What matters is the Bitcoin increase per share. Not the raw number of total Bitcoin acquisition. 80% of the hashrate is stupid, unnecessary for growth of a stock. The thing that limits it is the overhead, the energy costs, and the competition. Those probably get in the way of bitcoin miners, especially subject to current mining conditions and price appreciation/adoption conditions which feed into the fee environment.
No miner needs to own as much as MSTR to compete with them on growth, but it WILL need to engage in something approximating the MSTR strategy of leveraging bitcoin-backed debt to increase or maintain its capital and to increase its treasury, while avoiding shareholder dilution in bitcoin terms. This is because the ease of creating credit in this market that has high demand for Bitcoin backed money market instruments but low supply, suppliers of bitcoin backed debt instruments that can service their debt through operations are going to outperform mining, just based on how much people value a safer place for their monetary value. Bitcoin mining is extremely competitive. Bitcoin finance is just getting started.