Key highlights:
- Fortitude Mining named former Hut 8 CEO Jaime Leverton as CEO ahead of its planned Nasdaq listing via merger with HeartSciences
- Fortitude mined 72,696 ZEC in H1 2026, generating $20.9M in Q2 revenue with ZEC up 2,000%+ YoY and market cap exceeding $21B
- Grayscale Research found ZEC mining generates 2x the daily revenue per machine and 4x the revenue per MWh vs. Bitcoin, driving 250%+ growth in Zcash mining activity in 2026
Fortitude Mining Holdings has named former Hut 8 CEO Jaime Leverton as its new chief executive, strengthening its leadership team as the Zcash-focused miner moves toward a proposed Nasdaq listing through its merger with HeartSciences.
Leverton will : https://t.co/u3pE9X7aaE.
— Fortitude (@FortitudeCrypto) August 4, 2026
The company reported $8.5 million in adjusted EBITDA and a $9.5 million net loss in the second quarter, partly due to a $10.3 million mining equipment impairment.
What is behind the shift from Bitcoin mining to Zcash?
A recent analysis by Grayscale Research found that mining Zcash (ZEC) currently generates significantly higher returns per machine and unit of electricity than Bitcoin.
Zcash mining activity has also increased more than 250% in 2026 as miners respond to stronger economics.
Bitcoin $BTC miner rewards: ~$35 million per day
Zcash $ZEC miner rewards: ~$2 million per dayHowever, Grayscale Research believes Zcash mining is more profitable, with rewards ~2x higher per mining rig and ~4x higher per megawatt hour (MWh). Greater profitability has driven… pic.twitter.com/Ck7tGq8x2U
— Grayscale (@Grayscale) September 11, 2026
Grayscale estimates that Bitcoin miners collectively earn about $35 million in daily rewards, compared with roughly $2 million for Zcash. However, the comparison changes at the individual operator level.
A typical Zcash mining rig generates about twice the daily revenue of a comparable Bitcoin machine, while Zcash mining can produce roughly four times the revenue per megawatt-hour.
The improved economics have been supported by ZEC’s price performance as the token crossed $1,000 on September 4 for the first time in nearly a decade and now trades around $1,177, according to the analysis.
However, Grayscale noted that the figures represent revenue rather than net profit, with electricity, hardware, cooling, and maintenance costs affecting actual returns.
Source:: Zcash Miner Fortitude Prepares for Nasdaq Debut With New CEO