Cypherpunk Accounts for About 20% of Zcash Hash Rate; Fortitude Projects Same Share

Cypherpunk Technologies accounts for about 20% of Zcash’s hash rate, while Fortitude Mining says it expects to reach the same share after its latest deployment, putting mining-power concentration in focus.

Gemini co-founders Cameron and Tyler Winklevoss back Cypherpunk. Digital Currency Group founder Barry Silbert backs Fortitude. The firms plan to spend tens of millions of dollars combined to expand their mining capacity.

Their competition extends to investment products. Grayscale, which is part of DCG, launched the first U.S. Zcash ETF in August. The Winklevoss brothers filed an application for a Zcash ETF in October.

The firms’ growing presence has also drawn attention to concentration in Zcash mining power and token holdings.