This episode is sponsored by Nexo.io, Arculus and FTX US.

This week’s “Long Reads Sunday” features two essays on the strategic imperative of bitcoin mining.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl.Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: South_agency/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.