Taking advantage of a good deal, Cypherpunk acquires Zcash mining fleet

Cypherpunk Technologies (Nasdaq: CYPH) has acquired a Zcash mining fleet through a $33.33 million equity-based transaction with Winklevoss Capital, according to a company statement.

The fleet consists of Z15 Pro machines with approximately 4.2 GSol/s of Equihash hashrate deployed across U.S.-based facilities. The company claims this represents roughly 18% of the total Zcash network hashrate, which it describes as the largest active Zcash mining fleet.

The purchase price was paid through the issuance of a pre-funded warrant to Winklevoss Treasury Investments, LLC to purchase 43,290,042 shares of Cypherpunk common stock at $0.001 per share, reflecting a stock purchase price of $0.77 per share.

Cypherpunk also announced that Kevin Zhang has joined the company as Head of Mining. Zhang previously built Bitcoin mining facilities in North America and led the development of a large mining pool at Foundry.