Zcash breaks above $1,000 as Grayscale ETF inflows accelerate
Zcash’s ZEC token climbed above $1,000 for the first time outside the highly volatile days surrounding its 2016 exchange debut, supported by strong ETF inflows and rising mining activity.
ZEC traded as high as $1,023 on Friday, bringing its monthly gain to roughly 94% and lifting its market capitalization toward $17 billion. The token was trading near $200 in March.
The rally follows the Aug. 25 launch of Grayscale’s Zcash ETF, which trades on NYSE Arca under the ticker ZCSH. The fund is the first US ETF offering direct exposure to ZEC.
Since launch, ZCSH has recorded at least $34.4 million in net inflows, with Sept. 2 marking its strongest day at $12.6 million. The true total may be slightly higher because data for Sept. 3 and 4 appears incomplete.
Interest has also spread to Zcash mining. Network computing power rose from around 25 GSol/s in late August to briefly above 30 GSol/s.
However, the additional competition is putting pressure on miner profitability. A Bitmain Antminer Z15 Pro is estimated to generate about $708 in gross revenue per MWh of electricity, around 3% below the $727 per MWh recorded on Aug. 24 despite ZEC’s higher price. $ZEC
Zcash’s ZEC token climbed above $1,000 for the first time outside the highly volatile days surrounding its 2016 exchange debut, supported by strong ETF inflows and rising mining activity.
ZEC traded as high as $1,023 on Friday, bringing its monthly gain to roughly 94% and lifting its market capitalization toward $17 billion. The token was trading near $200 in March.
The rally follows the Aug. 25 launch of Grayscale’s Zcash ETF, which trades on NYSE Arca under the ticker ZCSH. The fund is the first US ETF offering direct exposure to ZEC.
Since launch, ZCSH has recorded at least $34.4 million in net inflows, with Sept. 2 marking its strongest day at $12.6 million. The true total may be slightly higher because data for Sept. 3 and 4 appears incomplete.
Interest has also spread to Zcash mining. Network computing power rose from around 25 GSol/s in late August to briefly above 30 GSol/s.
However, the additional competition is putting pressure on miner profitability. A Bitmain Antminer Z15 Pro is estimated to generate about $708 in gross revenue per MWh of electricity, around 3% below the $727 per MWh recorded on Aug. 24 despite ZEC’s higher price. $ZEC
