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Zcash holders will vote to remove 50,000 ZEC from the community fund, valued at approximately 50 million USD

Zcash holders and community representatives will vote from November 16 to 30 on a proposal to remove 50,000 ZEC from the community grant fund (ZCG). This proposal was co-drafted by Zcash co-founders Sean Bowe, Zooko Wilcox, and Jason McGee, and was merged into the specification repository on Wednesday. According to the October treasury snapshot referenced in the proposal, ZCG holds 91,453 ZEC, and the amount proposed for removal accounts for approximately 55% of its holdings.If the proposal passes and is activated in the network upgrade, ZCG must remove the 50,000 ZEC from circulation within 30 days, and its corresponding value will be included in the Network Sustainability Mechanism, gradually returned through future block rewards. Additionally, the proposal plans to stop allocating 8% of newly issued ZEC to ZCG, transferring this portion of funds into a new Future Dev and Legal Defense Fund, which will continue to accumulate until the next Zcash halving. Funds in this new fund will temporarily be unavailable for expenditure until separate withdrawal rules are approved.ZCG can still use the remaining treasury funds to continue issuing development grants, and the independent 12% holder-controlled fund will not be affected. The proposal states that based on the October treasury snapshot, a ZEC price of $1,300, and expenditure estimates for the first half of 2026, the current funds of ZCG can cover approximately 13 years of expenditures; after the removal of 50,000 ZEC, the remaining funds are expected to cover about 6 years. Previously, ZCG proposed to redirect approximately 98,000 ZEC from existing assets and future income to miner rewards, but abandoned this plan on November 3 after facing community criticism. This new proposal still requires community support and must be implemented through a network upgrade. The activation block height has not yet been determined, nor has a reference implementation been provided.

Bitcoin mining company MARA sold approximately 14,000 bitcoins after the season, bringing in 1.1 billion dollars

MARA Holdings (MARA), a Bitcoin mining company, disclosed in its third quarter report and shareholder letter submitted on November 9 that after the end of the third quarter, the company sold 13,597 Bitcoins at an average price of approximately $81,039, bringing in about $1.1 billion, and used $750 million of that to fully repay Bitcoin collateralized loans borrowed from Coinbase Credit and Two Prime, while also releasing 17,477 Bitcoins that were previously pledged. This sale accounted for about 40% of the company's holdings of 34,012 Bitcoins as of September 30.The shareholder letter stated that the aforementioned $750 million loan was borrowed on August 4, of which $600 million was new financing and $150 million was used to replace the original credit line, intended to fund the acquisition of Long Ridge. The company collateralized the loan when Bitcoin was priced at approximately $64,000 and later sold at the aforementioned average price, estimating a net gain of about $170 million from this transaction. After repayment, the proportion of borrowed or pledged Bitcoins fell to below 5%, with that ratio being approximately 57% at the end of the third quarter. The company also stated that it has reduced its debt by $1.4 billion since the beginning of 2026, equivalent to 37% of total debt.The shareholder letter also mentioned that it will continue to sell Bitcoins depending on market conditions to enhance financial flexibility, with proceeds potentially used for artificial intelligence infrastructure, convertible bond repurchases that can be exercised next year, and potential stock buybacks. In the first nine months of this year, MARA has sold approximately 26,984 Bitcoins, bringing in $1.9 billion.
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