threads::shared uses a mechanism similar to tying, so if you do $x = $h{$_}, then $x isn't a reference to a hash, its a reference to an 'LV' scalar variable, who's action on being accessed is to call the appropriate method that gets or stores a value in the real shared hash (with suitable locking). These LV scalars are temporaries created on demand and freed when no longer used, so you are likely to see address re-use.
Dave.
Comment on Re: mysterious threads::shared behaviour
Try PerlGuts Illustrated as a starting point. Search down for "SvPVLV" for the explanation for LV scalars, though you'll probably need to go back to the top and read down to understand the information presented under that heading.
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