Zcash Mining Revenue Per Megawatt Surpasses Bitcoin by About Four‑Fold

Grayscale’s latest research shows that Zcash (ZEC) mining has expanded dramatically in 2026, with total hash‑rate more than 2.5 times its level at the start of the year. Stronger ZEC prices have lifted estimated revenue per megawatt‑hour to about four times the level generated by Bitcoin (BTC) miners.

Revenue Comparison by Machine and Power

On an individual‑machine basis, Grayscale estimates a Zcash miner earns roughly twice the daily revenue of a comparable Bitcoin miner. When measured per megawatt‑hour of electricity, Zcash mining produces approximately four times the revenue of Bitcoin mining.

Impact of ZEC Price Rally

The rise in ZEC’s market price has been a key driver. In September 2026 the token traded above $1,000, a level far above its price a year earlier, and market capitalization reached roughly $16.8 billion. Higher token prices increase the dollar value of block rewards paid to miners, even if equipment and electricity usage remain unchanged.

Network Security and Hash‑Rate Growth

Higher profitability has attracted new equipment, expanding the Zcash hash‑rate by more than 2.5 times. Grayscale describes this as a reinforcing cycle: higher prices boost mining incentives, new machines raise hash‑rate, and the larger network improves security, which can further support investor confidence.

Equipment Differences

Zcash miners use hardware designed for the Equihash algorithm, while Bitcoin miners rely on SHA‑256 machines. The two hardware families are not interchangeable, meaning profitability shifts affect each network separately.

Grayscale’s Zcash Investment Product

U.S. investors can gain exposure to ZEC through Grayscale’s ZCSH exchange‑traded product listed on NYSE Arca. The fund holds ZEC directly, charges a 2.5 % annual sponsor fee, and aims to keep its share price close to the net asset value of its holdings.