Bitcoin mining stocks surged significantly on June 12, following U.S. presidential candidate Donald Trump’s promise to support domestic mining operations if elected.
In a June 12 post, Trump expressed his desire for the United States to produce “all the remaining Bitcoin” domestically, emphasizing that it would help the country achieve “energy dominance.” This statement came after a meeting with some of the top executives in the Bitcoin mining industry. Trump assured these executives that he would back the sector if he wins the presidency in November.
Mining Stocks See Double-Digit Gains
The promise of support from Trump was met with enthusiasm in the market. TeraWulf (WULF) and Hut 8 Mining (HUT) saw significant increases, with their stocks rising 10.5% and 10.07%, respectively, according to Google Finance.
Top Gainers:
- TeraWulf (WULF): +10.5%
- Hut 8 Mining (HUT): +10.07%
- Core Scientific (CORZ): +9.87%
- Iris Energy (IREN): +9.72%
- Cipher Mining (CIFR): +8.94%
Other notable increases included CleanSpark (CLSK) and Riot Platforms (RIOT), which rose by 8.15% and 6.5%, respectively. Marathon Digital (MARA), the largest Bitcoin miner by market cap, saw a more modest increase of 2.4%.
China-based Bitcoin miner Canaan (CAN) was the only major Bitcoin miner to experience a decline in share price on June 12.
Industry Market Cap Boost
The collective surge in mining stocks elevated the Bitcoin mining industry’s market cap to $26.4 billion, as reported by Companies Market Cap. This rally occurred on a day when Bitcoin itself only saw a 1.4% increase, reaching $68,365.
Year-to-Date Performance
CleanSpark and TeraWulf have performed exceptionally well in 2024, with year-to-date gains of 58.55% and 66.96%, respectively. However, not all Bitcoin miners have experienced growth this year. Marathon Digital is down 11.43% year-to-date, and Riot Platforms has fallen nearly 31%.
Meeting Highlights
The June 11 meeting at Trump’s Mar-a-Lago resort included discussions on how Bitcoin mining could bolster the electrical grid and generate jobs. Attendees included:
- Jason Les, CEO of Riot Platforms
- Brian Morgenstern, Public Policy Head at Riot Platforms
- Matthew Schultz, Executive Chairman of CleanSpark
- Amanda Fabiano, Board Director at TeraWulf
All executives reported positive interactions with Trump, further bolstering market confidence.
