This works in theory, but reality doesn’t back it up. Case in point: miners not redirecting hashrate despite clear forensic evidence that most of the smaller pools in the top 10 are just AntPool proxies - meaning a handful of people control what goes into 70% of mined blocks. On top of that, we’ve seen miners stick with pools even when those operators are actively attacking Bitcoin (spamming the chain and bloating the UTXO set). And if that wasn’t enough, we’ve got yet another example: miners refusing to switch pools even when they could earn 10–20% more in rewards, like with Ocean. In short, theory tells us one thing, but the actual behavior of miners (or should I say hashers?) keeps proving the opposite.