RE:Become relevant or risk disappearingWhile this may play out in the long run many years from now, this current bull cycle will be long over by then. So even if Riot or Mara for example are getting the majority of the long term investors, at some point the SP becomes significantly over valued based on today's numbers and won't move any higher. A lot of that money will then trickle down to the other miners that may be undervalued at the time in comparison. We have already seen this play out in this bull cycle and I can't imagine that changing for awhile, maybe in the bear market, who knows.
But to imply the other smaller miners will just die because they don't have the most hash rate is borderline ridiculous, they are all companies with margins/profits/goals and will be valued accordingly.