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Foundry Digital launched a Zcash mining pool, securing 29.2% of the network hashrate in its first month via institutional partnerships.
Foundry Digital, the largest mining pool operator on the Bitcoin blockchain, has launched a dedicated pool for the privacy-focused cryptocurrency Zcash. The company reports that the new Foundry Zcash Pool has secured nearly 30% of the network's total hashrate within its first month of operation through partnerships with institutional mining clients [1].
Key takeaways
Foundry stated that institutional and public miners are seeking a compliant, purpose-built solution for mining Zcash [1]. While the company did not disclose the specific institutional clients it onboarded to achieve a 29.2% hashrate share, the move has significantly altered the network's distribution [1]. Prior to this launch, ViaBTC dominated the space with a 68.1% share on February 27, but that figure has since fallen to 37% [1]. This redistribution follows a September 2023 warning from Coinbase, which had flagged ViaBTC’s hashrate concentration as a potential security risk to the network [1].
Data from Zcashinfo.com indicates that Foundry began accumulating hashrate around March 4, approximately a week before the public announcement [1]. Since going live earlier this month, the pool has mined 2,344 blocks, according to a block explorer launched by Foundry [1]. Zcash blocks are mined roughly every 75 seconds, with a current reward of 1.25 ZEC tokens, valued at approximately $458 per block
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Solo mining involves high variance and the risk of not finding a block for long periods; pools smooth out these revenue streams by sharing rewards proportionally based on contributed hash rate.
Institutional pools provide specialized services such as high-security custody, treasury management, and integration with prime brokers to support large-scale mining operations.
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The migration of hash rate, particularly away from China, has prompted a focus on stability, security, and the development of mining infrastructure in new regions like the United States.
Industry experts suggest that energy consumption and the use of renewables are more effectively managed at the individual miner level, as mining pools themselves do not consume significant amounts of energy.