Zcash Mining Outpaces Bitcoin in Profitability According to Grayscale
Grayscale Research Head Zach Pandl recently stated that mining Zcash (ZEC) has become more profitable than even Bitcoin under current market conditions. This shift in profitability could create a positive cycle for the cryptocurrency.
Zcash uses a Proof-of-Work consensus mechanism similar to Bitcoin, but also offers additional privacy features. The strong performance of the ZEC price has significantly improved the mining economy.
According to Grayscale data, the total daily reward distributed to Bitcoin miners is approximately $35 million, while for Zcash it is around $2 million. However, considering the amount of capital and energy used for mining, Zcash is said to offer a higher return.
Grayscale's estimates suggest that Zcash miners earn approximately twice the daily income per piece of mining equipment used compared to Bitcoin miners. In terms of energy consumption, the revenue generated per megawatt-hour (MWh) of Zcash mining is about four times that of Bitcoin.