Grayscale: Zcash Mines Twice the Revenue per Rig vs Bitcoin

Grayscale Research published an analysis showing Zcash mining delivers about twice the daily revenue per machine and about four times the revenue per megawatt-hour compared with Bitcoin, according to research director Zach Pandl.

The firm’s figures put Bitcoin miners’ collective daily rewards at around $35 million, compared with roughly $2 million for Zcash miners.

At the operator level, Grayscale estimates a typical Zcash rig produces about two times the daily revenue of a comparable Bitcoin machine and about four times the revenue per megawatt-hour of electricity consumed.

Pandl posted the figures on social media on Sept. 11, 2026, and linked to a Grayscale blog post that pointed to recent ZEC price gains. ZEC surpassed $1,000 on Sept. 4 and was trading near $1,177 at the time of the analysis, up about 15% over the previous week.

Standardized hashrate metrics referenced in the report show Zcash mining activity has risen more than 2.5 times year-to-date.

Grayscale noted the two networks rely on different hardware. Bitcoin mining uses SHA-256 application-specific integrated circuits, while Zcash uses machines optimized for the Equihash algorithm. That difference prevents miners from redeploying the same equipment between the chains in response to short-term price moves.

The firm’s figures measure revenue rather than net profit. Actual earnings depend on electricity rates, hardware purchase costs, cooling and maintenance expenses.

Grayscale wrote in the blog post, “Attractive mining economics draw more computational power, strengthening network security and supporting sustained investor interest.”

The report also noted Zcash’s market capitalization is about 1% of Bitcoin’s and that ZEC has shown high price volatility. It added that rising network difficulty, changes in electricity costs and coin price swings can quickly alter mining economics.

Grayscale converted its Zcash Trust into a spot ETF, ZCSH, which began trading on NYSE Arca on Aug. 25 and accumulated more than $500 million in assets within two weeks, according to the firm.

The analysis noted operators should factor in local electricity costs, equipment expenses and the risk that favorable conditions could narrow if ZEC prices fall or mining difficulty increases.