Zcash (ZEC) underwent its second halving on 23 November 2024 at block 2,726,400, reducing the block reward from 3.125 ZEC to 1.5625 ZEC, a 50 % cut that instantly halved miners’ earnings per block.
Halving Mechanics and Blockchain Design
Zcash, launched in October 2016 as a Bitcoin‑derived blockchain, incorporates zero‑knowledge proofs called zk‑SNARKs, enabling fully private transactions without exposing sender, receiver, or amount. Like Bitcoin, the network enforces a 21 million‑coin cap and trims the block subsidy by half roughly every four years, with each reduction occurring after 1,680,000 blocks. Blocks are generated about every 75 seconds, a cadence established by the December 2019 Blossom upgrade that also cut the block time from 150 seconds to 75 seconds.
Historical Milestones
At inception, Zcash offered a 12.5 ZEC reward per block, mirroring Bitcoin’s original subsidy but with a slower 150‑second block interval. The first halving arrived in December 2019 at block 653,600, lowering the reward to 6.25 ZEC and coinciding with the Blossom protocol change that accelerated block production. These events set the stage for the 2024 second halving, which further tightened the inflow of new ZEC.
Supply, Price and Investor Outlook
Following the 2024 halving, circulating ZEC stands at approximately 16.7 million, leaving just under 4.3 million coins to be minted before the hard cap is reached. As of 19 June 2026, ZEC trades between $448 and $481, a range that reflects heightened interest from crypto investors seeking privacy‑focused assets. The reduced issuance rate is expected to constrain supply, potentially supporting price stability or modest appreciation as market participants adjust to the new reward structure.