Ore Mining Operations Paused on Solana Blockchain
Ore has temporarily halted its mining activities on the Solana blockchain due to network congestion issues. The decision was made by Ore developer Hardhat Chad to address the recent surge in congestion on Solana, attributed to the rapid adoption of their protocol.
Hardhat Chad announced on social media, “I have decided to pause all mining, effective immediately. I believe this action to be in the best interests of Solana, Ore holders, and the fastest path forward to v2.”
Ore Drives Unprecedented Traffic on Solana
Introduced as an experimental project during a hackathon just two weeks ago, Ore has quickly emerged as the most actively used program on the Solana network in terms of transaction volume. The protocol’s impact on Solana’s mainnet traffic has surpassed that of any other smart contract in blockchain history.
Hardhat Chad emphasized the importance of this experiment in identifying bugs in Solana’s networking stack and validating the concept of proof-of-work as a fair token distribution mechanism. Looking ahead, the focus is now on optimizing the system for v2.
Improvements in Proposed Version 2
The recent challenges have highlighted the necessity for a new contract design. By pausing operations, developers will have the time to analyze data, form a team, and concentrate on enhancing Version 2.
- Inefficiencies in the code giving some miners an unfair advantage will be addressed.
- A structural incentive for holding the token will be introduced to benefit Ore holders during mining.
- Difficulty adjustments will be made algorithmically or through a pick-your-own approach for unbiased changes.
Hardhat Chad confirmed that there is no rush to claim rewards, and all existing Ore tokens will be eligible for a one-for-one upgrade to the new Version 2 tokens. Further details about Version 2 enhancements will be revealed in the upcoming weeks.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
