This episode is sponsored by Nexo.ioCircle and FTX US.

On today’s episode, NLW catches up on the bitcoin mining industry, and why soaring hashrate and mining difficulty represent something very different in a bear market than they did during the bull.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang. Image credit: Yuichiro Chino/Getty Images, modified by CoinDesk. Join the discussion at