Cypherpunk Technologies is now mining Zcash!

Cypherpunk Technologies (Nasdaq: CYPH) has launched what it calls the world's largest Zcash mining fleet, deploying approximately 4.2 GSol/s of Equihash hashrate across the United States, which currently represents around 18% of the total $ZEC network.

A $33.33 Million Equity Deal With Winklevoss Capital

The deal was structured as an Asset Purchase Agreement with Moria Mining LLC and Winklevoss Treasury Investments, LLC, through which Cypherpunk Mining acquired the latest-generation Z15 Pro machines and their related hosting agreements. The $33.33 million purchase price was settled via a pre-funded warrant for 43,290,042 shares of Cypherpunk common stock at an exercise price of $0.001 per share, reflecting a stock purchase price of $0.77 per share.

Cameron and Tyler Winklevoss commented that investors have had limited options for Zcash mining exposure until now, and that this acquisition changes that. Winklevoss Capital is an investment firm founded in 2012 by Cameron and Tyler Winklevoss that invests in frontier technologies.

Positioning as the Leading Corporate Privacy Miner

With the launch, Cypherpunk now offers public market investors exposure to both Zcash mining and treasury upside, continuing its evolution into a diversified privacy technology company. The company already holds a treasury of 323,394 $ZEC, further cementing its position as the leading corporate player in the privacy-mining space.

The company said the transaction made its mining affiliate the $ZEC network's largest active fleet, with access to an addressable market value of more than $250 million per year at current prices.

Industry veteran Kevin Zhang has been appointed Head of Mining at Cypherpunk. According to the company, he has mined Bitcoin since 2014 and Zcash since 2016, built major North American mining facilities, led a power plant conversion to mining, and previously helped build the largest Bitcoin mining pool at Foundry.

Cypherpunk added that the additional mining hashrate and decentralization strengthens Zcash network security, and that a more secure Zcash makes the company's treasury more valuable.

Sources:
Cypherpunk Technologies Launches World's Largest Zcash Mining Fleet (PR Newswire via Manila Times)
Cypherpunk Technologies launches Zcash mining fleet with $33 million Winklevoss deal (The Block)