Board Diversity in Bitcoin Mining

Diversity of the Boards of Directors of US Public Bitcoin Miners

We conducted a review of the Board of Directors' diversity disclosures for US public bitcoin mining companies and have summarized the findings in the following chart:

This analysis includes only those companies where diversity disclosures were accessible. The diversity indicator is calculated using an average diversity index for each of the diversity dimensions in relation to the national average diversity index. Our method for calculating the diversity index involved three steps:

1. Calculate the average representation of diverse directors as a percentage of total board members for each category¹:

   • Female directors

   • Ethnically diverse directors

   • Veterans

   • LGBTQ+ directors

2. Calculate the presence score, which reflects the variety of diversity dimensions represented on the board. This score is the simple average of the presence ratios for each dimension, where the presence ratio compares the number of represented categories to the possible categories.

3. Determine the diversity index by multiplying the average percentage of diverse directors by the presence score.

The resulting scores for the companies we analyzed show:

• CORZ ranks highest in terms of racial diversity.

• WULF leads in gender diversity, representation of directors with a military background, and has the highest overall diversity index.

• No companies reported having directors who openly identify as LGBTQ+

1. Our categories align with those required by the NASDAQ Board Diversity Matrix