Zcash Breaks Through $1,000 Barrier as Grayscale ETF Sees Record Inflows

Zcash has broken through the $1,000 barrier for the first time after experiencing rapid growth in recent weeks. The price surge was driven by strong inflows into Grayscale's Zcash exchange-traded fund (ETF), which is the first ETF in the US to offer direct exposure to ZEC. Since its launch on August 25, Grayscale's ZCSH has recorded about $34.4 million in net inflows.

The influx of new funds was accompanied by a significant increase in mining network computing power, with solrate rising from around 25 GSol/s at the end of August to briefly exceed 30 GSol/s recently. However, profitability for top-end mining machines slipped slightly as competition intensified, with the Bitmain Antminer Z15 Pro generating around $708 in revenue per 1 MWh of electricity.

Zcash's market capitalization has approached $17 billion, a substantial increase from its value of around $200 in March. The token has gained about 94% over the past month, and its price climbed as high as $1,086 intraday on Binance's USDT market on September 4.