Zcash Blazes Past Bitcoin as Mining Rewards Soar

Zcash (ZEC) has reached a nine-year high of $1,155 as it surged by more than 14% in a week. This outpaces Bitcoin's one-week gain and makes ZEC the top performer among large-cap cryptocurrencies this week.

According to Grayscale, mining ZEC is currently four times more lucrative than Bitcoin per megawatt-hour, driving up ZEC mining. The asset manager also noted that Zcash miner rewards are about twice as high as Bitcoin's per mining rig per day and about four times higher per megawatt-hour.

Grayscale's Zcash fund (ZCSH) has raised over $179 million in 11 days of trading, lifting assets under management above $700 million. The fund is sponsored by Grayscale and the numbers are the issuer's own.

ZEC's price was trading near $1,155 as of writing. However, it remains 11% below the week's intraday high of around $13,000 and was down 2.51% in the past 24 hours.