Bitcoin mining stocks surged dramatically after U.S. presidential candidate Donald Trump pledged to support the mining sector, promising to make the country a leader in Bitcoin production. On June 12, Trump announced his intention to ensure “all the remaining Bitcoin to be MADE IN THE USA!!!” during a post-meeting with top industry executives. This announcement fueled a significant rise in mining stocks, reflecting market confidence in his vision.
On June 12, Bitcoin mining stocks experienced a substantial surge following Trump’s commitment to back the industry if elected president. TeraWulf (WULF) and Hut 8 Mining (HUT) saw the largest gains among the top 10 miners, with their stocks climbing 10.5% and 10.07%, respectively, as per Google Finance.
Other notable increases included Core Scientific (CORZ) up 9.87%, Iris Energy (IREN) rising 9.72%, and Cipher Mining (CIFR) advancing 8.94%. CleanSpark (CLSK) and Riot Platforms (RIOT) also rallied, gaining 8.15% and 6.5%, respectively. However, the biggest miner by market cap, Marathon Digital (MARA), had a modest increase of 2.4%.
China-based Bitcoin miner Canaan (CAN) was the only major miner to see a drop in its stock price on June 12. Despite the day’s gains, the broader Bitcoin market saw a modest rise of 1.4%, reaching $68,365.
CleanSpark and TeraWulf have been standout performers in 2024, with their stocks up 58.55% and 66.96% year-to-date. In contrast, Marathon Digital has fallen 11.43%, and Riot Platforms has dropped nearly 31% this year.
The surge in stock prices was attributed to a meeting held by Trump at his Mar-a-Lago resort on June 11, where he discussed with industry leaders how Bitcoin mining could enhance the electrical grid and create jobs. Attendees, including Riot Platforms CEO Jason Les and CleanSpark executive chairman Matthew Schultz, reported positive interactions with Trump, bolstering confidence in his support for the industry.
With Trump’s backing, the future of Bitcoin mining in the US looks promising, potentially positioning the country as a global leader in cryptocurrency production.