Summary
- ZEC topped $1,000 for the first time, with its market capitalization approaching $17 billion.
- Grayscale’s Zcash ETF has recorded about $34.4 million in net inflows since listing on NYSE Arca.
- Zcash network computing power increased, but mining profitability slipped slightly as competition intensified.
Forecast Trend Report by Period
Zcash rose above $1,000 for the first time, driven by accelerating inflows after the launch of Grayscale’s Zcash exchange-traded fund and a fresh influx of computing power into the mining network.
On Sept. 4, Zcash climbed as high as $1,086 intraday on Binance’s Tether (USDT) market, breaking above $1,000 for the first time on record. It has gained about 94% over the past month, and its market capitalization approached $17 billion. As recently as March, Zcash was trading around $200.
The immediate catalyst for the surge was Grayscale’s ETF launch. On Aug. 25, Grayscale converted its existing Zcash Trust into a Zcash ETF and listed it on NYSE Arca. It is the first ETF in the US to offer direct investment exposure to ZEC. Grayscale data show ZCSH has recorded about $34.4 million in net inflows since launch, including $12.6 million on Sept. 2 alone, the largest daily intake so far.
The mining network also expanded rapidly. According to ZcashInfo, the Zcash network’s solrate, a measure of computing power, rose from about 25 GSol/s at the end of August to briefly surpass 30 GSol/s recently. Profitability, however, slipped slightly as mining competition intensified. According to energy research firm The Energy Mag, the Bitmain Antminer Z15 Pro, currently the highest-spec mining machine, is generating about $708 in gross revenue per 1 MWh of electricity, about 3% below the $727 recorded on Aug. 24, when ZEC was trading below $900.
