Here's a great piece from our good friend Leo Zhang; Bitcoin Mining's Three Body Problem. In it, Leo dives into the dynamics of the Bitcoin mining industry. Everything from how the hardware has evolved, to how secondary markets for hardware have developed, to how weather across the world (particularly in China) affects hash rate, to how block reward reductions affect miners, to the future of hardware and how that may affect the dynamics at play in the future.

As I said last week, Leo is one of my favorite individuals to follow for quality information in regards to Bitcoin mining. This piece is a tour de force that displays his understanding of every nook and cranny of the industry. The graphic above is the most concise breakdown of the industry consolidated in one visual I've seen to date.

Definitely peep the article if you're interested in learning more about Bitcoin mining.

Something to think about

Piggybacking off yesterday's issue... presented without comment.

Final thought...

Started running again. Ya boy is not as nimble as he used to be. My achilles and hips are BURNING.