Bitcoin mining giant Foundry expands into privacy coins with institutional-grade Zcash pool launch planned for April.
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Foundry, the world's largest Bitcoin mining pool operator, announced plans to launch an institutional-grade Zcash (ZEC) mining pool in April, marking a significant expansion beyond its core Bitcoin mining services. The move comes as Zcash has surged approximately 600% year-over-year, trading around $65 with a market capitalization of roughly $1 billion.
The digital asset infrastructure company's entry into privacy coin mining reflects growing institutional interest in Zcash's zero-knowledge proof technology. Foundry currently controls approximately 30% of Bitcoin's hash rate, making it the dominant player in Bitcoin mining pool operations. The expansion into Zcash mining could provide additional revenue streams as institutional clients seek exposure to privacy-focused cryptocurrencies.
Zcash operates in a complex regulatory environment, with privacy coins facing increased scrutiny from global regulators. Several major exchanges have delisted privacy coins in recent years due to regulatory pressure, particularly in Europe and Asia. However, Zcash's optional transparency features and compliance-friendly design have helped it maintain listings on major platforms including Coinbase and Gemini.
With a market cap of approximately $1 billion, Zcash ranks outside the top 50 cryptocurrencies by market capitalization. The token represents less than 0.05% of the total crypto market cap and has shown minimal correlation with Bitcoin's recent price movements. ZEC's 600% yearly gain significantly outperformed Bitcoin's roughly 100% increase over the same period.
The mining community has generally welcomed Foundry's expansion, viewing it as validation of Zcash's long-term viability. However, some privacy advocates express concern that institutional mining consolidation could compromise the decentralized nature that makes privacy coins effective.