Bitcoin Miners Bash Unfair Executive Salaries

Key Takeaways

• Bitcoin mining execs earn far more than peers in energy or tech, mainly through stock grants.
• Average pay jumped from $6.6M in 2023 to $14.4M in 2024.
• Shareholder approval is falling, with just 64% on board with compensation plans.
• Riot Platforms CEO received $79.3M, the highest among all reviewed miners.

Shareholder Discontent On The Rise

In a report released by Matthew Sigel, Head of Digital Assets Research at VanEck, and analyst Nathan Frankovitz, researchers noted that executive compensation practices in Bitcoin mining are facing increasing scrutiny.

Average Miner Named Executive Officer (NEO) Salaries & Bonuses Far Exceed Other Sectors

Source: VanEck

Despite generous compensation packages, shareholder approval for these payouts is significantly lower than the norm.

Mining Execs See Pay Nearly Double

A Look At The Numbers

VanEck analyzed executive pay structures across eight publicly listed Bitcoin miners:

• Bit Digital
• Cipher Mining
• CleanSpark
• Core Scientific
• Hut 8
• MARA Holdings
• Riot Platforms
• TeraWulf

The findings were striking. Average executive compensation jumped from $6.6 million in 2023 to $14.4 million in 2024—a dramatic surge that outpaces compensation trends in energy and technology.

Equity Compensation Dominates

Most of that pay isn’t in cash. It comes in the form of stock grants.

• In 2023, 79% of executive compensation was equity-based
• In 2024, that figure rose to a staggering 89%

Among the most eye-catching figures, Riot Platforms CEO Fred Thiel received a $79.3 million equity award in 2024, more than double that of leaders at Core Scientific and MARA Holdings.

Riot’s Executive Compensation Significantly Exceeds Its Peers

Source: VanEck

Disparities In Pay-For-Performance

VanEck’s report highlights major gaps between executive pay and company performance.
For example:

• TeraWulf and Core Scientific awarded execs around 2% of their market cap growth.
• Riot Platforms, on the other hand, handed out executive compensation equivalent to 73% of its market cap increase—$230 million in total for 2024.

These disparities are not new. Riot faced similar backlash in 2022, when its shareholders rejected a “say-on-pay” proposal amid reports of a $22 million CEO compensation.

In 2025, three of the eight companies analyzed faced “striking rebukes” from shareholders on their executive pay plans.

Performance-Based Stock Units Gaining Traction

There’s some positive momentum. Six of the eight mining firms have adopted Performance Stock Units (PSUs), a form of stock compensation that vests only if certain performance goals are met.

These PSUs often come with:

• Multi-year vesting periods
• Ties to stock price targets or shareholder return

Most of these companies also now support annual say-on-pay votes, enhancing transparency and shareholder oversight.

FAQ

Why are Bitcoin mining executives paid so much?

Most of their compensation comes in the form of stock awards, which can be extremely valuable, especially during bull markets. These packages are designed to incentivize growth but can result in shareholder dilution if not performance-based.

How does this compare to other industries?

Executives in Bitcoin mining earn significantly more than those in energy or tech, both in base pay and equity grants. In 2024, the average was $14.4 million, nearly double that of comparable sectors.

Are shareholders taking action?

Yes. Shareholder approval for executive pay in the Bitcoin mining sector is only 64%, compared to 90% for other major public companies. In 2025, several mining firms faced strong opposition to executive pay proposals.

What is a PSU?

Performance Stock Units (PSUs) are stock-based awards that vest only if executives meet certain goals, like hitting a share price target or achieving a certain return for shareholders.