Bitcoin mining companies saw their stock prices surge on Wednesday after former President Donald Trump promised to ramp up mining operations in the United States if elected in 2024.
In a post on June 12, Trump stated his goal for the U.S. to produce all remaining Bitcoin, touting the nation’s potential to become an “energy dominant” force. His comments came shortly after meeting with top Bitcoin industry executives, who Trump reportedly assured of his backing should he win the presidency.
Trump’s pro-mining stance sent Bitcoin mining stocks skyrocketing. TeraWulf and Hut 8 Mining led the charge among major miners, with shares jumping 10.5% and 10.07%, respectively, on June 12. Core Scientific, Iris Energy, and Cipher Mining also saw big gains between 8.94% and 9.87%.
Moreover, established players like CleanSpark and Riot Platforms rallied 8.15% and 6.5%. Marathon Digital, the largest publicly traded miner, increased a more modest 2.4%. Canaan, a China-based miner, was the lone top 20 company to decline.
Bitcoin Mining Market Cap Hits $26.4B Amid Stock Surges and Trump’s Support
The Bitcoin mining industry’s market cap hit $26.4 billion amid the stock surges. Crypto prices rose, too, with Bitcoin climbing 1.4% to $68,365.
While recent performance has varied, with CleanSpark and TeraWulf up over 50% year-to-date but Marathon and Riot down double-digits, Trump’s mining embrace gave the entire sector a boost.
His stance could prove pivotal, as polls show crypto policy sways many voters. One survey found a third of U.S. voters consider candidates’ crypto positions before voting. Another from VC firm Paradigm indicated that 48% of crypto owners plan to back Trump versus 39% for President Biden.
In May, Trump has long advocated for U.S. crypto dominance: “Our country must lead the field; there is no second place.”
Related Reading | Bitcoin Future Boom: Expert Analysis Points To $173K Target
Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
Comments (No)