Zcash Soars as Miners Abandon Bitcoin for Better Returns
The recent surge in Bitcoin's fiat price has stalled, and some miners are turning to Zcash as a more profitable option.
According to The Energy Mag, some of the largest publicly traded miners have seen their realized hashrate decline due to their pivot towards serving as AI/HPC data centers.
Zcash's price surge has made it a hot commodity among miners, with its current value at ~$1,100 and a market capitalization ranking in the top-10 digital assets. Several factors have contributed to ZEC's recent success, including the conversion of Grayscale Investment's Zcash Trust into an exchange-traded fund (ETF) and the Winklevoss twins' investment in Cypherpunk Technologies Inc.
Canaan Inc.'s Q2 results were grim, with a net loss of $97.6 million due to declining demand for ASICs and 'weaker mining economics', according to CEO Nangeng Zhang. Canaan expects total revenue to be between $11 million and $15 million in Q3.