided to pause all mining, effective immediately,” the post read. @HardhatChad to X, he appears to be the pseudonymous designer of the Ore project. “I believe this action is in the best interest of Solana, ore holders, and the fastest path to v2.”
Since the project began about two weeks ago, it has caught the attention of the Solana community, which has begun mining the ore in earnest. The rapid increase in interest and mining appears to be causing more transactions to flood the Solana network, causing congestion issues.
Meanwhile, Solana was grappling with another source of congestion. The increase in transactions was triggered by bots and the newly launched memecoin. Block space demand skyrocketed and network speeds slowed down. In response, Solana released a patch update to alleviate congestion.
@HardhatChad also said about X: “Ore was released just two weeks ago as an experimental hackathon project.” “Since then, Ore has grown to become the most used program on Solana by transaction count and has generated more peak load of mainnet network traffic than any other smart contract in blockchain history.”
Ore allows miners to solve cryptographic puzzles to secure the network and earn cryptocurrency. Depending on the number of puzzles they solve, miners earn a share of 1 ORE per minute.
@HardhatChad also commented on “He said. v2 That’s right.”
@HardhatChad said on XSpace on Tuesday that v2 will be ready in “a few weeks.”
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.