Why bitcoin and PoW is so great:

Proof-of-Work is considered the best system because it is decentralized and cannot be centralized. In other systems, there is often an incentive to centralize in order to reduce costs. With PoW, as used in Bitcoin, computational power is required, which can only be generated using electricity. Since electricity is distributed globally, supply and demand determine where it is profitable to set up computers (miners).

Attempting to centralize mining generally leads to higher electricity costs because fast increased energy demand drives up the price. This makes it more expensive for miners to operate. Miners do not need to be in a specific location to operate, and the computational power is the same for everyone. This means that the only factor driving up operating costs is the price of electricity. When energy prices rise, mining becomes more profitable in other locations with lower electricity costs. The decentralization of power supply and the associated cost differences effectively prevent the centralization of the mining process.

Additionally, if someone tried to attack the network by centralizing it, this would incur significant costs. These high costs make such an attack unsustainable in the long run, as the attacker would need to spend more money than they could gain from the attack. Therefore, the system naturally leads to decentralization.

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