Solana-based proof-of-work project (PoW) Ore has suspended its mining operations immediately, citing network congestion and instability issues.
The halt follows a remarkable surge in Ore’s market value, which more than tripled following the suspension announcement.
Ore’s pseudonymous founder, Hardhat Chad, announced the decision on social media and explained that mining was suspended to address critical flaws and prepare for a more efficient version of the Ore contract, referred to as Version 2 (v2).
The new version promises to improve the original design, correct inefficiencies, and introduce incentives to hold the token for miners.
Ore, which operates on a PoW distribution mechanism akin to Bitcoin, quickly became Solana’s most actively used program and was a significant factor in the network’s recent congestion issues. The popularity led to unprecedented network traffic and exposed several vulnerabilities in the network’s infrastructure.
Since its introduction, Ore’s pri
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