Shareholders Reject Miner Executive Pay Amid Soaring Packages

A new VanEck report reveals that US Bitcoin mining executives earn far more than peers in tech and energy. Shareholders demand stronger links between pay and performance.

Miner pay soars to $14.4M on average

VanEck’s research shows that executive compensation in US-listed Bitcoin mining firms nearly doubled, jumping from $6.6 million in 2023 to $14.4 million in 2024. Equity-based pay makes up nearly 90% of that, raising investor concerns over dilution and performance misalignment.

Riot Platforms CEO Fred Thiel received a $79.3 million equity award—double that of peers at MARA and Core Scientific. On average, miner CEO pay dwarfs that in other sectors like energy and IT.

Investors demand accountability and reform

Only 64% of shareholders approve miner compensation plans—well below the ~90% seen across S&P 500 and Russell 3000 companies. Three out of eight miners faced major shareholder rejections in 2025.

Still, six firms have adopted performance stock units (PSUs) with multi-year vesting linked to share price or total return. Most now hold annual say-on-pay votes, signaling improved governance.

VanEck recommends miners tie bonuses to cost-per-coin metrics, include capital efficiency measures, and apply stricter conditions to equity awards. As miners scale up, their executive compensation policies must mature in step.