That won’t last. Beauty of the difficulty adjustment is that mining finds its way to small, cheap, waste energy.
500-1000MW bitcoin mining facilities will not be profitable in 6 years. Waste energy doesn’t come in those sizes…
Discussion
If we do nothing, it will get worse.
Just buy and hodl bitcoin…the difficulty adjustment will take care of the rest.
Difficulty has 0 to do with this
I disagree. Difficulty impacts profitability. Profitability is dependent on price paid for electricity. Cheap electricity isn’t centralized.
What? This isn’t about cheap electricity either. This is about who controls block template generation. No matter how many miners are online, that is an issue.
Centralization isn’t a problem until it is … and I’m pretty confident that miners at scale aren’t going to put their profitability / future profitability at risk if the overall hashrate starts to consolidate too much with any one pool / template. They’ll move / diversify hashrate