Bitcoin mining stocks saw a surge in value after a commitment from United States presidential candidate Donald Trump to enhance mining operations within the country. Trump, in a post on June 12, expressed his desire for all remaining Bitcoin to be produced in the United States, highlighting the potential for energy dominance.
Following a meeting with top executives from the Bitcoin industry, Trump promised support to the industry leaders if he were to be elected as president in November. This assurance led to a positive sentiment surrounding Trump’s industry promises, resulting in significant gains for Bitcoin mining stocks.
TeraWulf (WULF) and Hut 8 Mining (HUT) were the top performers among the ten largest Bitcoin miners by market capitalization, with increases of 10.5% and 10.07%, respectively. Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) also experienced gains, closely followed by CleanSpark (CLSK) and Riot Platforms (RIOT).
Despite these surges in mining stock prices, China-based Bitcoin miner Canaan (CAN) saw a decline in share price on June 12. The overall market capitalization for the Bitcoin mining industry reached $26.4 billion, accompanied by a modest 1.4% increase in the price of Bitcoin.
A survey conducted by the Harris Poll revealed that one in three voters in the US considers a candidate’s stance on cryptocurrencies before making their voting decision. Trump’s support for cryptocurrency has garnered significant backing from the crypto community, with 48% of crypto owners planning to vote for him in the 2024 US Presidential Election.
Trump’s vocal support for asserting dominance in the crypto sector is evident in his recent public statements. On platforms like Truth Social, owned by Trump Media and Technology Group, he has reiterated the importance of the United States leading in the field of cryptocurrency.
