Nasdaq-listed CYPH secures $33.33 million to fund mining operations capturing nearly one-fifth of Zcash network hashrate.
Cypherpunk Technologies (CYPH) has activated the largest Zcash mining fleet, contributing 4.2 GSol/s of Equihash hashrate, or 18% of the network. The deployment spans U.S.-based operations and was funded via a $33.33 million equity deal with Winklevoss Capital.
The company previously held 323,394 ZEC, roughly 1.92% of circulating supply. Cypherpunk aims to accumulate 5% of ZEC’s total supply through mining and additional purchases. Industry veteran Kevin Zhang was named head of mining to oversee the expansion.
No immediate market reaction was disclosed in the announcement.