We track Bitcoin’s push above 93k, a broad miner rally, and a bigger story: how stock-based compensation is being redesigned to drive the pivot from pure Bitcoin mining to HPC and AI infrastructure. We compare filings from Riot, Terawulf, Cipher, MARA, and IREN to show where incentives align with real performance and where shareholder patience is thinning.

• Two-year performance context for major miners
• Rising stock comp versus revenue benchmarks
• Shareholder voting trends and dilution risk
• Riot CFO shift and HPC-focused incentive metrics
• Terawulf RSUs and PSUs amid site expansion
• Cypher Form 4, tax disposals, and insider ownership
• MARA S-8 filing and lagging HPC strategy
• IREN variable-heavy pay and hard targets
• Hashprice bounce, difficulty outlook, and margins
• Why NOI and data center revenue drive future value

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