Foundry Digital has launched its Zcash mining pool, quickly capturing a significant 29% of the network's total hashrate. This rapid ascent has dramatically reduced the dominance of ViaBTC, previously holding over 65% and now sitting at 37%.
Foundry, a major player in Bitcoin mining, cited demand from institutional clients for a compliant Zcash mining solution. The company has onboarded multiple institutional miners, though specific client names were not disclosed. The Foundry Zcash Pool has already mined over 2,300 blocks since its inception.
This shift in hashrate distribution is notable as Coinbase had previously flagged ViaBTC's high concentration as a potential network security risk. Zcash (ZEC) has seen substantial price growth, rising 1,050% in the past year and is now the fifth-largest proof-of-work token by market capitalization.