I'm afraid this is due to OpenSSL v3.x which has a much slower SSL_CTX_load_verify_locations() function. After the move to OpenSSL v3.x in mIRC v7.73, the next version, v7.74, changed how this function is called to minimize the slow-down when multiple connections are opened at the same time. However, it is still slower than older versions of OpenSSL, and there will inevitably be a pause, especially since mIRC is a single-threaded application.