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.
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
Read more on cryptonews.com
