- Zcash climbed to a record $1,023 on Friday, extending its monthly gain to roughly 94% and pushing its market capitalization toward $17 billion.
- Grayscale’s Zcash ETF has recorded approximately $34.4 million in net inflows since launching on Aug. 25.
- Zcash mining power briefly surpassed 30 GSol/s as miners joined the rally, although increased competition has pushed miner revenue about 3% lower.
Zcash has surged above $1,000, reaching its highest level on record outside the extreme volatility surrounding its initial exchange listings in late 2016.
REC traded as high as $1,023 on Friday after gaining approximately 94% over the past month. The privacy-focused cryptocurrency was trading near $200 as recently as March.
The rally has pushed Zcash’s market capitalization toward $17 billion as investor demand and mining activity accelerate.
Grayscale Zcash ETF Attracts $34 Million
One of the biggest catalysts behind the recent momentum has been Grayscale’s Zcash ETF, which launched on Aug. 25 after being converted from the company’s existing Zcash Trust.
The fund trades on NYSE Arca and is the first U.S. ETF to provide direct exposure to ZEC.
Grayscale data shows the fund has attracted approximately $34.4 million in net inflows since its debut, although the actual total could be slightly higher because data for Sept. 3 and Sept. 4 appears incomplete.
Its strongest session came on Sept. 2, when the ETF recorded $12.6 million in inflows.
Zcash Mining Power Hits Record High
Zcash’s rising price has also attracted significantly more computing power to the network.
The network’s solrate climbed from approximately 25 GSol/s in late August and briefly surpassed 30 GSol/s for the first time.
The increase suggests miners are deploying additional computing resources as interest in ZEC grows.
However, more mining power also means greater competition for the same block rewards, limiting the benefit miners receive from ZEC’s higher price.
Miner Revenue Falls Despite ZEC Rally
A Bitmain Antminer Z15 Pro currently generates an estimated $708 in gross revenue per MWh of electricity, according to TheEnergyMag.
That is approximately 3% below the $727 per MWh generated on Aug. 24, when ZEC was trading below $900.
The decline shows how rapidly new mining competition has entered the network despite Zcash reaching record prices.
With ZEC nearly doubling over the past month, ETF inflows accelerating and network computing power reaching new highs, Zcash is seeing a sharp increase in attention from both investors and miners.
