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The significance of this is profound: pretty much all of the Egyptian papyri come from a single source or fountainhead, Alexandria. At the same time, most of the actual NT papyri come from one single site or cluster centering around the colony of Oxyrhynchus (see map). Fully 95% of all these NT fragments come from this one town.
The papyri then have two strikes against them as to purity of text:
1) The narrow basis of their texts, namely Alexandria.
2) Their secondary nature, as copies from a small town in Southern Egypt.
This is the severe weakness of the papyri witnesses to the text: They simply can't adequately represent the state of the text throughout the Empire in the 1st and 2nd centuries, and they only survived at all because of the extremely dry climate and isolated nature of the deposits. Scrap papyrus is regularly burned for fuel, for warmth and cooking by nomad tribesmen who discover them. Their value is often unknown to their discoverers.