TLDR:Zcash’s November 2024 halving cut the block reward from 3.125 ZEC to 1.5625 ZEC per block.Miners receive only 80% of each block reward, with the rest split between grants and a lockbox.Around 16.7 million of Zcash’s 21 million ZEC hard cap is already in circulation as of June 2026.The next Zcash halving in late 2028 will reduce block rewards further to just 0.78125 ZEC.Zcash’s second halving, confirmed at block 2,726,400 on November 23, 2024, cut the block reward from 3.125 ZEC to 1.5625 ZEC. The event immediately reduced miner earnings by 50% per block. It also slowed the rate of new ZEC entering circulation. With roughly 16.7 million ZEC already mined out of a 21 million hard cap, the network’s supply curve is tightening on a fixed, protocol-enforced schedule.How the Halving Reshaped Miner EconomicsThe 2024 halving placed immediate pressure on mining operations across the Zcash network. Miners did not receive the full 1.5625 ZEC reward either. Under the NU6 upgrade, the reward splits three ways: 80% to miners, 8% to the Zcash Community Grants Committee, and 12% into a governance lockbox.Zcash runs on the Equihash proof-of-work algorithm, which requires specialized ASIC hardware to remain competitive. Consumer GPU rigs no longer generate meaningful returns at current difficulty levels. The Bitmain Antminer Z15 Pro, priced at around $2,500, only turns a profit below roughly $0.06 to $0.07 per kilowatt-hour in electricity costs.Industrial miners operating at $0.04 to $0.05 per kilowatt-hour hold a clear cost edge over smaller operations. Those margins matter more now, as each block yields fewer coins. Return on investment timelines have shortened considerably since the halving.Price performance offered partial relief through 2025. ZEC gained approximately 92% year-on-year from end-2024 to end-2025, reaching a peak of $589. Still, that recovery was not guaranteed and does not assure similar outcomes ahead of the next halving in late 2028.What the Halving Means for Zcash’s Supply PictureZcash’s total supply trajectory mirrors Bitcoin’s by design. Both assets share a 21 million coin hard cap, with issuance halved approximately every four years. As of June 2026, roughly 79.5% of all ZEC has already entered circulation.The remaining 4.3 million ZEC will release slowly over many decades. Each halving reduces daily issuance further, which raises the stock-to-flow ratio and reduces constant sell pressure from miners covering electricity costs. New supply entering the market is now lower than at any point since Zcash’s 2016 launch.The shielded pool adds another layer to the supply dynamic. Around 30% of circulating ZEC sits in shielded addresses, effectively removing those coins from transparent market activity. The Zashi wallet now defaults to shielded transactions, which could gradually expand that figure.The next halving, expected at block 4,406,400 in late 2028, will drop rewards from 1.5625 ZEC to 0.78125 ZEC. Serious mining operations are already factoring that event into hardware investment cycles. As of mid-2026, ZEC mining remains viable for low-cost, ASIC-equipped operators, though the economics grow more price-sensitive with each successive halving.The post Zcash Halving: How It Shapes Miner Revenue and Long-Term Supply appeared first on Blockonomi.