A bitcoin mining rig with a zcash hashing power has been sold on eBay for more than $1 million, with a bid for the bitcoin-based currency now standing at $842,000.
Zcash mining is an industry in which bitcoins are mined in a computer using powerful computers.ZCash mining is the latest craze to surface as mining rigs are being offered for sale on eBay, where buyers are being asked to bid on “zcash mining” rigs.
Zcash, the currency that powers bitcoin, has surged by nearly 500 per cent in the past year, and has gained notoriety among those wanting to mine for the currency.
Bitcoin has grown to become a global standard for transactions, and many companies and individuals are trying to develop and launch cryptocurrency mining devices.
The bid to mine the Zcash rig is one of the highest bids on eBay since April, according to data from the online marketplace.
“Zcash Mining Rig with Zcash Mining power is a very attractive item for anyone wanting to purchase it, and it’s currently listed for sale at $1,936,000,” an auction listing for the rig reads.
It also says the buyer must be an “expert” in the bitcoin mining field and “interested in Zcash” to bid.
An online bidding system for Zcash mining devices was launched last month, and sellers are asked to register their bids before bidding.
One seller on eBay is asking $1.4 million to purchase the rig, and another seller is asking nearly $1million to buy the ZCash mining rig.
There are also more than 30 other bids on the eBay listing for a Zcash-mining rig.
There are no bids on Zcash in the market, but a recent article by the Wall Street Journal on the growing use of bitcoin to fund mining equipment and mining rigs suggests it may be gaining popularity.
Last month, bitcoin mining equipment manufacturer Avalon Technologies said its bitcoin mining rigs would be able to handle bitcoin’s value doubling in a matter of days, as soon as a new bitcoin-derived cryptocurrency, called bitcoin cash, was introduced into the market.
The bitcoin mining boom has also seen a surge in the use of other cryptocurrencies, such as ethereum, in the mining of bitcoin, which could lead to a boom in bitcoin mining devices in the future, experts said.
Experts have also suggested that bitcoin mining is becoming more popular among wealthy people, with wealthy Chinese buying up large quantities of mining hardware, which may lead to the growth of other cryptocurrency mining rigs.