Grayscale Says Zcash Miners Earn Twice Bitcoin Revenue Per

Zcash mining has become more profitable in 2026 as the cryptocurrency’s higher price boosts miner revenue across the network. Grayscale Research estimates that a typical Zcash mining machine now generates about twice the revenue of a comparable Bitcoin machine.

Zach Pandl, a director at Grayscale Research, estimates Zcash miners earn about $2 million a day across the network, compared with roughly $35 million for Bitcoin miners. Bitcoin’s much larger mining network accounts for the wider gap in total revenue.

Zcash Gains an Energy Advantage

The gap is wider when measured by electricity use. Zcash mining generates about four times as much revenue per megawatt-hour as Bitcoin mining, giving operators higher revenue relative to power consumption.

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Zcash mining activity has also risen more than 2.5 times since January. Higher ZEC prices have given miners more incentive to add computing power and expand operations.

Rising ZEC Prices Drive Mining Growth

ZEC rose above $1,000 on Sept. 4 before giving up much of those gains, showing how quickly mining revenue can change with the token’s price.

Zcash miners use equipment designed for the Equihash algorithm, while Bitcoin miners rely on SHA-256 machines, limiting how easily operators can switch between networks.

Grayscale’s figures measure revenue rather than profit. Electricity, cooling, equipment, maintenance and pool fees reduce miners’ actual earnings. Rising participation can also increase mining difficulty and reduce revenue per machine.

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