According to new research from VanEck, Bitcoin mining executives are receiving compensation packages significantly higher than their counterparts in the IT and energy sectors, raising concerns among shareholders. The report reveals that the average shareholder approval of these executive pay packages sits at 64%, compared to approximately 90% for larger companies such as those in the S&P 500 and Russell 3000. It highlights that the equity-based compensation for Bitcoin miners comprises 79% of total pay in 2023 and increased to 89% in 2024, with Riot Platforms' CEO receiving an equity award of $79.3 million in 2024 alone. There are stark discrepancies in pay-for-performance alignment, as some companies compensated executives far more relative to their market cap growth. The report mentions that some miners are adopting performance stock units and annual say-on-pay votes to improve accountability. Nevertheless, the authors urge that executive compensation structures need to evolve as these miners transition into mature infrastructure operators.

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