Zcash Surges on $33M Mining Deal and Bullish Sentiment

Zcash (ZEC) has experienced a significant price increase of 6-7% over the last 8 hours, driven by a major mining announcement and bullish trader sentiment.

The launch of Cypherpunk Technologies' Zcash mining fleet, backed by Winklevoss Capital, was the primary catalyst for this move. The fleet controls about 18% of the Zcash network hashrate, delivering 4.2 GSol/s, and aims to own 5% of circulating supply.

Cypherpunk already holds around 323,000 ZEC and plans to accumulate more through its mining operations. This development reinforced the 'supply squeeze' narrative, which has been a key factor in ZEC's price growth over the past year.