Zcash Price Analysis: Faster and More Energy Efficient ZEC Miner Released by Bitmain

  • The mining giant, Bitmain, launched a newly upgraded miner for Zcash (ZEC). It is said to be three times more efficient.
  • ZEC/USD bulls are enjoying a rally on Tuesday, but have much work for more significant upside.

Zcash: Recent Price Behavior

The ZEC/USD price on Tuesday is holding decent gains at the time of writing, up around 4% in the session so far. The price has managed to rise to its highest level in around four weeks and has been rallying consecutive for the past three now. ZEC has been struggling for much of this year, in its attempt to recover and move away from the 2018 low area.
A chunky demand area, which tracks from $51 down to $46, has helped prevent the price from free-falling. The zone has been active since the low print on 14th December 2018 at the tail end of the year’s bear market. ZEC/USD has been moving within a narrowing corridor as the bulls attempt to find a firmer road to recovery.

New Zcash Miner – Three Time More Hashing Power

Cryptocurrency mining giant Bitmain has launched a new miner for Zcash. The company claims that this new miner has the capabilities to do three times more in terms of hashing power than its predecessor.

The company announced today that the new system is called the Antminer Z11. Its purpose is to mine cryptocurrencies that are based around the Equihash algorithm (this includes Zcash). It will be a new application-specific integrated circuit (ASIC).

Bitmain further detailed that the hashing power of the new product is reported at 135K sol/s, or solutions per second. It is said to be “three times more powerful” than the prior Equihash miner. The mining giant also claimed that the Antminer Z11, which adopts a 12-nanometer chip, is much more energy-efficient given the new internal circuit structure. Reportedly, it can save 60% of electrical costs versus the Z9.

Technical Review – ZEC/USD

ZEC/USD daily chart.

The next major area of interest for the bulls will be tackling the 24th February high seen at $60.20. Should ZEC/USD manage to push through this, then eyes will be on supply from $62 up to $65. Sellers are camped from the mentioned zone right up to the $70-$75 region. The price last faltered here after the end of year bull run. Back on 24th December, the market bulls ran out of steam within this noted territory.

Further north, a break down of the $60 and $70 territories could then leave the door open to a fast return up to the psychological $100 mark. ZEC/USD has not traded up at these heights since the back end of November 2018. Finally, a move beyond this point would mean a complete reversal of the November fall would be possible up at $140.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

 Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.