Bitcoin mining stocks saw a surge in value following a commitment by US presidential candidate Donald Trump to enhance mining operations within the country.
In a recent announcement, Trump expressed his desire for all remaining Bitcoin to be mined in the United States, highlighting the potential for the nation to become a dominant force in energy production. This statement came after a meeting between Trump and key figures from the Bitcoin industry, where he assured them of his support if elected president in November.
This positive sentiment surrounding Trump’s promises led to significant gains for Bitcoin mining stocks. TeraWulf (WULF) and Hut 8 Mining (HUT) were among the top performers, with increases of 10.5% and 10.07%, respectively, on June 12, according to data from Google Finance. Other companies like Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) also showed strong gains.
CleanSpark (CLSK) and Riot Platforms (RIOT) experienced increases as well, while Marathon Digital (MARA) saw a more modest rise. However, China-based Bitcoin miner Canaan (CAN) was the only company among the top 20 to witness a decline in share price on that day.
Overall, the Bitcoin mining industry’s market capitalization reached $26.4 billion, with stock prices surging alongside a slight increase in the price of Bitcoin. While some companies like CleanSpark and TeraWulf have seen significant gains in 2024, others like Marathon Digital and Riot Platforms have faced declines.
Recent surveys have shown that voters in the US consider a candidate’s stance on cryptocurrencies when making their voting decisions. Trump’s support for cryptocurrency has garnered significant backing from the crypto community, with many planning to vote for him in the upcoming election.
Trump’s vocal advocacy for the United States to lead the way in the crypto sector has been evident in his recent public statements. His commitment to boosting the country’s position in the industry has resonated with voters who own cryptocurrencies, with California voters expected to play a crucial role in the 2024 elections.