Grayscale: Zcash Mining More Profitable Than Bitcoin as Hashrate Triples

The striking part is not that Zcash miners earn more per unit of power, but that the gap has widened enough to pull hashpower toward a smaller network. Grayscale's framing matters because it comes from an asset manager with a commercial interest in privacy-coin infrastructure, not an independent mining analyst. The real question is whether Zcash's hashrate growth reflects durable demand for the token or a temporary arbitrage that closes as more miners arrive and difficulty adjusts.