Zcash Rally Widens Mining Revenue Lead Over Bitcoin and AI HPC

Zcash’s price surged to roughly $890, expanding its mining revenue advantage over Bitcoin and AI high‑performance computing (HPC) workloads.

Revenue per megawatt‑hour

The Bitmain Antminer Z15 Pro, used for Zcash mining, is estimated to generate $727.30 in gross revenue per megawatt‑hour (MWh) of electricity. This is about 3.3 times the industry‑average HPC yield of $222.73 per MWh.

Compared with Bitcoin miners, the Z15 Pro produces roughly 4.5 times the $162.11 per MWh estimated for the Antminer S23 Pro and more than seven times the $102.67 per MWh for the S21 Pro.

Growth of the revenue gap

In late June, the Z15 Pro’s estimated revenue was $373 per MWh, versus $223 for HPC, $133 for the S23 Pro, and $84 for the S21 Pro. The premium over the HPC benchmark has since widened from about $150 per MWh to over $500 per MWh.

The gap between Zcash and Bitcoin mining revenue has more than doubled, rising from roughly $240 per MWh to about $565 per MWh. Overall, Zcash mining revenue has risen about 95 % under the latest estimates, while Bitcoin mining revenue (S23 Pro) increased about 22 % and the HPC benchmark remained largely unchanged.

Market context

ZEC gained about 70 % in seven days, reaching a practical all‑time high near $890, surpassing peaks from the 2017‑18 cycle. Bitcoin also rallied over 20 % last week, breaking above $77,000, but its mining revenue growth lagged behind Zcash’s.

The broader crypto rally followed U.S. Treasury actions that lowered yields and the dollar, prompting investors to shift toward alternative assets. Regulatory signals, including calls for a “Clarity Act,” added further momentum, while short‑squeeze dynamics forced the liquidation of over $4 billion in bearish positions.

Outlook

Upcoming U.S. economic data and Federal Reserve commentary could influence Treasury yields and the dollar, potentially affecting crypto liquidity and demand for risk assets.