In this episode of Empire, Jason is joined by two experts in the Bitcoin mining industry, Cassie Clifton (Galaxy Digital) and Kevin Zhang (Foundry). Since the start of the bear market in November 2021, we've seen prices crash and contagion run through DeFi. But it wasn't until May 2022 that rumors started to spread of pain in the Bitcoin mining industry. Profit margins are collapsing, debt obligations are coming due, and miners are fighting to stay solvent. Tune in for a complete breakdown of the state of bitcoin mining! Highlights include: - Miner economics - Understanding the ASICs market - How debt-fueled insane growth - What China's ban meant for the industry - Why Miners hodl their Bitcoin - What led to today's pain - Consolidation and M&A - Bitcoin Mining pools - What to expect next - - Follow Cassie: https://twitter.com/bitcoincass Follow Kevin: https://twitter.com/SinoCrypto Follow Jason: https://twitter.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw -- Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- (00:00) Introduction  (01:45) Starting in March 2020 (07:10) The inputs to miner profitability (10:42) How miners procure ASICs (17:34) Miners prefer to HODL (21:58) How miners reacted to macro volatility (24:26) Avalanche Core Ad (25:54) Second Order Effects of the China ban (36:30) The State of Bitcoin Miners Today (45:40) Are manufactures in trouble? (47:08) Will miners flood the market with BTC? (48:25) The end of ASIC backed loans? (51:30) Consolidation and M&A (54:30) Will Miners form an OPEC like committee? (57:03) Renewable energy (59:36) Changes in the energy market (1:03:54) Bitcoin mining pools (1:08:10) When will we hit rock bottom? -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.