PHP-FPM sock failing to connect on Nginx

Hey there,

I recently switched over from Apache to Nginx. There’s this one issue I just can’t seem to fix. My website has been really slow and it’s receiving a lot of 502 bad gateway errors. My CPU usage is also around 90-100% even though there’s only around 100 users on the website.

The reason I switched to Nginx is because I hoped it’d make things load faster.

My droplet specs: Shared CPU

• 4 vCPUs
• 8 GB memory
• 50 GB SSD
• 5 TB transfer

In /var/log/nginx/error.log it’s showing thousands of the same error:

2020/07/02 14:51:14 [error] 2344#2344: *61933 connect() to unix:/run/php/php7.2-fpm.sock failed (11: Resource temporarily unavailable) while connecting to upstream, client: xxx.xxx.xxx.xxx, server: example.com, request: "GET /get_dynamic HTTP/1.1", upstream: "fastcgi://unix:/run/php/php7.2-fpm.sock:", host: "example.com", referrer: "https://example.com/earn"

This is what I have in my /etc/nginx/sites-available/example.com file:

# pass PHP scripts to FastCGI server
#
location ~ \.php$ {
	try_files $uri $uri/ /index.php?$query_string;
	include snippets/fastcgi-php.conf;

	# With php-fpm (or other unix sockets):
	fastcgi_pass unix:/run/php/php7.2-fpm.sock;
	# With php-cgi (or other tcp sockets):
	#fastcgi_pass 127.0.0.1:9000;
}

And my /etc/php/7.2/fpm/pool.d/www.conf file:

; Unix user/group of processes
; Note: The user is mandatory. If the group is not set, the default user's group
;       will be used.
user = www-data
group = www-data

; The address on which to accept FastCGI requests.
; Valid syntaxes are:
;   'ip.add.re.ss:port'    - to listen on a TCP socket to a specific IPv4 address on
;                            a specific port;
;   '[ip:6:addr:ess]:port' - to listen on a TCP socket to a specific IPv6 address on
;                            a specific port;
;   'port'                 - to listen on a TCP socket to all addresses
;                            (IPv6 and IPv4-mapped) on a specific port;
;   '/path/to/unix/socket' - to listen on a unix socket.
; Note: This value is mandatory.
listen = /var/run/php/php7.2-fpm.sock

How am I able to fix this issue?