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Bitcoin mining stocks soared by over 10% on June 12, following Donald Trump's pledge to support U.S. mining operations if elected president, boosting industry confidence.
Bitcoin Mining Stocks Surge Over 10% Following Trump’s Commitment to Enhance U.S. Mining Operations
In a recent report by Cointelegraph, a day after United States presidential candidate Donald Trump pledged to enhance mining operations in the country, Bitcoin (BTC) mining stocks experienced a double-digit increase on June 12.
In a post on June 12, Trump expressed his desire for "all the remaining Bitcoin to be MADE IN THE USA!!!"He also stated that this would contribute to the country's status as an "ENERGY DOMINANT" nation. The post was published shortly after a meeting he convened with several of the industry's most prominent executives.
Trump also reportedly informed industry executives that he had pledged to support the sector if elected president in November.
Bitcoin mining stock merchants appeared to appreciate Trump's industry commitments.
According to Google Finance, TeraWulf (WULF) and Hut 8 Mining (HUT) were the most significant movers among the top 10 largest Bitcoin miners by market cap on June 12, with a 10.5% and 10.07% increase, respectively.
Cipher Mining (CIFR), Core Scientific (CORZ), and Iris Energy (IREN) completed the top five with increases of 9.87%, 9.72%, and 8.94%, respectively.
CleanSpark (CLSK) and Riot Platforms (RIOT), two industry leaders, also experienced an 8.15% and 6.5% increase, respectively. However, Marathon Digital (MARA), the most significant Bitcoin miner by market capitalization, only experienced a 2.4% increase on the day.
On June 12, Canaan (CAN), headquartered in China, was the sole Bitcoin miner among the top 20 by market cap to experience a decline in share price.
Bitcoin Mining Market Cap Hits $26.4 Billion as Stocks Rally, Despite Mixed Year-to-Date Performance
According to Companies Market Cap, the Bitcoin mining industry's market capitalization increased to $26.4 billion due to the robust day.
The mining stock price rallies occurred on a day when Bitcoin only increased by 1.4% to $68,365 in the past 24 hours.
CleanSpark and TeraWulf have been two of the most successful companies in 2024, with year-to-date gains of 58.55% and 66.96%, respectively.
However, not all Bitcoin producers have sustained their share price growth this year.
Riot Platforms experienced a nearly 31% decline in 2024, while Marathon Digital experienced an 11.43% decline year-to-date.
At a meeting held at his Mar-a-Lago resort on June 11, Trump and several industry executives discussed the potential of Bitcoin mining to enhance the electrical grid and generate additional employment opportunities.
Riot Platforms CEO Jason Les, the firm's public policy chief Brian Morgenstern, CleanSpark executive chairman Matthew Schultz, and Amanda Fabiano, a board director at TeraWulf, were among the attendees.
That evening, each of the industry executives reported that they had a positive experience with Trump.
Photo: Microsoft Bing
