Grayscale Finds Zcash Mining Rewards About Double Bitcoin’s Per Machine

Grayscale’s latest analysis shows that Zcash miners can earn roughly twice the daily rewards per machine compared with Bitcoin miners. The firm attributes the advantage to higher Zcash prices and lower electricity assumptions.

Reward Comparison

Using the Bitmain Z15 Pro for Zcash and the Bitmain S23 Hydro for Bitcoin, Grayscale estimates Zcash rewards are about two times higher per rig and four times higher per megawatt‑hour of electricity. The calculations assume $0.05/kWh electricity, full uptime and no transaction or pool fees.

Impact on Mining Activity

Grayscale reports that Zcash mining activity has grown to more than 2.5 times its level at the start of the year. The firm says higher token prices encourage more hash power to join the network, which in turn strengthens security.

Cost Considerations

The analysis excludes pool fees, cooling, other operating expenses, and equipment depreciation. These factors can significantly affect actual miner profitability. The two machines are dedicated to their respective chains and cannot be switched between Bitcoin and Zcash.

Network Reward Pools

Despite the per‑machine advantage, Bitcoin’s overall reward pool remains larger, with Grayscale estimating about $35 million daily versus roughly $2 million for Zcash.

Market Context

Zcash approached $1,000 earlier in the month, reaching an intraday high of $979 on September 3. At press time, ZEC traded around $1,123.25. Grayscale’s Zcash investment product surpassed $500 million in assets after listing on NYSE Arca.