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Cypherpunk Technologies (Nasdaq: CYPH) just made a very loud bet on a very privacy-focused coin. The company announced the launch of Cypherpunk Mining on August 18, claiming to have built the world’s largest Zcash mining fleet, with industry veteran Kevin Zhang stepping in as Head of Mining to run the operation.
Zhang, who posts under the handle @SinoCrypto, brings over a decade of experience in cryptocurrency mining. His resume includes stints as SVP of Mining Strategy at Foundry and Head of Asia at Nakamoto Holdings.
The numbers behind the fleet
Cypherpunk’s mining operation is running a live US-based Equihash hashrate of 4.2 GSol/s. That figure represents approximately 18% of the entire Zcash network.
The fleet was funded through a $33.33 million equity-based transaction with Winklevoss Capital, the investment arm of the Gemini-founding twins.
Cypherpunk also claims to hold the largest public corporate Zcash treasury, with hundreds of thousands of ZEC acquired at average prices in the $200 to $300-plus range.
The company’s thesis is straightforward: Zcash mining today looks a lot like Bitcoin mining did in 2016. Zhang made this comparison directly in his announcement, framing the current moment as an early-mover window.
From cancer therapy to crypto mining
Cypherpunk’s company was formerly known as Leap Therapeutics, a biotech firm focused on cancer therapy development. It rebranded to Cypherpunk Technologies in November 2025. Leap Therapeutics continues as a subsidiary, maintaining its ongoing cancer therapy pipeline.
Since the rebrand, Cypherpunk has invested $5 million in Zcash Open Development Labs (ZODL), an ecosystem initiative designed to support development and adoption of the Zcash protocol.
Why Zcash, why now
Cypherpunk claims that Zcash mining is more profitable per megawatt than both Bitcoin mining and AI colocation. Bitcoin mining margins have been under pressure since the April 2024 halving cut block rewards in half. Zcash mining operates in a far less crowded competitive landscape.
Zhang’s appointment signals that Cypherpunk is treating this as a serious, operationally sophisticated endeavor. His background at Foundry, which operates one of Bitcoin’s largest mining pools, suggests institutional-grade operational experience.
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