Bitcoin mining stocks rise 10% as Trump pledges support for U.S. miners

By Brayden Lindrea, CoinTelegraph; Compiled by Deng Tong, Golden Finance

Bitcoin (BTC) mining stocks surged double-digits on Wednesday as U.S. presidential candidate Donald Trump pledged to bolster mining operations in the country.

Trump said he wants “all remaining Bitcoin to be made in the USA!!!”, adding that this would help the U.S. become “energy dominant” in a June 12 post, which came shortly after he held a meeting with a number of industry executives.

Trump also reportedly told industry executives that he pledged to support the industry if he is elected president in November.

Bitcoin mining stock traders seem to like Trump's industry promises.

TeraWulf (WULF) and Hut 8 Mining (HUT) were the biggest gainers among the 10 largest bitcoin miners by market cap, up 10.5% and 10.07%, respectively, on June 12, according to Google Finance.

TeraWulf's stock price change on June 12. Source: Google Finance

Core Scientific (CORZ), Iris Energy (IREN) and Cipher Mining (CIFR) ranked in the top five with increases of 9.87%, 9.72% and 8.94% respectively.

Industry giants CleanSpark (CLSK) and Riot Platforms (RIOT) also rose 8.15% and 6.5%, respectively, but the largest bitcoin miner by market cap, Marathon Digital (MARA), was up just 2.4% on the day.

Chinese bitcoin miner Canaan Creative (CAN) was the only bitcoin miner in the top 20 by market cap to see its share price fall on June 12.

The strong day pushed the bitcoin mining industry’s market value to $26.4 billion, according to Companies Market Cap.

Bitcoin rose just 1.4% to $68,365 over the past 24 hours, while mining shares rose.

CleanSpark and TeraWulf are two of the best performers of 2024, up 58.55% and 66.96% year to date, respectively.

But not all Bitcoin miners have managed to keep their share prices up this year.

Marathon Digital is down 11.43% year to date, while Riot Platforms is down nearly 31% in 2024.

Marathon Digital year to date share price change. Source: Google Finance

On June 11, Trump and several industry executives discussed how Bitcoin mining can strengthen the power grid and create more jobs at a meeting at Mar-a-Lago.

Attendees included Riot Platforms CEO Jason Les and the company’s head of public policy Brian Morgenstern, CleanSpark Executive Chairman Matthew Schultz, and TeraWulf board director Amanda Fabiano.

All of these industry executives said they enjoyed working with Trump that evening.