ZCash (ZEC) Price Rises as Bitmain’s Z11 Miner Brings More Hashing Power to the Network
The ASIC producer has promised a mechanism to protect ZEC against miners dumping their rewards.
Bitmain has released the most powerful Equihash miner so far, the Z11, coming just nine months after the Z9’s release. The new device, based on the 7nm chip technology, will bring new and significant hashing power to the ZCash (ZEC) network, the company announced on its blog.
The Z11 is three times more powerful than the Z9, offering 135KSol/s, a measure specific to the Equihash algorithm. This type of miner also competes with the remaining GPU miners, to which the algorithm is also available.
The Z11 launch will also go through in a structured way, as Bitmain will release information on the shipments of the upcoming batches. The addition of new ASIC to the network has been relatively non-transparent in the past, becoming evident only after a significant rise in hashing power. For this reason, Bitmain has decided to give a warning, as ASIC competition tends to make mining more difficult and potentially less rewarding.
“To preserve the Zcash community’s values around security, reliability and accessibility, Bitmain had previously Tweeted real-time updates to ensure more transparency and will continue to provide shipping updates of the first batch of the Antminer Z11. These commitments to transparency will continue to provide the Zcash foundation and community with the security, reliability and accessibility they desire of manufacturers,” Bitmain announced.
In theory, owners of the new equipment would have a higher chance of receiving block rewards, due to more efficient hashing.
The ZCash total hashrate reaches 2.4 GSol/s, after picking up growth around the time the Z9 was launched. The hashrate growth is now flatter, but may pick up again with the shipments of Z11.
Following the news, the ZEC market price rose by about 5% in 24 hours, to $56.56 as of 11:30 UTC on Tuesday. ZEC is still around a year old, and is slowly expanding its presence on exchanges and acceptance as a solid digital asset and an anonymous coin. The ZCash network is now relatively expensive to attack, with one hour costing $15,999, and the required hashing power cannot be hired from Nicehash. For the ZCash network, the presence of ASIC has lowered the chance of an attack.