All right, Pierre.

Thanks for doing this on short notice.

Of course.

Always happy to come chat.

I feel like, as I was telling you before,

that feels like a hold my beer type episode,

but I'm also really excited for it.

We're going to talk about the difficulty target

and the difficulty adjustment. What it going to talk about the difficulty target and the difficulty

adjustment. What it is is significance to the network and how it works. And we're going to

describe it like we're five so that everybody can understand. Before we get into that, though,

if you could share in your words how you think about the function of mining

and the mining function relative to other network nodes that are non-mining.

Yeah, great question. So I think that the mining function is really dual purpose. So there's two functions to it. And I think that the mining function is really dual purpose.

So there's two functions to it.

And I think that sometimes they get conflated a little bit.

So first of all, the biggest, from an economic perspective, is about issuing new Bitcoin

onto the ledger.

So there's this issuance schedule with the halvings that looks at what block height

are we at?

And so how much new Bitcoin are we creating every 10 minutes?

Now, I use these words loosely.

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