Bitcoin Miners Fleeing to Zcash as Price Surges

The Bitcoin (BTC) price has stalled at around $77,000 after reaching over $82,000 last week. Despite this, miners are still making a profit, with the average all-in cost of producing a single BTC being nearly $5,000 below its fiat value.

Miners have been switching from ASICs to GPUs as they can also be used for artificial intelligence (AI) and high-performance computing (HPC). Many large publicly traded miners are reducing their hashrate in favor of these alternative uses.

Cango saw a 29.5 exahashes per second (EH/s) decline, while IREN's decrease was 21.9 EH/s. Bitdeer and MARA, however, are still expanding their mining operations.

Zcash (ZEC) has seen its price surge to around $1,100 due in part to the Winklevoss twins investing heavily in the token through Cypherpunk Technologies Inc.