Zcash mining currently generates about four times more revenue per megawatt-hour than Bitcoin, according to recent estimates published by Zach Pandl, Head of Research at Grayscale. According to the firm’s analysis, although the Bitcoin network overwhelmingly dominates in absolute volume—pulling in $35 million daily compared to the privacy coin’s $2 million—each individual Zcash machine generates double the daily revenue of its BTC counterpart.
This superior energy efficiency follows a more than 2.5-fold increase in Zcash mining activity throughout 2026, fueled by ZEC appreciating above $1,000 and the rollout of the ZCSH exchange-traded product on NYSE Arca. Because Zcash operates on the Equihash algorithm while Bitcoin utilizes SHA-256, hardware operators cannot switch machines between networks, cementing a specialized ecosystem and strengthening the chain’s technical security against potential attacks.
As additional hashpower joins the protocol, automatic difficulty adjustments will test machine-level profitability, contingent on whether ZEC sustains its valuation against operating costs. The next step for the industry will center on monitoring the sustainability of Zcash hashrate and institutional absorption through newly regulated financial vehicles.
Source: https://www.grayscale.com/the-stack/zcash-mining-is-taking-off
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