you don't have decentralization of Bitcoin miners either, as they are ALSO concentrated in a handful of large registered businesses. its the same picture. except having *potential* hash divided up among large entities who profit from it being used for different, varied functions is obviously MORE decentralized, not less. and its just fantasy that Bitcoin miners are "co-opting government power" to any significant degree by providing grid stabilization.

Hash Power in Large Public Companies vs. Total Hash Power As of the end of 2025, public companies engaged in Bitcoin mining represent a significant portion of the overall computational power available for mining, but exact comparisons vary. Total Hash Power Overview The total global hash power is estimated to be around 350 EH/s (exahashes per second). This value represents the combined computational capability dedicated to Bitcoin mining fundamentally across various industries, regions, and private operations. Contribution from Large Public Companies Large public companies, such as Riot Platforms Inc., Hut 8, and Marathon Digital Holdings, contribute a considerable share to the total hash power. Reported figures suggest these companies, in combination, account for approximately 20% to 30% of the total hash power. For example, Riot Platforms reportedly had around 8 EH/s dedicated to Bitcoin mining, equating to a significant fraction of the overall total. Here's a breakdown of some key players and their contributions: Riot Platforms: ~8 EH/s Hut 8: ~4 EH/s Marathon Digital: ~7 EH/s Implications and Trends The involvement of public companies in Bitcoin mining has implications for both scalability and resilience in the network. Their larger operational scales allow for capital investment in cheaper energy sources and advanced technologies, essential for maintaining competitiveness. Moreover, there's a notable trend towards diversification, with companies pivoting more towards data center operations, blurring the lines between traditional mining businesses and tech-based solutions. This transition is critical as profitability from mining becomes more volatile due to fluctuating Bitcoin prices and rising operational costs. Conclusion In summary, while large public companies make up about 20%-30% of total hash power, the ongoing changes in the sector may lead to shifts in this dynamic. The rise of energy-efficient technologies and enhanced operational strategies will likely continue to influence the landscape significantly. Very different landscape and magnitude in terms of concentration risk

Also your stipulation that having alternate uses for your compute decentralizes is probably not true. The alternative uses create the large concentrations in the market already. Because data centers are useful closest to end users they are located closer to major urban centers, is centralized for efficiency. Ercot already has miners as part of their load balancing. I think it was 10% marginal load but I dont remember.