Equihash Payrates: NiceHash vs Mining Zcash Directly
Over the last 30 days, NiceHash Equihash miners earned 7.9% more than those mining directly on the Zcash chain.
If you are mining Zcash on your own via a pool, you are leaving money on the table.
The numbers
Between August 8 and September 7, 2026, we compared the NiceHash Equihash payrate to the Zcash chain FPPS (both measured in BTC per unit of hashrate per day).
| Window | NiceHash vs Zcash pool |
|---|---|
| Last 24 hours | +8.4% |
| Last 7 days | +5.7% |
| Last 30 days | +7.9% |
Additional insights from the data:
- NiceHash paid out more on all 31 days measured.
- On shorter 4-hour windows, NiceHash was ahead 83% of the time, with a median premium of +7.9%.
- Daily premiums ranged from +1% to +19.6%.
What the premium is worth in practice
Percentages are easy to skim past, so here is the same 30 days measured in money. The chart tracks the cumulative extra BTC earned by ten Antminer Z15 units (420 kSol/s each, 4.2 MSol/s combined) selling hashrate on NiceHash, against pointing those same machines at a Zcash pool.
| 10 × Antminer Z15, 30 days | Earnings |
|---|---|
| NiceHash | 0.077714 BTC |
| Zcash Pool | 0.072025 BTC |
| Advantage | 0.005689 BTC (+7.9%) |
Valued at the Bitcoin price on each day it was earned, that difference comes to roughly $411 across the month, or about $41 per machine. The line never turns down, because every one of the 31 days was positive.
Electricity is worth noting here. The machines draw the same 15.1 kW whichever way you point them, so nothing on the cost side offsets the difference. The premium is margin, not extra revenue against extra expense.
How the comparison works
Zcash pool FPPS represents the baseline value of your Equihash hashrate (block subsidy plus fees). The NiceHash payrate is the actual market price buyers are paying for that exact same hashrate on our platform.
NiceHash does not pay a bonus
This premium is not a promotion or subsidy. You earn more simply because buyers on our open marketplace are bidding above the base chain value for Equihash hashrate.
If you want to hold Zcash, you still can
NiceHash pays in Bitcoin, but if you prefer Zcash, you can still take advantage of the premium. Simply withdraw your BTC to an exchange like Kraken, Binance, or Bitfinex and convert it to ZEC.
Here are the typical conversion costs for a 0.05 BTC monthly payout:
| Step | Cost |
|---|---|
| Withdraw BTC from NiceHash over Lightning | Effectively free (10 satoshi minimum) |
| Trade BTC to ZEC | 0.1% fee |
| Withdraw ZEC on the Zcash network | 0.01 ZEC flat fee |
| Total | ~0.4% of the payout |
Even with exchange fees, a 7.9% premium leaves you with roughly 7.5% more ZEC than if you had mined it directly.
Lightning is what makes this cheap
The Bitcoin Lightning Network allows instant, virtually free BTC transfers to your exchange. It eliminates high blockchain fees and confirmation wait times, making this swap highly profitable.
You can automate withdrawals
You can easily automate this process:
- Set up automated Lightning withdrawals from NiceHash to your exchange.
- Trade BTC to ZEC on the exchange.
- Withdraw ZEC to your personal wallet when ready.
How to connect your Zcash miner to NiceHash
If you have an Equihash ASIC like the Antminer Z15 or Z15 Pro, point it at NiceHash and test the gap yourself. Use the settings below to connect:
If you are experiencing issues with Antminer Z15 Pro, read this article.