Cypherpunk Technologies, a publicly traded company, acquired roughly 18% of Zcash’s mining power for $33.33 million funded by equity warrants potentially covering 43.3 million shares. The deal with Moria Mining, an affiliate of Winklevoss Treasury Investments, includes 4,902 mining machines generating about 4.2 GSol/s across three US sites, making Cypherpunk the operator of the world’s largest active Zcash mining fleet. The company held 323,394.38 ZEC as of August 11, representing approximately 2% of the circulating supply, with a target of 5%. The warrant exercise price is set at $0.001 per share, and if fully exercised, warrant shares would represent 28.7% of the enlarged share count, while being capped at 19.99% beneficial ownership for WTI. Kevin Zhang, formerly responsible for major North American mining operations at Foundry, was appointed as head of mining and stated that current Zcash mining economics generate stronger returns than Bitcoin mining and AI colocation.
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