Zcash Soars to 9-Year High as Mining Profitability Surpasses Bitcoin

Zcash has reached its highest price in nearly nine years, trading near $1,155 as of writing. This marks a significant surge for the cryptocurrency, with a gain of over 14% in the past week and an increase of more than 123% this year.

According to Grayscale, Zcash mining has become four times more profitable than Bitcoin per megawatt-hour, driving up the demand for ZEC. The asset manager's fund has attracted $179 million in just 11 trading days, with a total asset under management exceeding nearly $700 million.

The rise of Zcash can be attributed to its increasing profitability and the growing interest from investors. Retail chatter on Stocktwits has surged over 870% in the past month, indicating a strong sentiment shift towards the cryptocurrency.