Decentralization is a term that is not only limited to the issue of cryptocurrencies but their mining too. There was once a rising trend that big sharks or institutes were serving Bitcoin mining due to the limited access of the hardware and the troubles one had to go through to acquire it. The low availability and cost of the mining equipment forced large institutions to grasp the opportunity because they had the means and resources to go for it. But in an interesting turn of events where China has suddenly pulled the plug on Bitcoin mining, a large number of these mining farms have been terminated and forced to relocate.
Centralized Crypto Mining is Growing
During this relocation, most of the mining has been shifted to distant locations on earth, and most of it is now being carried on by small-time miners, and most of them are unknown. This anonymity and wide distribution of Bitcoin mining is the result of China taking the lead in banning crypto mining of all sorts and world visionaries coming to terms with the importance of green Bitcoin mining. If you could remember correctly, Elon Musk walked away from Bitcoin for the same reason because the mining techniques it uses are fatal to the course of our environment as it involved burning fossil fuels and the large emission of carbon-induced fumes, thus increasing the carbon footprint.
The hash rate for Bitcoin was in the plummet when China pulled the plug on the whole Bitcoin mining operation; this factor, along with Musk backing out on Bitcoin, issued a market-wide crash for not only Bitcoin but other altcoins as well. But over the course of time, the hash rate for Bitcoin is gradually increasing and become steadier as it goes because of the fact that mining is becoming more decentralized. Anyone with access to modern hardware and a stable internet connection can begin with crypto mining, scale it up and generate handsome revenue off of it. This is here to stay, and it will make waves that are going to bring stability to the hash rate of Bitcoin over time.