It despite its advantages is tagged with a major flaw of competing against decentralization.
ASIC miner with its processing power has shifted cheaper alternative like GPU from the market
And only those who can afford it gain from it.
The more resources one it becomes relatively easier to mine a block
This has and would lead to a situation where power would be centered in few.
I think Mining Centralization is inevitable. Though decentralization protects Bitcoin and improve security
Another thing that would prevent an individual from launching an attack while having said power is that the opportunity cost that would be incurred would scale with the hash power of the attacker.
The incentive may help encourage nodes to stay honest. If a greedy attacker is able to
find it more profitable to play by the rules, such rules that favour him with more new coins than
assemble more CPU power than all the honest nodes, he would have to choose between using it
to defraud people by stealing back his payments, or using it to generate new coins. He ought to
everyone else combined, than to undermine the system and the validity of his own wealth.
Satoshi words in the white paper
They would gain more by playing by the rule.
Keeping they are rational constant.
You don't have to follow with their updates
I think miners last more than 2 years when duly taken care of
But if you have the resources you can keep up with their updates
But that would be inefficient
Mining in average takes time to start generating Net returns.
