ZEC Price Eyes Upswing Amid Rising Mining Profitability
The price of ZEC has been volatile since reaching $1,300, but its mining profitability is giving it another bullish angle. According to Grayscale Research data, Zcash mining rewards are roughly twice as high per mining rig and about four times higher per megawatt hour (MWh) compared to Bitcoin.
This gap has clearly mattered, with total Zcash mining activity rising more than 2.5x this year. The increased mining profitability is making the network more attractive to miners.
The technical chart of ZEC also points towards stronger demand from investors who have accumulated the asset, driving its price sharply higher.
Now, the market is dealing with a more complicated question: can buyers keep the momentum going, or is the latest rally running out of steam?