But, that possibly will happen because of the increase in difficulty. I think the small miners understand this even before they've started mining.
I agree with that, those early miners if they were able to get a good amount of bitcoin and they manage it properly, they'll be able to buy good mining equipment now to prepare for every halving, this time its for the big company that will play the game, they will because they can and small miners will just not gonna survive, so instead of mining, it's better to invest our money in bitcoin and learn how to trade, still the same result if we will be successful as we will still make bitcoin in the crypto space.