比特幣礦工的執行工資激增：這是合理的嗎？

比特幣採礦高管以數百萬美元的射擊，引發股東起義。他們值得嗎，還是該削減工資的時候？

Hold onto your hats, crypto enthusiasts! The world of Bitcoin mining is getting spicy, and not just because of the energy consumption. We're talking about executive pay – specifically, the eye-watering surge in compensation for those at the helm of US-listed Bitcoin mining firms. Is it a reward for navigating the crypto frontier, or is it daylight robbery?

抓住您的帽子，加密愛好者！比特幣採礦的世界正在變得辛辣，而不僅僅是由於能耗。我們正在談論的是行政工資 - 特別是，在美國上市比特幣礦業公司掌舵的薪酬方面令人震驚的薪酬激增。這是導航加密貨幣邊境的獎勵，還是日光搶劫？

Executive Pay Goes to the Moon

行政工資登月

According to a recent report from VanEck, the average executive pay across eight major Bitcoin miners – Bit Digital, Cipher Mining, CleanSpark, Core Scientific, Hut 8, Marathon Digital, Riot Platforms, and TeraWulf – hit a staggering $14.4 million in 2024. That's more than double the $6.6 million they pocketed the previous year, and it dwarfs what executives in the energy and tech sectors are making.

According to a recent report from VanEck, the average executive pay across eight major Bitcoin miners – Bit Digital, Cipher Mining, CleanSpark, Core Scientific, Hut 8, Marathon Digital, Riot Platforms, and TeraWulf – hit a staggering $14.4 million in 2024. That's more than double the $6.6 million they pocketed the previous year, and it dwarfs what executives in the energy and tech sectors are making.

The kicker? It's all about the stock. Stock-based compensation accounted for a whopping 89% of miner executive pay in 2024. While stock options can align management with investors, the structure of these awards – short-term vesting, limited performance requirements, and potential dilution – is raising eyebrows and riling up shareholders.

踢球？一切都與股票有關。基於股票的薪酬在2024年佔礦工行政工資的89％。儘管股票期權可以與投資者保持一致，但這些獎項的結構（短期歸屬，有限的績效要求和潛在的稀釋）卻在增加眉毛和震撼人心的股東。

Shareholders Revolt

股東起義

Normally, executive pay proposals sail through corporate America with near-unanimous approval. But Bitcoin miners are facing a different reality. Their average support rate is a measly 64%, compared to the 90% or higher approval rates seen in the S&P 500 and Russell 3000 companies. Ouch.

通常，行政薪酬提案經過美國公司，並獲得了幾乎一致的批准。但是比特幣礦工面臨著不同的現實。他們的平均支持率為64％，而標準普爾500指數和羅素3000公司的批准率為90％或更高。哎喲。

Performance vs. Paycheck: A Reality Check

績效與薪水：現實檢查

The big question is whether these massive pay packages are actually delivering value. VanEck's analysis reveals some startling disparities. At TeraWulf and Core Scientific, executive pay was a reasonable 2% of the firms' market-cap increases. But at Riot Platforms, executives pocketed a jaw-dropping 73% of the company's 2024 market-cap gains! Marathon Digital wasn't far behind, with executive pay accounting for 18% of its market-cap growth.

最大的問題是這些龐大的薪酬套餐是否實際上是在提供價值。 Vaneck的分析揭示了一些令人震驚的差距。在Terawulf和Core Scientific，行政薪酬是公司2％的市場帽的合理增長。但是，在Riot平台上，高管們佔據了該公司2024年市場上股收益的73％的jaw目結舌！ Marathon Digital並不落後，高管薪酬會計佔其市場股增長的18％。

A Shift Towards Performance-Based Pay?

轉向基於績效的工資？

There's a glimmer of hope. Many miners, including Riot, Core Scientific, Hut 8, Cipher, TeraWulf, and Marathon, are increasingly using performance stock units (PSUs) that vest over multiple years and are tied to share price or total shareholder return benchmarks. This is a step in the right direction, but not everyone's on board. CleanSpark and Bit Digital, for example, haven't implemented PSUs.

有一線希望。許多礦工，包括Riot，Core Scientific，Hut 8，Cipher，Terawulf和Marathon，越來越多地使用屬於多年的績效股票單位（PSU），並與股票價格或總股東回報基準相關。這是朝著正確方向邁出的一步，但並不是每個人都在船上。例如，CleanSpark和BIT數字尚未實現PSU。

The Bottom Line

底線

The Bitcoin mining industry is maturing, and its executive compensation practices need to catch up. Shareholders are demanding greater transparency, accountability, and a stronger link between pay and performance. While some miners are taking steps to address these concerns, there's still a long way to go.

比特幣採礦業正在成熟，其高管薪酬實踐需要趕上。股東要求更高的透明度，問責制以及薪酬與績效之間的更強聯繫。當一些礦工正在採取措施解決這些問題時，還有很長的路要走。

So, what's the takeaway? It's time for Bitcoin miners to take a hard look at their executive pay structures and ensure they're aligned with the interests of their investors. Otherwise, they might just find themselves facing a full-blown shareholder revolt. And nobody wants that, right? Now, if you'll excuse me, I'm off to figure out how to get my own slice of that Bitcoin pie!

那麼，收穫是什麼？是時候讓比特幣礦工仔細研究其行政薪酬結構，並確保他們與投資者的利益保持一致。否則，他們可能只是發現自己面臨著成熟的股東起義。沒有人想要那個，對嗎？現在，如果您能原諒我，我要弄清楚如何獲得自己的那個比特幣派！