Grayscale reports Zcash mining rewards are 2x Bitcoin's per machine and 4x per megawatt-hour, with hashpower up 2.5x this year.
Macro & Markets ·
Zcash mining currently delivers roughly double the daily rewards of Bitcoin mining per individual machine, and approximately quadruple the revenue per megawatt-hour of electricity, according to analysis from Grayscale. The disparity stems from recent strength in ZEC's price, which has made operating Zcash miners economically attractive despite the fact that the specialized hardware required for each asset cannot be used interchangeably.
The surge in ZEC mining economics has coincided with a substantial expansion in hashpower. Standardized across the network, total mining activity has grown by more than 2.5 times over the course of this year. This expansion reflects a self-reinforcing dynamic: elevated token valuations pull in additional miners, which in turn bolsters the security properties of the network and may create conditions that sustain pricing momentum.
The analysis underscores how mining profitability and network participation remain intertwined. What remains unclear is whether this growth trajectory will persist if ZEC prices stabilize or decline, and whether the influx of hashpower will sustain the current rewards-per-unit economics that currently favor Zcash miners relative to their Bitcoin counterparts.