Zcash Mining Jumps 2.5x as ZEC Holds Above $1,100
Zcash miners have sharply increased computing capacity in 2026 as ZEC's rally improves the economics of Equihash mining.
Summary:
- Zcash mining activity has increased more than 2.5x since the beginning of 2026, according to Grayscale Research.
- Zcash ASICs currently generate roughly twice the daily revenue and four times the revenue per MWh of comparable Bitcoin hardware.
- ZEC trades near $1,149, holding above its 50-period SMA at $1,136.95 after retreating from nearly $1,300.
- Higher network difficulty is beginning to compete with ZEC’s price strength in determining miner returns.
Grayscale Research estimates mining activity has expanded by more than 2.5 times since January, while network hashrate recently reached a record near 29 GSol/s. ZEC was trading around $1,148.61 on September 12, still well above longer-term moving averages despite pulling back from nearly $1,300, leaving miners with stronger dollar-denominated block rewards but increasingly intense competition for them.
Zcash ASIC economics pull ahead of Bitcoin
The current advantage is most visible when mining revenue is compared with the electricity required to generate it.
Grayscale estimates that a typical Zcash ASIC produces approximately twice the daily revenue of comparable Bitcoin mining hardware and around four times the revenue per megawatt-hour.
The overall Bitcoin mining industry remains considerably larger.
| Metric | Zcash | Bitcoin |
|---|---|---|
| Estimated miner revenue/day | ~$2M | ~$35M |
| Typical ASIC daily revenue | ~2x comparable BTC hardware | Baseline |
| Revenue per MWh | ~4x Bitcoin | Baseline |
| Mining algorithm | Equihash | SHA-256 |
Those figures measure gross mining revenue rather than profit. Electricity prices, hardware costs, hosting, cooling and financing still determine the actual margin available to individual operators.
ZEC rally sends network hashrate to a record
The expansion in mining capacity followed a sharp increase in the value of the rewards miners receive.
ZEC moved above $1,000 during September and recently approached $1,300. Because miners receive ZEC for securing the network, the rally increased the dollar value produced by existing machines and made additional Equihash hardware economically viable.
Network hashrate reached approximately 29 GSol/s on September 8, a record for Zcash.
More computing power also raises the cost of attacking the proof-of-work network. The influx therefore strengthens Zcash’s security while simultaneously increasing competition between miners.
Zcash adjusts mining difficulty as that computing power changes, preventing the additional hashrate from permanently increasing the amount of ZEC distributed through mining.
ZEC consolidates near $1,149 after September rally
Price is now becoming more important to the sustainability of those mining economics.
At the time of writing ZEC trades at approximately $1,148.61 on September 12 after retreating from a recent high close to $1,300.
The token is holding just above its 50-period simple moving average at $1,136.95, establishing the $1,135-$1,140 area as the nearest technical support. A sustained move below that level would put the recent $1,060-$1,075 zone back into focus.
Overhead, ZEC remains below its 20-period SMA at $1,177.37. Recovering that average would bring the psychological $1,200 level into play before the market could challenge the September highs again.
The longer-term structure remains stronger. ZEC is trading well above its 100-period SMA at $985.55 and 200-period SMA at $794.30.
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Momentum is neutral, with the 14-period RSI at 49.71. The reading is close to the midpoint and provides neither an overbought nor oversold signal after the recent volatility.
For miners, the technical levels have a direct economic consequence. A deeper price correction would lower the dollar value of block rewards at a time when more machines are already competing to earn them.
Equihash hardware prevents an immediate Bitcoin miner switch
The revenue advantage does not allow Bitcoin miners to simply redirect their existing ASICs toward Zcash.
Bitcoin uses the SHA-256 mining algorithm, while Zcash uses Equihash. Specialized machines built for SHA-256 cannot be switched to Equihash through a software change.
Entering Zcash mining therefore requires compatible hardware and sufficient electrical and hosting capacity to deploy it.
That constraint can slow the response to unusually attractive Zcash economics. If the revenue difference persists, however, stronger demand for Equihash machines could encourage operators to deploy additional equipment and manufacturers to increase available capacity.
Higher competition is already affecting machine revenue
The first signs of that adjustment are visible in individual ASIC economics.
An Antminer Z15 Pro was generating about $708 in gross revenue per MWh in early September. That figure was approximately 3% lower than on August 24 despite the increase in ZEC’s market price.
The decline indicates that additional network competition is already absorbing part of the benefit from higher ZEC prices.
The balance now depends on two forces moving in opposite directions. A higher ZEC price increases the dollar value of each miner’s expected rewards, while higher difficulty reduces the amount of ZEC attributable to a given unit of computing power.
$1,137 support and mining difficulty become the next tests
ZEC’s $1,136.95 50-period SMA provides a near-term price reference as network difficulty continues responding to the record hashrate.
Holding that area would preserve most of the September rally and keep the token well above its 100-period average near $986. A break toward the $1,060-$1,075 support region would put greater pressure on miners whose operating costs have risen alongside network competition.
On the upside, a recovery through the 20-period SMA near $1,177 and then $1,200 would improve the short-term price structure and increase the dollar value of expected mining output.
Revenue per MWh will show which force is winning. The Z15 Pro’s recent decline provides an early sign of compression, while ZEC’s ability to remain above $1,100 is keeping the underlying block rewards valuable enough for new Equihash capacity to remain economically relevant.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
