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Cypherpunk Mining goes live with Zcash fleet after $33.33 million deal

The new fleet is running about 4.2 GSol/s, targeting roughly 18% of the Zcash network while Cypherpunk expects mining to support its 5% of supply goal.

Reported · Written up by our desk · Market Structure

Cypherpunk Technologies said its Cypherpunk Mining unit is online after launching a new Zcash (ZEC) mining fleet, funded through a $33.33 million equity-based transaction with Winklevoss Capital, according to The Block.

The outlet reports the fleet is deployed across the U.S. with roughly 4.2 GSol/s of Equihash hashrate. Cypherpunk said that scale is about 18% of the total Zcash network, and that it is designed to give investors exposure to Zcash treasury and mining.

Cypherpunk also said the mining flow is intended to provide financial and operational flexibility for growth, additional ZEC purchases, and new privacy-preserving technology investments, with Will McEvoy, the firm’s chief investment officer, cited by The Block.

The company has appointed Kevin Zhang as head of mining and said the transaction makes its affiliate the Zcash network’s largest active fleet, with access to an addressable market value of more than $250 million per year at current ZEC prices, The Block reported.

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