Zcash mining has become significantly more profitable than Bitcoin mining for individual operators, according to a new analysis from Grayscale Research, even as Bitcoin continues to dominate the mining industry in overall scale. The report, led by Grayscale Research director Zach Pandl, highlights a sharp difference between the two proof-of-work networks. Bitcoin generates far more money for miners collectively, but Zcash currently offers substantially higher returns per machine and per unit of electricity consumed.