Blockchain expert: Zcash mining is profitable, but you must always be vigilant

Zcash has been controversial since its release and is seen as a high-risk investment, but cloud mining company Hashflare has announced support for Zcash mining.

Zcash is the first permissionless decentralized cryptocurrency. With Zcash, users can not only completely conceal their transaction amounts, but also keep their identity information confidential. At present, some exchanges have launched this new cryptocurrency. Several cloud mining websites have also opened Zcash mining services, because the best way to obtain this currency is still mining, after all, the amount of Zcash circulating in exchanges is not much.

Zcash Mining

Joby Weeks of bitcoin mining pool BitClub said Zcash has been the most engaged project in the digital currency space over the past year.

They have assembled a dream team of top cryptography and security experts to create the most secure and private blockchain possible.

Hashflare said when opening up Zcash mining:

Many see Zcash as providing a censorship-resistant solution to Bitcoin, but we see it as providing another cryptocurrency mining investment possibility.

Currently, the annual return on investment (ROI) of Zcash mining is 200% , and our mining contracts have also started pre-sale, priced at $4.2 per 0.1 H/s. Zcash mining is limited, and each contract is valid for 1 year from the date of entry into force, and no additional fees will be charged.

Genesis Mining and Toomim Brothers also offer similar mining contracts.

Warning

When asked if “be cautious” is the best advice for Zcash users, Weeks said:

That's right. There are still many loopholes in the Zcash system that need to be solved. I don't buy coins directly, but I buy mining equipment to mine Zcash. In case Zcash fails, I can still gather settlement power to mine ETH or other coins.

But he doesn’t think Zcash will fail:

Because all the geniuses in the field of cryptography are involved in this project.

Jack Gavigan, a financial technology consultant, said on Twitter that Zcash is just an experiment and will not have the expected effects. He emphasized the word "caution".

There is a lot of hype and excitement about Zcash, but the risks are what should not be ignored. This new cryptocurrency could easily lead to unexpected attacks.

Hashflare shares the same sentiment:

We believe that Zcash is a high-risk, high-return investment option, and recommend that you carefully study the concept, team, and technology details on the Zcash official website before participating.