Zcash Mining Surpasses Bitcoin as Profitability Booms
A recent statement by Grayscale's head of research has shed new light on the profitability of Zcash mining compared to Bitcoin. According to Zach Pandl, individual miners can earn twice as much from Zcash mining than Bitcoin, with rewards per mining rig being two times higher and four times higher per megawatt-hour.
These findings have contributed to a surge in Zcash hash rate, which has been rising steadily for months. In the last 3 months alone, it surged from 17.6 Gsol/s to as high as 28.3 Gsol/s. This increase in profitability is likely driving the growth of the network and attracting more miners.
Zcash's price performance has also outpaced Bitcoin over the same period, with a 174% rally compared to Bitcoin's 31%. This means that Zcash was more profitable for holders than Bitcoin during this time.