Bitcoin Mining Stocks Rise 10% After Trump Promises To Back US Miners
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Bitcoin Mining Stocks Rise 10% After Trump Promises To Back US Miners

Bitcoin (BTC) mining stocks soared double digits on Wednesday a day after United States presidential candidate Donald Trump promised to bolster mining operations in the country.

Trump said he wants “all the remaining Bitcoin to be MADE IN THE USA!!!” adding it would help the country be “ENERGY DOMINANT” in a June 12 post, which came shortly after a meeting he hosted with some of the industry’s top executives.

Trump also reportedly told the industry executives that he promised to support the sector should he be elected as president in November.

Bitcoin mining stock traders seemingly liked Trump’s industry promises.

TeraWulf (WULF) and Hut 8 Mining (HUT) were the biggest movers among the top 10 largest Bitcoin miners by market cap, increasing 10.5% and 10.07% respectively on June 12, according to Google Finance.

Core Scientific (CORZ), Iris Energy (IREN) and Cipher Mining (CIFR) rounded out the top five with increases of 9.87%, 9.72% and 8.94%.

Industry heavyweights CleanSpark (CLSK) and Riot Platforms (RIOT) also rallied 8.15% and 6.5% but the largest Bitcoin miner by market cap, Marathon Digital (MARA), only increased 2.4% on the day.

China-based Bitcoin miner Canaan (CAN) was the only Bitcoin miner among the top 20 by market cap to record a fall in share price on June 12.

The strong day boosted the Bitcoin mining industry’s market cap to $26.4 billion, according to Companies Market Cap.

The mining stock price rallies came on a day where Bitcoin only managed to rise 1.4% to $68,365 over the last 24 hours.

CleanSpark and TeraWulf have been two of the best performers in 2024, up 58.55% and 66.96% year-to-date.

But not all Bitcoin miners have managed to continue share price growth this year.

Marathon Digital, is down 11.43% year-to-date, while Riot Platforms has tumbled nearly 31% in 2024.

Trump and several industry executives discussed how Bitcoin mining could strengthen the electrical grid and create more jobs in a meeting held at his Mar-a-lago resort on June 11.

Among the attendees were Riot Platforms CEO Jason Les and the firm’s public policy head Brian Morgenstern, CleanSpark executive chairman Matthew Schultz and Amanda Fabiano, a board director at TeraWulf.

All of those industry executives reported positive experiences with Trump on the night.

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