ZEC Mining Profitability Boosts Price to $1300

The price of ZEC has entered a volatile phase after reaching $1,300, but rising mining profitability is giving the asset another bullish angle. One reason for this optimism is the relatively high rewards per mining rig and megawatt hour (MWh) compared to Bitcoin.

Data from Grayscale Research shows that Zcash mining rewards are roughly twice as high per mining rig and about four times higher per MWh than those of Bitcoin. This gap has clearly mattered, with total Zcash mining activity rising more than 2.5x this year.

The technical chart for ZEC also points toward stronger demand from investors, who have taken an increased interest in the asset and accumulated it, driving the price sharply higher. However, a question remains: can buyers keep the momentum going, or is the latest rally running out of steam?