Bitcoin mining stocks experienced significant gains on Wednesday, following a promise by United States presidential candidate Donald Trump to boost mining operations within the country. In a post on June 12, Trump expressed his desire for all remaining Bitcoin to be produced in the United States, emphasizing the potential for the country to become energy dominant.
Trump’s Support for Bitcoin Mining
This statement came shortly after a meeting between Trump and top executives from the Bitcoin industry. During the meeting, Trump reportedly assured the industry leaders of his support if he were to be elected as president in November. His vocal support for cryptocurrency is not new, as evidenced by several recent public statements. On May 26, he reiterated his stance that the United States must assert its dominance in the crypto sector, stating, “Our country must be the leader in the field, there is no second place,” on Truth Social, a social media platform owned by Trump Media and Technology Group.
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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. Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) followed closely behind, registering gains of 9.87%, 9.72%, and 8.94%, respectively. Established players in the industry, CleanSpark (CLSK) and Riot Platforms (RIOT), also rallied 8.15% and 6.5%, respectively. However, Marathon Digital (MARA), the largest Bitcoin miner by market capitalization, saw a more modest increase of 2.4% on the same day.
🚀 Bitcoin mining stocks surge after Donald Trump's pledge to support US operations! TeraWulf & Hut 8 Mining lead the way with big gains. Is this the start of a new crypto era? 🏆 #Bitcoin #Trump #Crypto #MiningStocks #Blockchain #Finance #cryptonewsdhttps://t.co/qFkEqebl4t pic.twitter.com/WmDdiIEWWn
— City Telegraph (@0xCitytelegraph) June 13, 2024
Mixed Performance in the Bitcoin Mining Sector
Notably, China-based Bitcoin miner Canaan (CAN) was the sole miner among the top 20 by market capitalization to record a decline in share price on June 12. 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
As reported, a survey conducted by the Harris Poll has revealed that one in three voters in the US consider a candidate’s position on cryptocurrencies before making their voting decision. Another survey conducted by leading crypto venture capital firm Paradigm reveals that Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community. The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for current U.S. President Joe Biden. Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.
Conclusion
Trump’s latest statements and actions reflect a clear strategy to appeal to the crypto community and bolster the domestic Bitcoin mining industry. His pledge to support Bitcoin mining operations has already had a notable impact on mining stocks, driving significant gains across the sector. As the political landscape evolves, the stance of presidential candidates on cryptocurrencies will likely play a crucial role in shaping the industry’s future.
Key Points:
- Trump pledges support for Bitcoin mining in the US.
- Significant gains in Bitcoin mining stocks after his comments.
- Mixed performance among top Bitcoin miners.
- Voter sentiment on crypto influences political decisions.
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