In its first full month of mining, one company took ~14% of all ZEC miner rewards and added all of it to its treasury. ★ What @cypherpunk's update implies → Miners get 1.25 ZEC per block (80% of the 1.5625 subsidy). September had 34,405 blocks onchain (Blockchair) → ~43,000 ZEC to miners. → Cypherpunk mined 5,944 of them, about 14% of miner rewards. That roughly implies ~14% of network hashrate. → As of Sep 30 it held 332,362 $ZEC, 1.96% of supply. That's ~$408M at today's $1,228. ★ It's not the only one → @FortitudeCrypto, DCG's ZEC miner, said on Oct 15 it crossed 5.0 GSol/s. Against today's 32.55 GSol/s network, that's ~15%. → Together, these two companies could account for roughly 29% of ZEC hashrate. → At the pool level (MiningPoolStats, % of known hashrate): @ViaBTC 32.0%, @FoundryServices 16.6%, F2Pool 15.3%, Luxor 13.4%. The top 2 hold 48.6%, and the top 4 hold 77.3%. → Caveat: Cypherpunk's share is a September average implied from rewards, while Fortitude's is a live, self-reported number. Company hashrate sits inside these pools, not on top of them, and neither update says which pool it uses. Hashrate concentration is mostly a security and censorship question, not a privacy one. How few operators can ZEC rely on before shielded transactions depend on their goodwill?