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Learn more about ZCash
What is ZCash Mining?
ZCash (ZEC) was created in 2016 as an attempt to build a better, more anonymous and secure form of decentralized, digital cash. ZCash was created as an open-source cryptocurrency built upon the Bitcoin network codebase while using peer-reviewed cryptographic research. Utilizing what are known as zero-knowledge proofs, ZCash users have the option to hide their transaction to complete anonymity and privacy. This is done via zero-knowledge proofs known as zk-SNARKs which shield transactions. With ZCash, transactions can also be semi-private, which presents a significant breakthrough for the financial industry. Using its second-layer solution, the zero-knowledge security layer (ZSL), ZCash can reveal selected data such as the date and time of a transaction, and still hide the identities of the transacting parties. Because users can opt-in to private transactions or choose to stick with the standard, public transactions, ZCash provides some of the most flexibility in the cryptocurrency industry.
The ZCash blockchain utilizes a series of zero-knowledge proofs, ring signatures, and mixing technology to obfuscate transactions on the network. This makes viewing transactions on the ZCash blockchain only possible for non-shielded transactions, and garnering information about ZCash transaction totals or summations difficult. The average block time on the ZCash network is about 2.5 minutes, with a network block size limit of 2MB and a 12.5 ZEC block reward currently being paid-out to miners as a reward. There are about 4.5 million ZEC tokens in circulation at this time.
Which miners are used to mine ZCash?
ZCash mining is inherently ASIC-resistant due to its memory-hard, high RAM requirements stemming from its use of the Equihash hashing algorithm. Because of this, GPU mining hardware is the best option for mining the ZCash blockchain and is the best path to profitability in mining. The block difficulty on the ZCash blockchain automatically adjusts to meet the average time spent mining each block.
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