比特币矿工的执行工资激增：这是合理的吗？

比特币采矿高管以数百万美元的射击，引发股东起义。他们值得吗，还是该削减工资的时候？

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，加密爱好者！比特币采矿的世界正在变得辛辣，而不仅仅是由于能耗。我们正在谈论的是行政工资 - 特别是，在美国上市比特币矿业公司掌舵的薪酬方面令人震惊的薪酬激增。这是导航加密货币边境的奖励，还是日光抢劫？

Executive Pay Goes to the Moon

行政工资登月

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？一切都与股票有关。基于股票的薪酬在2024年占矿工行政工资的89％。尽管股票期权可以与投资者保持一致，但这些奖项的结构（短期归属，有限的绩效要求和潜在的稀释）却在增加眉毛和震撼人心的股东。

Shareholders Revolt

股东起义

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，行政薪酬提案经过美国公司，并获得了几乎一致的批准。但是比特币矿工面临着不同的现实。他们的平均支持率为64％，而标准普尔500指数和罗素3000公司的批准率为90％或更高。哎哟。

Performance vs. Paycheck: A Reality Check

绩效与薪水：现实检查

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.

最大的问题是这些庞大的薪酬套餐是否实际上是在提供价值。 Vaneck的分析揭示了一些令人震惊的差距。在Terawulf和Core Scientific，行政薪酬是公司2％的市场帽的合理增长。但是，在Riot平台上，高管们占据了该公司2024年市场上股收益的73％的jaw目结舌！ Marathon Digital并不落后，高管薪酬会计占其市场股增长的18％。

A Shift Towards Performance-Based Pay?

转向基于绩效的工资？

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.

有一线希望。许多矿工，包括Riot，Core Scientific，Hut 8，Cipher，Terawulf和Marathon，越来越多地使用属于多年的绩效股票单位（PSU），并与股票价格或总股东回报基准相关。这是朝着正确方向迈出的一步，但并不是每个人都在船上。例如，CleanSpark和BIT数字尚未实现PSU。

The Bottom Line

底线

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.

比特币采矿业正在成熟，其高管薪酬实践需要赶上。股东要求更高的透明度，问责制以及薪酬与绩效之间的更强联系。当一些矿工正在采取措施解决这些问题时，还有很长的路要走。

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!

那么，收获是什么？是时候让比特币矿工仔细研究其行政薪酬结构，并确保他们与投资者的利益保持一致。否则，他们可能只是发现自己面临着成熟的股东起义。没有人想要那个，对吗？现在，如果您能原谅我，我要弄清楚如何获得自己的那个比特币派！