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Bitcoin Mining Stocks Surge After Trump’s Pledge to Support Operations in the US

Bitcoin mining stocks saw substantial increases on Wednesday, spurred by a commitment from U.S. presidential candidate Donald Trump to enhance domestic mining activities.

On June 12, Trump conveyed his vision for the United States to host the production of all remaining Bitcoin, underscoring the nation’s capacity to attain energy dominance.

This declaration emerged following a summit between Trump and key figures in the Bitcoin sector. Sources indicate that Trump offered reassurances to industry leaders regarding his backing should he win the presidential election in November.

Bitcoin Miners Gain After Trump’s Comments

The optimism surrounding Trump’s commitments to the industry translated into significant boosts for Bitcoin mining stocks.

TeraWulf (WULF) and Hut 8 Mining (HUT) emerged as the standout performers among the top ten Bitcoin miners by market capitalization, witnessing gains of 10.5% and 10.07% respectively on June 12, as per data from Google Finance.

Following closely behind were Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR), each recording gains of 9.87%, 9.72%, and 8.94% respectively.

Established players in the sector, CleanSpark (CLSK) and Riot Platforms (RIOT), also experienced notable rallies of 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.

Interestingly, China-based Bitcoin miner Canaan (CAN) stood out as the only miner among the top 20 by market capitalization to see a decrease in share price on June 12.

The robust performance of Bitcoin mining stocks contributed to an overall market capitalization of $26.4 billion for the Bitcoin mining industry, as per data from Companies Market Cap.

These stock surges coincided with a relatively modest 1.4% uptick in the price of Bitcoin, which reached $68,365 within a 24-hour span.

While CleanSpark and TeraWulf have been standout performers in 2024, boasting year-to-date gains of 58.55% and 66.96% respectively, others like Marathon Digital and Riot Platforms have witnessed declines of 11.43% and nearly 31%, respectively.

Voters Consider Candidates’ Stance on Crypto

According to a survey conducted by the Harris Poll, one in three voters in the US considers a candidate’s stance on cryptocurrencies before casting their vote.

Additionally, a survey by leading crypto venture capital firm Paradigm indicates that Trump’s poll numbers for the 2024 US Presidential Election enjoy substantial backing from the crypto community.

The survey, which polled 1,000 registered voters, discovered that 48% of crypto owners intend to vote for the former president, while 39% plan to vote for current U.S. President Joe Biden.

Furthermore, a recent report from Coinbase suggests that California voters who own cryptocurrencies are poised to wield significant influence in the 2024 elections.

Trump’s vocal support for cryptocurrency is well-documented, as seen in several recent public statements.

On May 26, he reiterated his belief that the United States must assert its leadership in the crypto sector.

“In this field, our country must lead; there is no room for second place,” he stated in a post on Truth Social, a social media platform owned by Trump Media and Technology Group.

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