Bitcoin Miner Bosses Are Raking in Millions – And Investors Are Furious

Key Points

1. Executive pay at eight Bitcoin mining firms averaged $14.4 million in 2024, more than double the previous year's $6.6 million and far exceeding averages in other sectors.

2. Stock-based compensation accounted for 89% of miner executive pay in 2024, a higher proportion than in other industries.

3. Six of the eight miners have expanded the use of performance stock units (PSUs), which vest over multiple years and are tied to share price or total performance.

4. Executive pay efficiency varies widely, with TeraWulf and Core Scientific at 2% of market-cap increases, while Riot's executives received 73% of the company's 2024 market-cap gains.

5. Shareholders are showing pushback, with lower approval rates for executive pay proposals in mining firms compared to broader corporate America.