About the Zcash NU6 Network Upgrade
- What is the NU6 network upgrade?
- When will the NU6 upgrade take place?
- Will Gemini support the NU6 upgrade?
- Will deposits, withdrawals, and trading of ZEC be affected during the upgrade?
- Do I need to take any action as a Gemini Customer?
About the Zcash Halving
- What is the Zcash halving?
- When will the halving occur?
- How does the halving affect Zcash?
- Do I need to do anything for the halving?
- Will trading, deposits, or withdrawals of ZEC on Gemini be affected during the halving?
Gemini Exchange & Custody™
- Are my ZEC funds safe during the NU6 upgrade and halving?
- Will I still be able to trade ZEC on Gemini during the upgrade and halving?
- What happens if deposits or withdrawals are temporarily paused?
Additional Information
- What happens to pending ZEC deposits or withdrawals during these events?
- How can I stay updated on the NU6 upgrade and halving?
- Will these events impact Zcash’s privacy features?
- Are there any fees or costs I should be aware of during these events?
About the Zcash NU6 Network Upgrade
What is the NU6 network upgrade?
NU6 is a scheduled Zcash protocol upgrade designed to enhance the blockchain’s functionality, security, and performance. This upgrade introduces key updates that ensure compatibility with the upcoming halving and may include other improvements.
When will the NU6 upgrade take place?
The NU6 upgrade is expected to occur at block height 2,726,400, approximately around November 23, 2024. Please note that the exact time depends on network activity.
Will Gemini support the NU6 upgrade?
Yes, Gemini will fully support the NU6 network upgrade. Our team is closely monitoring the process to ensure uninterrupted services for our customers.
Will deposits, withdrawals, and trading of ZEC be affected during the upgrade?
No, we do not anticipate suspending deposits or withdrawals during the NU6 upgrade. However, as a precaution, we may pause these services if needed to protect customer assets. Trading will remain unaffected.
Do I need to take any action as a Gemini Customer?
No action is required. Gemini will handle all technical changes necessary to support the NU6 upgrade. Your ZEC funds, whether in cold storage or exchange wallets, will remain secure.
About the Zcash Halving
What is the Zcash halving?
The Zcash halving is a pre-scheduled event that reduces the block reward for miners by 50%, lowering the issuance rate of new ZEC coins. This event occurs approximately every four years as part of Zcash’s monetary policy to ensure a finite supply of 21 million coins.
When will the halving occur?
The halving will take place at block height 2,726,400, approximately around November 23, 2024. The exact timing depends on block production.
How does the halving affect Zcash?
- Block Reward Reduction: The block reward will decrease from 3.125 ZEC to 1.5625 ZEC.
- Impact on Supply: The reduction in new ZEC issuance contributes to its scarcity over time.
- Mining Impact: Miners will receive fewer ZEC as rewards, potentially influencing mining economics.
Will trading, deposits, or withdrawals of ZEC on Gemini be affected during the halving?
No interruptions to trading, deposits, or withdrawals are expected during the halving. Our team will monitor the event to ensure everything operates smoothly.
Do I need to do anything for the halving?
No, Gemini customers do not need to take any action. Your ZEC funds and wallet services will remain fully operational during and after the halving.
Gemini Exchange & Custody™
Are my ZEC funds safe during the NU6 upgrade and halving?
Yes, your funds are completely secure. Gemini’s custodial solutions, including cold and exchange wallets, will remain operational throughout these events.
Will I still be able to trade ZEC on Gemini during the upgrade and halving?
Yes, ZEC trading will remain fully available during both events.
What happens if deposits or withdrawals are temporarily paused?
In the unlikely event that we need to pause ZEC deposits or withdrawals, we will notify customers promptly through the Gemini Status Page and other communication channels. Any pending transactions will be processed once services resume.
Additional Information
What happens to pending ZEC deposits or withdrawals during these events?
If deposits or withdrawals are paused, pending transactions will be queued and processed as soon as the upgrade or halving completes, and services are re-enabled.
How can I stay updated on the NU6 upgrade and halving?
We will keep you informed via:
- Gemini Status Page
- Email notifications
- In-app alerts (where applicable)
- Social media updates
Will these events impact Zcash’s privacy features?
No, the NU6 upgrade and halving do not change Zcash’s privacy features. Shielded transactions and privacy functionalities will remain unaffected.
Are there any fees or costs I should be aware of during these events?
There are no additional fees associated with the NU6 upgrade or halving. Standard Gemini trading and withdrawal fees will apply as usual.