Winklevoss-led investment boosts Zcash mining ahead of network upgrade
- An investment firm led by the Winklevoss twins financed $59 million for Cypherpunk Technologies, which mines ZEC.
- In August, a Winklevoss affiliate sold Cypherpunk a Zcash mining fleet valued at $33 million.
- Gemini is responsible for trading and custody of Cypherpunk’s ZEC holdings.
- Zcash’s upcoming NU7 upgrade aims to reduce block time from 75 seconds to just 25 seconds, scheduled for Nov. 5.
- The NU7 upgrade will first be tested on Zcash’s test network starting Oct. 6 before mainnet activation.
The investment in Cypherpunk Technologies signifies growing interest in Mining operations focused on ZEC, especially with the anticipated performance improvements from the NU7 upgrade. This faster block confirmation could impact trading efficiency on platforms like Gemini.
With a significant $59 million financing and an impending upgrade to shorten block times, the landscape for Zcash trading and mining is poised for notable changes.(Source)
