Winklevoss Brothers Splash US$33 Million on Zcash Mining

Cypherpunk Technologies (CYPH) has suddenly announced the establishment of a mining division, taking down about 18% of the entire hashrate of the Zcash network in one go, making it the world's largest Zcash miner.

The major money behind this is Winklevoss Capital, which put in $33.33 million to make this high-stakes bet happen, through pre-funded warrants that gave them about 43.29 million shares of common stock at an exercise price of just $0.001 per share.

According to Cypherpunk's CIO Will McEvoy, the motive behind it is a game of staking out territory and accumulating Zcash coins.

The company currently holds 18% of the network's hashrate, equivalent to 4.2 GSol/s, which means they receive about 7,800 ZEC per month at current market prices.