Zcash Mining Surpasses Bitcoin as Miners Flock to Profitability
Miners are increasingly turning to Zcash as its price surge has made it four times more profitable than Bitcoin, according to recent data. The top mining rig for Zcash, the Bitmain Z15 Pro, now earns around $727.30 per megawatt-hour of electricity, compared to just $179 for a state-of-the-art Bitmain S23 Pro mining Bitcoin.
The shift is largely due to the rise in ZEC's price, which has been fueled by Grayscale's conversion of its Zcash Trust into an exchange-traded fund and listed on NYSE Arca. The firm's assets under management exceeded $500 million within two weeks, with DCG International Investments contributing roughly $100 million.
Cypherpunk Technologies, backed by the Winklevoss twins, has also entered the fray, paying $33.33 million in August to fund what it calls the world's largest Zcash mining fleet, running about 4.2 GSol/s or roughly 18% of the network.