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Bitcoin Mining Stocks Surge After Trump’s Pledge to Support Operations in the US

Ruholamin Haqshanas
Last updated: | 2 min read
Bitcoin Mining Stocks Surge After Trump's Pledge to Support Operations in the US

Bitcoin mining stocks experienced significant gains on Wednesday, following a promise by United States presidential candidate Donald Trump to boost mining operations within the country.

In a post on June 12, Trump expressed his desire for all remaining Bitcoin to be produced in the United States, emphasizing the potential for the country to become energy dominant.

This statement came shortly after a meeting between Trump and top executives from the Bitcoin industry.

During the meeting, Trump reportedly assured the industry leaders of his support if he were to be elected as president in November.

Bitcoin Miners Gain After Trump’s Comments

The positive sentiment surrounding Trump’s industry promises translated into notable gains for Bitcoin mining stocks.

TeraWulf (WULF) and Hut 8 Mining (HUT) emerged as the top performers among the ten largest Bitcoin miners by market capitalization, with increases of 10.5% and 10.07%, respectively, on June 12, according to data from Google Finance.

Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) followed closely behind, registering gains of 9.87%, 9.72%, and 8.94%, respectively.

Established players in the industry, CleanSpark (CLSK) and Riot Platforms (RIOT), also rallied 8.15% and 6.5%, respectively.

However, Marathon Digital (MARA), the largest Bitcoin miner by market capitalization, saw a more modest increase of 2.4% on the same day.

Notably, China-based Bitcoin miner Canaan (CAN) was the sole miner among the top 20 by market capitalization to record a decline in share price on June 12.

The strong performance of Bitcoin mining stocks contributed to an overall market capitalization of $26.4 billion for the Bitcoin mining industry, as reported by Companies Market Cap.

These surges in mining stock prices occurred alongside a relatively modest 1.4% increase in the price of Bitcoin, which reached $68,365 over the course of 24 hours.

While CleanSpark and TeraWulf have been among the best-performing stocks in 2024, with year-to-date gains of 58.55% and 66.96% respectively, others such as Marathon Digital and Riot Platforms have experienced declines of 11.43% and nearly 31%, respectively.

Voters Consider Candidates’ Stance on Crypto

As reported, a survey conducted by the Harris Poll has revealed that one in three voters in the US consider a candidate’s position on cryptocurrencies before making their voting decision.

Another survey conducted by leading crypto venture capital firm Paradigm reveals that Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community.

The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for current U.S. President Joe Biden.

Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.

Trump’s vocal support for cryptocurrency is not new, as evidenced by several recent public statements.

On May 26, he reiterated his stance that the United States must assert its dominance in the crypto sector.

“Our country must be the leader in the field, there is no second place,” he said at the time in a post on Truth Social, a social media platform owned by Trump Media and Technology Group.