Grayscale Research has highlighted a notable shift in crypto mining profitability in 2026, estimating that a typical Zcash mining machine now generates approximately twice the revenue of a comparable Bitcoin machine. The findings, attributed to Grayscale Research director Zach Pandl, put Zcash network-wide miner revenue at around $2 million per day, while Bitcoin miners collectively earn roughly $35 million daily. That wider total gap reflects Bitcoin’s far larger mining network, according to the research.
The revenue advantage becomes even more pronounced when measured by energy consumption. Grayscale’s comparison indicates Zcash mining produces about four times as much revenue per megawatt-hour as Bitcoin mining, meaning operators can earn more relative to power use. The report arrives amid rising Zcash mining activity and growing interest in Zcash-linked investment products, with related coverage noting Zcash ETF assets under management surpassing $500 million and price targets as high as $1,500.
However, a separate report cautioned that the original Grayscale publication, comparison period, cost assumptions and methodology were not independently verified. It stressed that gross mining revenue is not the same as profit after electricity, hardware and operating costs. The two networks also use different algorithms—Bitcoin’s SHA-256 ASICs versus Zcash’s Equihash-based approach—so raw hash rates are not directly comparable. The report added that Bitcoin’s difficulty adjustment recalibrates roughly every two weeks, meaning any single-day mining revenue comparison should be viewed as a snapshot rather than a durable verdict.
