Zcash Price Spike Fuels Massive Mining Profits and Hashrate Boom

Zcash Price Blasts to $979 as Mining Power Hits Peak Levels

On Thursday, $ZEC’s price soared to a new zenith, reaching $979 and rising nearly 17% during the last day. Over the past two weeks, $ZEC has risen 64.7%, and 30-day stats show an 88.1% rise against the U.S. dollar. Stretch it back to six months, and zcash rose around 353% higher. This constant surge in dollar value has fueled the Zcash hashrate, and Bitcoin.com News reported on the network coasting along at 27.87 GSol/s.

Zcash Hashrate Coasts Along Near All-Time Highs

GSol/s stands for gigasolutions per second as $ZEC’s proof-of-work (PoW) algorithm is Equihash, and the protocol’s miners solve single computational puzzles or solutions as their work. A single GSol/s means 1,000,000,000 solutions per second or Sol/s. Following that mining report published on Aug. 25, coinwarz.com data shows the network’s hashrate peaked on Aug. 28, reaching 27.9 GSol/s at block height 3,463,689.

At press time on Sept. 3, the network’s computational power is operating at 91% compared to its all-time high. There’s a reason why the Zcash network is seeing peak highs in hashrate, and that is due to the fact that $ZEC’s price has recorded massive gains. In turn, this has amplified $ZEC mining profitability and put zcash mining rigs on a pedestal. Data collected on Thursday evening shows that the most profitable application-specific integrated circuit (ASIC) miner today is Bitmain’s Z15 Pro, a $ZEC miner.