If a country offers cheap energy miners thend to flow to that country, but eventually they are banned/regulated https://www.bloomberg.com/news/articles/2021-12-28/iran-orders-crypto-mining-ban-to-save-power-amid-winter-crunch, since PoW is so energy intensive they are forced to search for new cheap energy resources, thet way the goverments thend to regulate centralization of PoW, ironically.

But what happens with PoS?, as lido shows https://research.lido.fi/t/should-lido-on-ethereum-be-limited-to-some-fixed-of-stake/2225 capital benefits from centralization, they let you mint a token for your staked ether, the more people stake with them, more liquidity for their tokens, so better for centralization.

IMO in the years to come, satoshi will prove us why he/she choose PoW as the best way to secure bitcoin.