Today, the days of hobbyist crypto miners are long gone, and thanks to the growth of larger miners (namely Bitmain) we can enjoy a more reliable, stable and faster network. However, this comes at a price. More than 90% of the overall Bitcoin hash power is owned by less than 20 companies.
Satoshi designed a near perfectly balanced, trustless system to prevent rogue actors from taking control. The proof-of-work (PoW) mechanism sits at the core of this system and drives the growth of the decentralized network by rewarding participants who provide computing power. This makes the network more stable and secure and is also known as “mining.”