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The Zcash Anomaly: When Power Efficiency Quietly Rewrites Mining Incentives There is a particular kind of market story that arrives without fanfare and yet, if you sit with it long enough, begins to feel disproportionately important.
The latest figures showing Zcash miners producing more than four times the value per kilowatt-hour of their Bitcoin counterparts is one of those stories.
It will not headline the cable shows, and it will not spike a meme coin chart. But it tells us something about how the proof-of-work economy actually breathes when the audience stops watching.
For most of the last decade, the narrative around mining has been simple to the point of caricature.
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