Today at 09:00 PDT the Zcash Genesis Block was mined by the Zcash team as soon as the blockchain went live, we rolled out the protocol on our mining hardware. So far everything is going smoothly. We’re also happy to confirm for everyone who pre-ordered a 12(+1) month Zcash contract before launch that your mining hardware is directly joining the network as we speak.
The launch of Zcash marks the beginning of a new cryptocurrency era: one of privacy, through zero-knowledge and transactional transparency. We’re working hard to ensure a smooth, seamless experience – while challenges may occur along the way, we’re confident we can ensure they’re resolved with minimal interruption to your mining.
On that note, we want to reiterate that Zcash will have a slow start. This was how Zcash was designed. Let’s take a look at the current mining schedule.
The slow mining start
The slow mining start spans over approximately 34 days, in which the block reward rises gradually from 0 to 12.5 ZEC until it reaches the 20,000th block. This means that on day one, there will be presumably only about 104 ZEC distributed in the global Zcash network.
Consequently, there’s only low supply to trade over the next few weeks so prices will be highly volatile. You can find more detailed information in the official blog post.
Your Zcash mining payouts
You are now able to provide your Zcash address in the Genesis Mining user-dashboard to receive payouts. Please make sure to use “t-addr” (transparent Zcash address), not the “z-addr” (zero-knowledge addresses). If you can’t or don’t want to provide an address in the dashboard yet, we will credit your ZEC balance until you do so. You can check the balance in the “orders” section in your dashboard.
The minimum amount for a ZEC payout is 0.002. If your payout amount is lower than this, coins will be balanced until your balance exceeds this threshold and then paid out in full. Should you use an address of an exchange, please be aware of eventual minimum deposit limits.
We’re trying our best to process the first mining rewards as soon as possible and are optimistic that we’ll already be able to do the first payout of mined ZEC within the next 24 hours. We will follow up with more information shortly.
If you have any questions regarding Zcash Mining, our support team will be there to help everyone individually. We are very thankful for your continued support and trust. We will keep you updated over the weeks on what’s happening! Stay tuned!
Exciting times ahead for all of us!
– Your Genesis Mining Team