<oembed><type>rich</type><version>1.0</version><author_name>ManyKeys (npub129…hhud3)</author_name><author_url>https://nostr.ae/npub129puxu7lrd2g5a7hnmr57fe9t5ffk62m2gklkkl5xjvt5j6srhuswhhud3</author_url><provider_name>njump</provider_name><provider_url>https://nostr.ae</provider_url><html>While it is convenient to think that five companies control mining, I think the genuinely interesting number to investigate is physical hashrate ownership: MARA + CleanSpark + Riot + IREN + Bitdeer + Bitmain-related operations + large private farms, etc. That would tell us whether Bitcoin&#39;s actual ASIC ownership is concentrated in 5, 20, 100, or 10,000 economic entities. That number is far more relevant than the pool pie chart.</html></oembed>