“Last year, one MARA executive earned over $220 million in cash and stock-based compensation, in a year when the company’s total revenue was $150 million.”
Miners depreciate their rigs on a straight line over five years. Each rig mines less every month as the network hash rate climbs, so the books flatter the early years. Riot’s share of all remaining bitcoin is worth about its market cap, before paying a cent for power. The one reliably profitable part of public bitcoin mining is the executive pay.