Cypherpunk Technologies launches world's largest Zcash mining fleet
Nasdaq-listed Cypherpunk Technologies (CYPH), which is building a corporate Zcash treasury, has announced the launch of the world’s largest mining fleet for ZEC. Its Cypherpunk Mining division has already begun operations.
According to The Block, the company has deployed equipment in the U.S. with a combined Equihash hashrate of around 4.2 GSol/s. This represents approximately 18% of the total Zcash network hashrate.
The launch of the mining business gives Cypherpunk investors exposure to two areas at once — accumulating ZEC on the company’s balance sheet and mining the cryptocurrency.
“The Zcash flow from Cypherpunk Mining provides financial and operational flexibility to fund future growth, the acquisition of additional ZEC, and new privacy-preserving technology investments,” said Cypherpunk Chief Investment Officer Will McEvoy.
The mining equipment was financed through a $33.33 million deal with Winklevoss Capital, the venture firm owned by Cameron and Tyler Winklevoss. Cypherpunk appointed mining industry veteran Kevin Zhang to lead the mining business.
Largest Zcash mining fleet
According to the company, the deal made its mining subsidiary the largest active mining fleet on the Zcash network. At current ZEC prices, the addressable market is estimated at more than $250 million per year.
Cypherpunk also said its interests are directly aligned with the development of the network: additional hashrate should strengthen Zcash security and decentralization, while a stronger network should, in turn, increase the value of the company’s crypto treasury.
Mining is also expected to help Cypherpunk move closer to its goal of accumulating 5% of the total ZEC supply. The company currently holds 323,394 ZEC, representing around 1.92% of the circulating supply.
Earlier in 2026, Zcash faced a serious security threat. Shielded Labs researcher Taylor Hornby discovered a vulnerability in the Orchard pool related to a flaw in its zero-knowledge proof circuit. In theory, it could have allowed an attacker to create counterfeit ZEC without detection.
Following the disclosure, the token lost more than 50%, while Cypherpunk shares fell by around 40%. Zcash developers released an emergency patch in early June and deployed the Ironwood upgrade in July to further strengthen network security.
Zcash recovered after a sharp decline
At the beginning of 2025, Zcash was trading below $50, while ZEC is now priced above $500. This means the token’s value has increased severalfold in less than two years, despite sharp corrections and periods of high volatility.
The price increase has also significantly improved the economics of Zcash mining. With ZEC trading above $500, mining the token is far more attractive to large operators than it was in early 2025, helping explain Cypherpunk’s decision to deploy capacity representing around 18% of the network’s total hashrate.
As a reminder, Zcash previously surged to $600.
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