i think the picture is likely somewhat misleading on the left side. Centralization has been declining overall for some time, going back to Satoshi's farm. At each technological shift there is a period of increased centralization as some subset of miners has a technology lead, but that is temporary.

@oleganza "centralization" of mining is not important if incentives are correct. There's no objective threshold of centralization.

@oleganza e.g. everyone would be fine with Fed and Wall St. if their interests were aligned with everyone else's.