Zcash (ZEC) Surges in Price and Mining Profits
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Zcash (ZEC), a privacy-focused cryptocurrency, has seen impressive movement recently, increasing by 18.7% against the dollar today. However, despite a 14% drop this week, the price has risen to $586, marking a 125% increase over the past month.
As it stands, this unexpected rise has placed Zcash at the top of the Proof-of-Work (PoW) mining charts, surpassing Bitcoin’s SHA256 algorithm in mining profitability. The Antminer Z15 Pro, a high-performance mining machine, can now earn about $50.58 per day, while the older Antminer Z15 makes roughly $25.15 per day, using an electricity rate of $0.04 per kilowatt-hour (kWh). Even the lower-tier Z15 model is out-earning Bitcoin’s Antminer S21e XP Hydro 3U, a top BTC miner.
On the other hand, it appears older Equihash miners, like Innosilicon’s A9 and A9++, are also making a comeback, helping boost Zcash’s mining power. To this end, the network is currently operating at all-time highs, with mining speeds hovering between 14 and 15 GSol/s (giga solutions per second), recently even hitting a peak of 18 GSol/s.
Crypto Extraction Pools and Competition
The rise in Zcash’s price and network power has attracted major mining pools. ViaBTC, one of the largest mining pools, leads the charge, controlling 32.7% of the network’s computing power by mining 327 out of the last 1,000 blocks. F2pool follows in second, with 15.7% of the network after mining 157 blocks. Other pools like Antpool and 2miners have 9.76% and 8.77% of the network, respectively.
With the increased profits from mining ZEC, competition among the biggest mining players has become more intense. As the Zcash network continues to grow, these pools are likely to battle it out for dominance.
Zcash’s Impact on Mining Profits
Currently, Zcash’s success has completely reshuffled the crypto mining environment. As it stands, ZEC’s mining profits have gone up, attracting options for miners who were once focused on Bitcoin.
Meanwhile, the growing interest in Zcash is not only raising its network’s computational power but also sparking a fresh wave of competition among mining pools. To this end, with ZEC hitting new price highs and the network breaking performance records, Zcash is quickly turning into a incredible participant within the crypto mining space.
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