Cypherpunk Starts Zcash Mining With 18% of Network Hashrate, Targets 5% of ZEC Supply

Cypherpunk Technologies (CYPH) is adding large-scale mining to its ZEC accumulation strategy as it works toward a target of holding at least 5% of Zcash’s circulating supply.

Through Cypherpunk Mining, the Nasdaq-listed company is now running Equihash mining capacity of roughly 4.2 GSol/s at U.S. locations. Cypherpunk calculates that capacity at around 18% of Zcash’s total network hashrate and says no other active fleet on the network is larger.

Funding for the mining equipment came from a $33.33 million equity transaction involving Winklevoss Capital. Mining industry veteran Kevin Zhang will oversee the business as Cypherpunk’s head of mining.

Separately, the company has accumulated 323,394 ZEC in its treasury, which it estimates represents 1.92% of the amount currently in circulation. Cypherpunk intends to build that position with newly mined ZEC and further purchases until its holdings reach at least 5% of the circulating supply.

Source: Cypherpunk Technologies