Zcash (ZEC) Miners Collectively Earn $1 Billion in Revenue Including Founders Rewards
The miners of privacy-focused coin Zcash (ZEC) has earned collectively $1 billion in revenue including founders’ rewards, shared digital assets data analytics company, Coin Metrics.
Congratulations to #ZCash miners who have now collectively earned US $1bn in revenue (incl. founders rewards). Still interesting to see that only 5-7% of $ZEC is utilizing shielded pool(s) 🕵️♂️ pic.twitter.com/1tM1qXa6P9
— CoinMetrics.io (@coinmetrics) November 4, 2019
Meanwhile, the daily fees earned on the ZEC network saw a drastic drop from $367 to just $19. It's all-time low has been in February 2017 at nearly $4 while ATH has been at $10k during the bull rally in December 2017.
In comparison to Bitcoin, these numbers are extremely low as the current total daily fees on the Bitcoin network are $200k while ATH was at $21.4 million. Litecoin’s ATH was also higher at 234.3k which currently records around $500k.
Zcash is a cryptocurrency just like Bitcoin and Litecoin but with a few improvements such as enhanced privacy, zero-knowledge transfers, and anonymity.
It provides the option of transactional anonymity by using a zero-knowledge proof called zk-SNARKs. And this is the reason why law enforcement does not like Zcash. As such in 2019, Coinbase, OKEx, and Upbit delisted ZEC from their cryptocurrency exchanges.
This could be why only 5 to 7% of the Zcash coins are in shielded pools and the majority are in a transparent pool.
In August, Zooko Wilcox, CEO of Electric Coin Company (ECC), the firm behind Zcash, made an appeal for the creation of a new “Dev Fund” to support the future operations of the digital asset.
The move came after much debate over the continuation of the controversial founders’ reward.
Price-wise, the 32nd largest cryptocurrency isn’t doing much good and is still down 98.8% from its all-time high of $3,190.
At the time of writing, Zcash has been trading at $37.66 with 24 hours gains of 0.41%, as per Coincodex.