Mining Centralisation

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13D Ago
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Miners are price-takers and so only the few that are profitable will survive, those who can’t stay in profit to cover their high costs will go insolvent and disappear. The fees are competed down by miners, with miners who are in areas of cheap electricity able to charge much lower fees due to lower average costs (from cheaper electricity). Therefore, only the miners in the areas of the absolute cheapest energy will survive. Won’t this end up causing mining to slowly centralise over the long run, as only miners in the areas of the absolute cheapest energy can undercut their competitors and stay in profit?