️ UPDATE: Zcash mining generated an estimated $727 per megawatt-hour, more than 3x the industry HPC estimate and over 4x Bitcoin mining revenue, according to TheEnergyMag.

What happened

A report from TheEnergyMag estimates that Zcash mining produced $727 per megawatt-hour of electricity used, which is more than three times the industry high-performance computing estimate and over four times Bitcoin mining revenue.

Confirmed

Global impact / market context

Higher revenue per unit of electricity makes Zcash mining more profitable than Bitcoin mining. This could attract miners and investors to Zcash, potentially increasing demand for the asset and shifting capital away from Bitcoin mining operations.

Analyst inference

Bitcoin miners face intense competition and energy costs, so a revenue advantage for Zcash suggests a potential competitive shift. Investors may reconsider relative valuations of proof-of-work assets, where profitability depends heavily on electricity prices and coin values.

Analyst inference

What to watch

1. Confirm whether the Zcash revenue figure of $727 per megawatt-hour is accurate and reproducible, as this estimate comes from TheEnergyMag and may rely on specific assumptions about energy costs and hash rates. Confirmed
2. Watch whether more miners move from Bitcoin to Zcash, which could raise Zcash's network difficulty and lower future revenue per unit of electricity, eroding the initial profitability advantage. Proposed
3. Monitor electricity cost trends in mining regions; if energy prices rise, Zcash's higher revenue per megawatt-hour may make it more resilient than Bitcoin mining, potentially shifting investor focus toward Zcash-related exposure. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• x.com