# Mining Power Concentrates in Corporate Hands

Listed treasury companies keep buying hashrate on mid-sized chains as a cheaper route to supply accumulation, concentrating block production in entities answerable to shareholders rather than to token holders.

- Conviction: 24 / 100 (weakening)
- 7-day move: -14
- Horizon: Emerging (watchlist)
- Tracking since: 2026-08-19T00:00:00.000Z
- Last updated: 2026-08-27T14:00:27.996Z
- Canonical: https://polylog.news/crypto/trends/mining-power-concentration
- Publisher: Polylog
- Affected regions: United States

## Recent score history

- 2026-08-26: 26
- 2026-08-27: 24

## Recent evidence

- [confirms] One Listed Company Now Controls About 18% of Zcash Mining Power (2026-08-19): Cypherpunk Technologies now controls roughly 18% of Zcash hashrate, acquired with a warrant rather than cash, on top of 323,394 ZEC held (close to 2% of circulating supply). A single listed company holding both a large hashrate share and a large supply share on a mid-cap chain is the concentration mechanism the thesis names, and the warrant financing shows how cheaply the position was assembled.