Following a pledge by US presidential candidate Donald Trump to increase mining operations in the nation, bitcoin mining stocks saw notable increases on Wednesday.
Trump stated in a June 12 post that he wants all of the remaining Bitcoin to be made in the US, highlighting the possibility of the US becoming the world’s leading energy producer.
This declaration was made soon after Trump met with prominent Bitcoin industry executives.
According to reports, Trump promised the business leaders that he would support him if he were elected president in November.
Bitcoin Miners Gain After Trump’s Comments
The positive sentiment surrounding Trump’s industry promises translated into notable gains for Bitcoin mining stocks.
TeraWulf (WULF) and Hut 8 Mining (HUT) emerged as the top performers among the ten largest Bitcoin miners by market capitalization, with increases of 10.5% and 10.07%, respectively, on June 12, according to data from Google Finance.
With gains of 9.87%, 9.72%, and 8.94%, respectively, Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) trailed closely behind.
Riot Platforms (RIOT) and CleanSpark (CLSK), two well-known companies in the sector, also saw increases of 6.5% and 8.15%, respectively.
The biggest Bitcoin miner by market capitalization, Marathon Digital (MARA), saw a more moderate 2.4% increase that same day.
Interestingly, on June 12, Canaan (CAN), a Bitcoin miner based in China, was the only miner in the top 20 by market capitalization to see a drop in share price.
The strong performance of Bitcoin mining stocks contributed to an overall market capitalization of $26.4 billion for the Bitcoin mining industry, as reported by Companies Market Cap.
These surges in mining stock prices occurred alongside a relatively modest 1.4% increase in the price of Bitcoin, which reached $68,365 over the course of 24 hours.
While CleanSpark and TeraWulf have been among the best-performing stocks in 2024, with year-to-date gains of 58.55% and 66.96% respectively, others such as Marathon Digital and Riot Platforms have experienced declines of 11.43% and nearly 31%, respectively.
Voters Consider Candidates’ Stance on Crypto
According to reports, one in three US voters think about a candidate’s stance on cryptocurrencies before casting their ballot, according to a Harris Poll survey.
According to a different survey by top crypto venture capital firm Paradigm, the crypto community strongly supports Trump’s polling numbers for the US presidential election in 2024.
48% of cryptocurrency owners plan to vote for the former president, while 39% plan to vote for current U.S. President Joe Biden, according to a survey that included 1,000 registered voters.
Similarly, California voters who own cryptocurrency are anticipated to have a big influence on the 2024 elections, according to a recent Coinbase report.
Trump has long advocated for cryptocurrencies, as shown by a number of his recent public remarks.
He restated his belief that the US needs to establish its supremacy in the cryptocurrency industry on May 26.
In a post on Truth Social, a social media network run by Trump Media and Technology Group, he stated at the time, “Our country must be the leader in the field, there is no second place.”