Zcash executed its second halving at block 2,726,400 on 23 November 2024, cutting the block reward from 3.125 ZEC to 1.5625 ZEC and immediately halving miner earnings per block.
Halving Mechanics
The protocol‑enforced reduction lowered the influx of new ZEC, leaving roughly 16.7 million ZEC already mined against a hard cap of 21 million. Under the NU6 upgrade, the 1.5625 ZEC reward now divides into three portions: 80 % for miners, 8 % for the Zcash Community Grants Committee, and 12 % locked in a governance reserve.
Mining Profitability
Zcash continues to rely on the Equihash proof‑of‑work algorithm, which favors specialized ASICs such as the Bitmain Antminer Z15 Pro, priced near $2,500. The machine becomes profitable only when electricity costs drop below roughly $0.06‑$0.07 per kWh; industrial operators paying $0.04‑$0.05 per kWh retain a decisive cost advantage.
Because each block now yields fewer coins, return‑on‑investment periods have contracted, pressuring smaller GPU rigs that no longer generate meaningful returns at current difficulty levels.
Price and Market Outlook
Following the halving, ZEC’s price rallied, delivering a 92 % year‑on‑year increase from the end of 2024 to the end of 2025 and peaking at $589. The price gain offered some relief to investors, yet the tighter supply curve and reduced miner rewards continue to shape market dynamics for the crypto.