Shareholders at major U.S. Bitcoin mining companies aren’t thrilled about the hefty paychecks their executives are pulling in. This year, approval ratings for those compensation packages dropped to around 64%—way lower than the 90%+ support typical for big S&P 500 firms. A VanEck report dug into the numbers and found that despite Bitcoin’s wild price swings, execs at these miners are still scoring massive equity grants.

Editor’s Note: When shareholders start pushing back on executive pay, it’s usually a sign they think the rewards don’t match the risks—or the results. Bitcoin mining is already a controversial industry, with its huge energy use and reliance on crypto’s volatile prices. If investors feel execs are getting too much while they’re left holding the bag, it could signal deeper tensions about how these companies are run. Plus, with Bitcoin’s post-halving slump, patience for big paydays might be wearing thin.