Zcash Mining Revenue Surges Past Bitcoin and HPC Workloads

The Zcash mining revenue has significantly widened its lead over Bitcoin and HPC workloads, according to an analysis by The Energy Mag. The Bitmain Antminer Z15 Pro is generating approximately $727.30 in gross revenue per megawatt-hour of electricity, which is about 3.3 times the estimated industry-average HPC yield of $222.73 per MWh.

This is not a new development, as Zcash mining had already overtaken other workloads before the recent market advance. The significance lies in how far this lead has stretched since then.

The analysis shows that the gap between the Z15 Pro and S23 Pro has more than doubled to about $565 per MWh from $240. The Z15 Pro's revenue has risen by approximately 95% under the estimates, while the S23 Pro's increased about 22%, and the HPC benchmark was little changed.

The divergence reflects Zcash's outperformance in recent times. ZEC gained around 70% in seven days and traded as high as roughly $890 over the past week, surpassing the more sustainable market peaks reached after its 2016 launch. This represents a practical all-time high for Zcash, exceeding the peaks during the 2017-18 crypto cycle.

The broader cryptocurrency rally began after the US Treasury moved to expand purchases of longer-dated government debt, pushing yields and the dollar lower. Regulatory developments added momentum, including President Donald Trump's push for the Clarity Act and regulators' measures to ease rules for digital-asset businesses.