Bitcoin Miners Surge After Trump Pledges Support for US Mining

Bitcoin mining stocks experienced a significant boost on June 12, following a pledge from U.S. presidential candidate Donald Trump to support the domestic mining industry. This promise came after a meeting with top industry executives, where Trump emphasized his vision of making the U.S. a leader in Bitcoin mining.

Bitcoin mining stocks surged after Trump pledged to support U.S. miners, boosting industry confidence and market cap. Discover the impact and future prospects.

Key Points:

• Trump’s Pledge to Support Bitcoin Mining: Presidential candidate Donald Trump announced his intention to bolster the U.S. Bitcoin mining industry, promising to support the sector if elected. His statement, "All the remaining Bitcoin to be MADE IN THE USA!!!" highlighted his commitment to enhancing the country's energy dominance.

• Market Reaction: Bitcoin mining stocks reacted positively to Trump's promise. TeraWulf (WULF) and Hut 8 Mining (HUT) saw significant increases of 10.5% and 10.07%, respectively. Other notable gains included Core Scientific (CORZ) at 9.87%, Iris Energy (IREN) at 9.72%, and Cipher Mining (CIFR) at 8.94%.

• Broader Industry Impact: The positive market sentiment extended to industry leaders like CleanSpark (CLSK) and Riot Platforms (RIOT), which rallied 8.15% and 6.5%. However, Marathon Digital (MARA) showed a modest increase of 2.4%. The overall market cap for the Bitcoin mining industry rose to $26.4 billion.

Related: Analyst Predicts $91.5K Bitcoin Despite Fed’s Hawkish Stance

• Contrasting Performances: While many mining stocks saw gains, China-based Canaan (CAN) was the only miner among the top 20 by market cap to record a decline in share price on June 12. Year-to-date performances varied, with CleanSpark up 58.55% and TeraWulf up 66.96%, while Marathon Digital and Riot Platforms faced declines of 11.43% and 31%, respectively.

• Meeting at Mar-a-Lago: Trump hosted a meeting with several industry executives at his Mar-a-Lago resort on June 11. Attendees included CEOs and executives from Riot Platforms, CleanSpark, and TeraWulf, who all reported positive experiences and productive discussions about the future of Bitcoin mining in the U.S.

Donald Trump's pledge to support Bitcoin mining in the U.S. has sparked significant enthusiasm in the market, leading to notable gains in mining stocks. His commitment to making the U.S. a leader in Bitcoin mining aligns with his broader vision of energy dominance, promising potential growth and innovation in the industry.

Source: Cointelegraph