Bitcoin Dominates Total Mining Revenue
Grayscale's latest research reveals that Bitcoin miners generate approximately $35 million daily in block rewards, vastly outpacing Zcash miners who earn about $2 million per day. This substantial difference is primarily due to Bitcoin's larger network scale and far greater hash power, reinforcing its dominant position in cryptocurrency mining.
Zcash Yields Higher Earnings Per Rig and Energy Unit
Despite Bitcoin's scale advantage, Grayscale's research director Zach Pandl points out that Zcash miners earn roughly double the revenue per individual mining machine. Moreover, when factoring in electricity consumption, Zcash's revenue per megawatt-hour is around four times higher than Bitcoin's. This indicates a notable edge for Zcash in energy efficiency and operational profitability, with earnings in some cases exceeding returns seen in AI computations and high-performance cloud services.
Rising ZEC Prices Boost Mining Appeal
The surge in Zcash mining income is largely driven by recent price appreciation. ZEC broke above the $1,000 threshold for the first time on September 4, 2026, and currently trades near $1,177—up almost 15% over the past week. This price rally has attracted more miners, reflected in a standardized hash rate index that shows Zcash's network hash rate has grown by more than 2.5 times since early 2026.
Distinct Mining Hardware Limits Direct Comparisons
Bitcoin and Zcash operate on different consensus algorithms using distinct hardware: Bitcoin relies on specialized SHA-256 ASIC miners, while Zcash uses miners optimized for the Equihash algorithm. This hardware specialization means miners cannot easily switch between these two coins to exploit short-term profit opportunities, complicating straightforward efficiency comparisons.
Revenue Figures Exclude Operational Costs
Grayscale's analysis focuses on mining revenue without accounting for critical expenses such as electricity bills, equipment depreciation, cooling, or maintenance. Actual net profitability varies considerably depending on mining farm location and operational conditions, emphasizing the importance for miners and investors to consider comprehensive cost structures.
Overall, Grayscale's findings illuminate different dimensions of mining economics for two leading privacy-focused cryptocurrencies. While Bitcoin maintains a commanding lead in total scale and revenue, Zcash demonstrates stronger per-machine returns and energy efficiency. This nuanced insight aids miners and industry participants in evaluating cost and return factors essential for strategic decision-making.