ZCash Blockchain Hits Record Mining and Transaction Activity in November 2025, Surpassing Ethereum and Solana

• ZCash Outperforms Major Blockchains in Fee Generation
• Record-Breaking Transaction Volume
• Mining Activity Reaches New Heights
• The Orchard Privacy Pool Factor
• Market Dynamics and Short Squeeze Potential
• Long-Term Viability Questions
• Privacy Coins in the Current Regulatory Climate
• FAQ About ZCash's November 2025 Surge

In a stunning turn of events, ZCash (ZEC) emerged as one of the most active cryptocurrencies in November 2025, outperforming giants like ethereum and Solana in fee generation despite lacking dedicated applications. The privacy-focused blockchain saw unprecedented network activity, with transaction volumes and mining rates reaching all-time highs. This surge coincided with ZEC's price briefly crossing the $700 mark for the first time since 2018, creating waves across crypto markets.

ZCash Outperforms Major Blockchains in Fee Generation

November 2025 marked a historic milestone for ZCash as it surpassed both Ethereum and Solana in transaction fee revenue, securing the second position behind TRON among major blockchain networks. According to data from Token Terminal, ZCash generated an impressive $47.5 million in fees during the month, accounting for 2.6% of all fees across leading blockchains. What makes this achievement remarkable is that ZCash accomplished this without the ecosystem of decentralized applications that power Ethereum and Solana's fee markets.

ZCash transaction fee comparison with major blockchains | Source: Token Terminal

Record-Breaking Transaction Volume

The Zcash network witnessed its highest-ever daily transaction count on November 13, 2025, with over 73,000 transactions processed. While activity subsequently stabilized at a higher baseline, this peak represented a dramatic increase from the network's typically modest transaction volume in recent years. Analysis from Coinmarketcap reveals that this surge was driven by a relatively small number of wallets, with just 11,590 active wallets conducting transfers on the main ZCash blockchain during this period.

Mining Activity Reaches New Heights

The transaction boom coincided with a significant increase in ZEC mining activity. Data from Bitinfocharts shows that ZCash mining has nearly doubled since June 2025, approaching its historical peak. This mining surge occurred as ZEC's price demonstrated unusual resilience, recovering from several downward movements and maintaining strength despite broader market conditions that saw privacy coins collectively lose ground, with their total market capitalization falling below $20 billion.

ZCash network activity metrics for November 2025 | Source: Bitinfocharts

The Orchard Privacy Pool Factor

A significant portion of the transaction activity was linked to the Orchard privacy pool, which saw near-record levels of bridging and transfers to ZEC's shielded version. This suggests growing adoption of ZCash's enhanced privacy features, even as the network maintains its transparent transaction options. The BTCC research team notes that this dual functionality continues to be ZCash's unique value proposition in the privacy coin space.

Market Dynamics and Short Squeeze Potential

The ZEC market currently shows an interesting dynamic, with short positions representing 55% of open interest according to TradingView data. Only 44% of large investors on platforms like Hyperliquid are maintaining short positions, with many paying significant fees to keep these positions open. This setup creates potential for a short squeeze if ZEC's price rises unexpectedly, possibly pushing it toward $620 in the short term.

Long-Term Viability Questions

While ZCash has demonstrated remarkable resilience, questions remain about its ability to sustain this level of activity. Some analysts speculate that the recent surge might represent long-term holders taking profits, as ZEC reached price levels not seen in seven years. The cryptocurrency now faces the challenge of attracting new investors while managing the potential sell pressure from early adopters and miners who have held ZEC for extended periods.

Privacy Coins in the Current Regulatory Climate

The ZCash rally occurs against a backdrop of increasing regulatory scrutiny on privacy-focused cryptocurrencies globally. Despite this challenging environment, ZEC has maintained its position as the leading privacy coin by market capitalization, followed by Monero (XMR). The BTCC exchange has reported increased ZEC trading volumes, particularly in its BTC/ZEC pair, suggesting some investors may be using ZCash as a privacy bridge for bitcoin positions.

FAQ About ZCash's November 2025 Surge

How did ZCash surpass Ethereum in fee generation?

ZCash achieved this primarily through a massive spike in transaction volume combined with its fee structure, rather than through ecosystem activity like Ethereum's smart contracts.

What caused the mining activity increase?

The price surge made mining more profitable, while network difficulty adjustments lagged behind the sudden increase in activity.

Is ZCash's privacy technology seeing more adoption?

The Orchard pool activity suggests growing use of ZCash's advanced privacy features, though transparent transactions still dominate overall volume.

Could ZEC reach $1,000?

While possible, current market dynamics suggest resistance around $700 may persist in the short term.

How does ZCash compare to other privacy coins?

ZCash maintains technological advantages in selective transparency, but faces similar regulatory challenges as all privacy-focused cryptocurrencies.