2024

Solana

Chad

To alleviate congestion on the Solana network, the pseudonymous creator of the Ore project, Hardhat Chad, announced an immediate halt to all mining. 
Ore, a blockchain-based project launched on Solana, is exploring the right distribution method by using a proof-of-work (<a href="https://crypto.news/learn/what-is-proof-of-work/" rel="">PoW</a>) token distribution mechanism. The project is experimenting with combining PoW’s security with Solana’s fast transaction capabilities. 
Since its introduction, Ore’s activity has contributed significantly to <a href="https://crypto.news/solana-ledger-network-congestion/" data-type="link" data-id="https://crypto.news/solana-ledger-network-congestion/" rel="">network congestion</a>, impacting transaction scheduling and leading to a high rate of failed transactions, especially from the <a href="https://crypto.news/tag/meme-coin/" data-type="link" data-id="https://crypto.news/tag/meme-coin/" rel="">meme coin</a> frenzy on the network. 
“By pausing now, I will gain much needed time to study the data, organize a team, and focus our energies on getting v2 right,” Chad said in a <a href="https://twitter.com/HardhatChad/status/1780249834588360779" data-type="link" data-id="https://twitter.com/HardhatChad/status/1780249834588360779" target="_blank" rel="">post</a>. 
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 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. 🧵— Hardhat Chad (@HardhatChad) <a href="https://twitter.com/HardhatChad/status/1780249831207837726?ref_src=twsrc%5Etfw" target="_blank" rel="">April 16, 2024</a>
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 <img loading="lazy" decoding="async" width="1024" height="747" src="https://crypto.news/app/uploads/2024/04/chart-4-1-1024x747.png" alt="Solana congestion prompts Ore project to pause mining - 20"> 
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 24-hour ORE chart from CoinGecko
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The suspension comes shortly after Ore’s price surged from around $93 to over $300, following the announcement of the paused token supply, before settling at approximately $175, as per <a href="https://www.coingecko.com/en/coins/ore" data-type="link" data-id="https://www.coingecko.com/en/coins/ore" target="_blank" rel="">CoinGecko</a>. 
Meanwhile, Solana (<a href="https://crypto.news/price/Solana/" rel="">SOL</a>) has seen its value decline, with a 3% drop in the past 24 hours. It currently sits at $133, worsening a bearish trend. 
Solana operates on a proof-of-history and proof-of-stake consensus, facilitating high throughput and low transaction costs. The framework heavily differs from Bitcoin’s energy-intensive PoW mechanism, which Ore initially sought to replicate on Solana. 
Looking ahead, the Ore project plans to introduce a revamped version of its token with structural incentives for holdings as Solana implements updates to enhance performance and manage congestion. 
 Read more: <a href="https://crypto.news/solana-spikes-7-as-anza-releases-update-to-resolve-congestion-issues/" rel=""> Solana spikes 7% as Anza releases update to resolve congestion issues </a>

Solana congestion prompts Ore project to pause mining

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