Zcash Price Surge Drives Mining Profitability
The recent rise in the price of Zcash (ZEC), a privacy-focused cryptocurrency, has notably increased mining revenues. ZEC has emerged as one of the top-performing cryptocurrencies in recent weeks, contrasting with the relative stability or decline in the prices of assets like Bitcoin (BTC). At the time of reporting, ZEC is trading at $400 per coin, reflecting a nearly 9% gain in 24 hours.
Mining Devices See Renewed Profitability
This price momentum has transformed Zcash mining devices using the Equihash algorithm into some of the most profitable machines currently available. For example, the Bitmain Antminer Z15 Pro, released in May 2023, offers a mining speed of 840 kilohashes per second (KH/s) and consumes 2,780 watts. Based on an estimated electricity cost of $0.10 per kilowatt hour (KWh), this miner currently delivers top-tier profits among ASIC miners.
The Bitmain Antminer Z15, which debuted in June 2020, has also become the third most profitable ASIC miner in the market. Providing 420 KH/s with 1,510 watts of consumed power, this five-year-old device has returned to profit after periods when mining Zcash was less viable for older hardware.
Hashrate and Mining Competition
The resurgence in ZECs price coincides with a sharp increase in the networks hashrate. At the start of July, Zcashs network recorded around 7 gigahashes per second (GH/s), whereas current levels reach 10.81 GH/ssignaling a significant rise in mining activity. Higher hashrate typically leads to increased network difficulty and greater competition, which can reduce profits for miners.
Despite tougher conditions, the ZEC price rally has enabled even previously outdated mining equipment to become profitable again. The case of Zcash highlights how market price movements can reshape mining economics and extend the lifespan of aging ASIC devices. In networks with lower global adoption compared to Bitcoin, less concentrated hashrate can create opportunities for hardware to remain viable longer.
Related content
Comments
