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Following
ZEC Grayscale Cash Package ETF announced a 3-to-1 dividend plan, and mining competition intensified.
Grayscale plans to implement a 3-to-1 share split of its Zcash ETF (code: ZCSH) in late September. Under this plan, investors will receive two additional shares for every share of ZCSH they hold.
Since the fund was launched on August 25, cumulative capital inflows have exceeded US$233 million, and trading volume has exceeded US$11 billion. Although the rise in ZEC prices has attracted more miners to participate in the network, the revenue of a single mining device has decreased due to the increase in Solrate and difficulty of the entire network. In this context, Grayscale's share split comes at a time when investment demand and mining competition are reshaping the entire Zcash ecosystem.
Detailed split arrangements and impact
SEC documents show that shareholders holding ZCSH shares as of the close of trading on September 28 will receive two additional shares for every share they hold. Grayscale will distribute these additional shares after the U.S. stock market closes on September 29, and adjusted trading will begin on September 30.
The split will triple the number of shares held by each investor while reducing the price per share proportionately. Therefore, the split will not change the total value of investors 'positions, nor will it increase the fund's underlying net assets. However, a lower share price could make it easier for investors seeking regulated Zcash exposure to participate.
Strong capital inflows and market performance
自 8 月 25 日上市以来，投资者已向 ZCSH 投入超过 2.33 亿美元，其中包括数次大规模的单日资金流入。值得注意的是，9 月 8 日当天，该基金吸引了超过 1.12 亿美元的资金流入，占其累计流入量的近一半。
ZCSH 在周三也录得了 4660 万美元的净流入，显示出在加密货币市场波动中依然存在强劲的需求。此外，截至 9 月 17 日，该基金的净资产已达到 8.9 亿美元，累计交易量超过 110 亿美元。
Zcash 行情回暖引发挖矿竞争升级
Zcash 的原生代币 ZEC 在周五早盘交易中达到 1,521 美元，被观察者视为有效的历史新高。根据 Zcash Info 数据，网络算力从 8 月底的约 25 GSol/s 上升至近 32 GSol/s。
这一增长幅度接近 28%，表明随着 ZEC 市场价值的提升，挖矿参与度迅速扩张。此外，随着协议适应网络不断增长的计算能力，挖矿难度已升至约 2.91 亿。
然而，算力的扩张也加剧了竞争，因为矿工必须将可用的奖励分配给更多的设备。因此，即使 ZEC 价格和整体网络活动增加，单台设备的回报率也可能下降。据估算，尽管加密货币大幅升值，Bitmain Z15 Pro 的预估毛收入已低于 8 月底的水平。运营商在衡量实际挖矿盈利能力时，必须考虑电力、设备、冷却和维护等费用。
