Bitcoin
Grayscale Compares Mining Revenue Metrics Between Bitcoin and Zcash
A Grayscale Research analysis reveals that individual Zcash mining rigs currently generate higher revenue per machine and per megawatt-hour than Bitcoin.
A research report by Grayscale found that while Bitcoin vastly outpaces Zcash in aggregate network scale, individual Zcash mining operations currently achieve higher gross revenue per unit of hardware and power consumed. Bitcoin miners earn an estimated $35 million in daily block rewards compared to roughly $2 million for Zcash.
At the machine level, Grayscale estimates an individual Zcash rig produces about twice the daily revenue of a comparable Bitcoin unit, and roughly four times the revenue per megawatt-hour. The report attributes this margin to ZEC's recent price gains, with the token trading near $1,177 after crossing the $1,000 mark on September 4, which helped push Zcash's network hashrate up more than 2.5 times year-to-date.
The study emphasizes that a direct comparison is limited because the networks rely on incompatible hardware: Bitcoin uses SHA-256 ASICs while Zcash requires Equihash equipment. Grayscale also noted that these figures reflect gross revenue rather than net operational profits, which remain heavily dependent on individual power tariffs and maintenance costs.
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