Cypherpunk Acquires 18% of Zcash Mining Power in $33 Million Winklevoss Deal

Cypherpunk Technologies has acquired a significant portion of Zcash's mining power after buying 4,902 mining machines from Moria Mining for $33.33 million.

The deal, linked to Winklevoss Treasury Investments (WTI), now gives Cypherpunk control over roughly 18% of Zcash's mining power and makes it the operator of the world's largest active Zcash mining fleet.

Cypherpunk will use the new mining machines to produce ZEC, which could help the company reach its target of owning 5% of circulating supply. The acquisition also marks a shift in Cypherpunk's strategy from holding ZEC to producing it.

The equity deal comes with a potential large increase in share count for Cypherpunk, with WTI receiving a pre-funded warrant covering 43.29 million shares with an exercise price of $0.001 per share.