Bitcoin mining is one of the hardest industries to stay profitable, due to it’s capital intensive nature, on top of block rewards getting cut in half every four years. As a result, the weaker miners will have to unplug from the network, as staying online is not financially viable. Therefore, miners with the lowest cost of energy or the strongest balance sheet will continue to increase network share.
Source: https://www.coindesk.com/markets/2024/10/21/bitcoin-hashrate-hits-all-time-high-as-publicly-listed-miners-share-of-the-network-peaks/?utm_medium=referral&utm_source=rss&utm_campaign=headlines