Privacy coins Dash and Zcash are experiencing major price surges in 2025, making ASIC mining increasingly attractive. This comprehensive guide covers the Bitmain D9 for Dash mining and Z15 series for Zcash, including emission schedules, halving events, and profitability analysis.
The privacy coin mining landscape has transformed dramatically in October 2025, with both Dash (DASH) surging from $20 to $56 and Zcash (ZEC) exploding over 250% to reach $265. These upward price movements have renewed interest in Bitmain's Antminer D9 for Dash's X11 algorithm and the Z15 series for Zcash's Equihash algorithm.
Dash was launched in January 2014 by software developers Evan Duffield and Kyle Hagan, originally as a fork of Litecoin. The project initially launched as XCoin, rebranded to Darkcoin two weeks later, and finally became Dash in March 2015. The name "Dash" derives from "digital cash," reflecting its focus on becoming a fast, cheap global payments network.
Dash implements a two-tier network architecture combining regular miners with specialized "masternodes" that enable advanced features including InstantSend for instantly settled payments, ChainLocks for blockchain immutability, and PrivateSend for optional transaction privacy. This masternode network receives 45% of block rewards (increasing to 60% under the reallocation system), while miners receive 45%, and 10% funds the governance treasury.
Zcash launched on October 28, 2016, founded by Zooko Wilcox-O'Hearn. Built initially on Bitcoin's codebase, Zcash revolutionized blockchain privacy through implementation of zero-knowledge succinct non-interactive arguments of knowledge (zk-SNARKs), allowing completely anonymous transactions on a public blockchain.
Unlike Dash's optional privacy mixing, Zcash offers two transaction types: transparent addresses (similar to Bitcoin) and shielded addresses where transaction amounts and participant identities remain completely private. This flexibility allows users to choose between transparency for regulatory compliance and privacy for confidential transactions, making Zcash particularly attractive for privacy-conscious users and businesses.
Unlike Bitcoin's dramatic 50% halvings, Dash implements a smoother 7.14% reduction (approximately 1/14th) every 210,240 blocks, occurring roughly every 383 days. This innovative approach creates a more gradual transition to a fee-based economy, reducing the shock to mining economics experienced during Bitcoin's quadrennial halvings.
The most recent Dash reduction occurred in July 2024, bringing rewards to approximately 2.14 DASH. This gradual approach gives miners time to adapt their operations rather than facing sudden 50% revenue reductions.
Zcash follows Bitcoin's traditional halving schedule, reducing block rewards by 50% approximately every four years. The cryptocurrency launched with 12.5 ZEC rewards, which were halved during the 2019 Blossom Upgrade due to reduced block times from 150 to 75 seconds.
The first official halving occurred on November 18, 2020, at block height 1,046,400, reducing rewards from 6.25 ZEC to 3.125 ZEC. This event coincided with the Canopy upgrade, which eliminated the controversial "Founders Reward" and redistributed the 20% allocation to the Major Grants Fund (8%), Electric Coin Company (7%), and Zcash Foundation (5%).
The most recent halving occurred in November 2024, cutting block rewards from 3.125 ZEC to 1.5625 ZEC at block height 2,726,400. With the current 75-second block time, miners now receive 1.25 ZEC per block (80% of the 1.5625 ZEC total reward), while the remaining 20% supports ecosystem development.
| Model | Algorithm | Hashrate | Power | Efficiency |
|---|---|---|---|---|
| Antminer D9 | X11 (DASH) | 1.77 TH/s | 2,839W | 1.604 J/GH |
| Antminer Z15 Pro | Equihash (ZEC) | 840 KSol/s | 2,560W | 3.05 J/KSol |
| Antminer Z15 | Equihash (ZEC) | 420 KSol/s | 1,510W | 3.6 J/KSol |
The Antminer D9 launched in February 2023 as Bitmain's flagship X11 algorithm miner, designed specifically for mining Dash and other cryptocurrencies using the X11 hashing algorithm. This miner represents a substantial upgrade over its predecessor, the Antminer D7, delivering significantly higher performance with similar power consumption.
The D9's performance improvements over the D7 are substantial: while the D7 consumed 3,148W to deliver 1,286 GH/s (2.44 J/GH efficiency), the D9 achieves 1,770 GH/s at just 2,839W. This represents a 38% hashrate increase with 10% lower power consumption, translating to approximately 34% better energy efficiency.
At current network conditions with Dash trading around $56, the D9 generates approximately $12-15 in daily revenue before electricity costs. With industrial electricity rates of $0.10/kWh, daily power costs total approximately $6.81 (2.839 kW × 24 hours × $0.10), leaving net daily profits of $5-8.
Monthly profitability analysis reveals gross revenue of $360-450 against electricity costs of $204, yielding net profits of $156-246 per month. However, these calculations assume stable network difficulty and current price levels—both variables that can change significantly.
Released in June 2023, the Antminer Z15 Pro delivers 840 KSol/s, making it the most powerful Equihash miner currently available. This flagship model provides nearly double the hashrate of the standard Z15 while maintaining competitive efficiency for large-scale operations.
With Zcash's remarkable surge to $265, the Z15 Pro currently generates approximately $35 in daily revenue before electricity costs. At $0.10/kWh industrial rates, daily power consumption costs approximately $6.14 (2.56 kW × 24 hours × $0.10), leaving net daily profits of almost $30.
For miners seeking lower upfront costs or limited electrical capacity, the standard Z15 offers 420 KSol/s at 1,510W power consumption. While delivering half the hashrate of the Pro model, the Z15 provides similar efficiency at 3.6 J/KSol and significantly lower infrastructure requirements.
At current prices, the standard Z15 generates approximately $9-11 daily revenue with $3.62 daily electricity costs at $0.10/kWh rates, yielding $5-7 daily net profits. Monthly returns of $150-210 provide more modest but still attractive profitability for small-scale operations or home miners with appropriate infrastructure.
Dash's 96% year-to-date gain and 80% surge in the past month reflects renewed interest in payment-focused cryptocurrencies and the DashPay ecosystem. The cryptocurrency has broken five-year resistance levels, with technical analysts targeting $70-100 if bullish momentum continues through 2025.
Fundamental developments supporting Dash include the June 2025 launch of fungible tokens on the Dash Platform, expanded DashPay wallet adoption, and growing merchant integration. The project's governance model continues funding development through the 10% treasury allocation, ensuring sustained protocol improvements.
Zcash's 250% rally from $48 to $265 represents one of the strongest performances among established cryptocurrencies in October 2025. Multiple catalysts have driven this appreciation, including Grayscale's $46 million ZEC Trust purchases, renewed privacy coin narrative following MIT research highlighting Zcash's technical superiority, and the post-halving supply reduction.
Looking ahead, Zcash miners benefit from a stable reward schedule until the next halving in 2028, with the current 1.5625 ZEC block reward remaining unchanged for approximately 3 more years.
The convergence of favorable market conditions, recent halving events, and surging privacy coin valuations has created exceptional mining opportunities in October 2025. Both Dash and Zcash offer viable mining operations for those with access to competitive electricity rates and appropriate infrastructure.
The Bitmain Antminer D9 represents the premier choice for Dash mining, delivering 1.77 TH/s at competitive efficiency. With Dash's gradual 7.14% annual emission reductions providing predictable long-term economics and the cryptocurrency trading 96% higher year-to-date, mining fundamentals remain strong despite the mature network.
For Zcash mining, the Z15 Pro's 840 KSol/s output positions it as the performance leader, capitalizing on ZEC's remarkable 250% price surge. The post-halving supply reduction combined with growing institutional interest creates compelling near-term profitability, though miners should prepare for potential volatility as technical indicators suggest overbought conditions.
The privacy coin narrative continues gaining strength as concerns about financial surveillance and data privacy intensify globally. Whether through Dash's payment focus or Zcash's zero-knowledge cryptography, these cryptocurrencies serve genuine user needs that extend beyond speculation. For miners willing to invest in proper infrastructure and accept the inherent volatility of cryptocurrency markets, both Dash and Zcash mining offer meaningful opportunities in the evolving digital asset landscape.
At current market prices, Zcash mining with the Z15 Pro generates higher returns compared to Dash mining with the D9 at $0.10/kWh electricity rates.
Both D9 and Z15 series miners remain profitable at rates up to $0.12/kWh at current prices, but professional operations should target sub-$0.10/kWh rates for sustainable margins. Rates above $0.15/kWh create challenging economics vulnerable to price corrections.
At current profitability levels, expect 8-13 month ROI periods for both D9 and Z15 Pro units, depending on purchase price and electricity costs. However, these calculations assume stable network difficulty and current price levels—actual results may vary significantly.
Yes, but differently. Dash implements gradual 7.14% annual reductions rather than dramatic 50% halvings, creating smoother transitions. Zcash follows Bitcoin's traditional halving schedule with 50% reductions every ~4 years. The most recent Zcash halving occurred in November 2024, reducing rewards from 3.125 to 1.5625 ZEC.
Both miners require dedicated 240V electrical circuits (15-20 amp capacity), adequate cooling with 400-600 CFM exhaust ventilation per unit, noise-isolated locations due to 72-75 dB operation, and stable internet connectivity. Professional installations should consult licensed electricians for systems exceeding 2,000W continuous load.
While some jurisdictions have increased scrutiny of privacy coins, major exchanges including Binance, Coinbase, and Kraken continue supporting DASH and ZEC trading in most regions. Miners should maintain relationships with multiple exchanges and monitor regulatory developments in their jurisdiction. Mining itself remains legal in most countries.
No—Dash uses the X11 algorithm requiring specialized ASICs like the D9, while Zcash uses Equihash requiring different hardware like the Z15 series. The algorithms are fundamentally incompatible, necessitating dedicated equipment for each cryptocurrency.
No significant upgrades are announced for either D9 or Z15 product lines. Current equipment represents mature technology with competitive efficiency. Waiting for potential future releases means missing current high-profitability conditions. However, monitor manufacturer announcements for any surprise product launches.