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.
Even if they can afford to buy new mining rigs but their location will charge them
higher amount of cost from electricity then all their
efforts will come to nothing and Big miners will still win the competition,there are
so many small miners in the past that already
stopped operating now because they find the cost of electricity is much higher than
they are gaining from mining so instead of continues
mining they chose to stop and find other things here to get profit.