Foundry Digital has rapidly become a major player in Zcash mining, capturing 29% of the network’s hashrate within a month of launching its new mining pool. The move has significantly disrupted the market, cutting ViaBTC’s previously dominant share from approximately 65% to 37%, according to industry analysts.
The competitive shift comes as Foundry leverages its established infrastructure in Bitcoin mining to expand into privacy-focused cryptocurrencies. ‘This demonstrates how quickly mining power can redistribute when new, credible entrants emerge,’ noted a blockchain analyst at CoinShares.
Zcash, which uses the Equihash algorithm, has seen increasing institutional interest despite regulatory uncertainties surrounding privacy coins. Foundry’s parent company, Digital Currency Group, has been actively expanding its mining operations across multiple proof-of-work networks.
Market observers suggest the hashrate redistribution could lead to improved network security for Zcash, though some miners express concerns about over-concentration among a few large pools. The development follows growing scrutiny of mining centralization following Ethereum’s transition to proof-of-stake.