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This is a widely used method to map random integers to floating point numbers, but it has the disadvantage of wasting 1 bit of float mantissa precision.
On modern CPUs, its computational advantage over full-precision mapping methods, such as multiplication by a float, is not always clear [1].
On modern hardware, you should instead use a count-leading-zeroes instruction to directly generate the exponent bits from a uniform bit pattern. This is what is done in the Zig standard library: