Investors are balking at ‘excessive’ Bitcoin miner exec pay: VanEck

Key Points

1. Bitcoin mining executives earn significantly more than peers in IT, energy, and tech sectors, with average pay nearly doubling from $6.6 million in 2023 to $14.4 million in 2024.

2. Compensation is predominantly equity-based, making up 79% of total pay in 2023 and 89% in 2024, with Riot Platforms' CEO receiving the largest equity award at $79.3 million in 2024.

3. There are stark disparities in pay-for-performance alignment, with Riot Platforms paying 73% of its market cap increase to executives, while others like TeraWulf and Core Scientific paid just 2%.

4. Shareholders are increasingly rejecting aggressive compensation proposals, with three of eight miners facing rebukes on executive pay proposals in 2025.

5. VanEck suggests strengthening performance requirements for equity awards to better align executive pay with long-term shareholder value.