This public company now controls 18% of Zcash mining power after $33 million Winklevoss-linked deal

Cypherpunk Technologies acquired roughly 18% of Zcash’s mining power in a $33.33 million equity deal that could dilute shareholders.On Aug. 18, the public company revealed that it bought 4,902 mining machines from Moria Mining, an affiliate of Winklevoss Treasury Investments (WTI). The fleet generates about 4.2 GSol/s across three US sites, making Cypherpunk the operator of the world’s largest active Zcash mining fleet.The acquisition also turns Cypherpunk’s Zcash strategy from one focused mainly on holding the token into one that can produce it.Cypherpunk held 323,394.38 ZEC as of Aug. 11, roughly 2% of the digital asset's circulating supply, and has set a target of owning 5%. The company said mining could help it reach that goal by producing ZEC at costs below prevailing spot prices.About 1,440 ZEC are distributed to miners each day. Cypherpunk said the output from its new fleet could fund additional ZEC purchases, future growth and investments in privacy-focused technologies.“Up until now, investors have had limited options for Zcash mining exposure. With the acquisition of this mining fleet, Cypherpunk changes that,” Cameron and Tyler Winklevoss said in the announcement.The com...