Bitcoin Mining Stocks Soar Following Trump’s Support Pledge

Mining Stocks Surge Amid Trump’s Promises

Bitcoin mining stocks saw significant gains on Wednesday after U.S. presidential candidate Donald Trump pledged to support and expand mining operations in the country. Trump expressed his desire for the U.S. to produce all remaining Bitcoin, aiming to make the nation energy dominant.

Trump’s Commitment to Bitcoin Mining

Following a meeting with top Bitcoin industry executives, Trump assured them of his support if elected. His promise to boost domestic mining operations fueled positive market sentiment, leading to notable stock gains.

Stock Market Response

Bitcoin mining stocks responded positively to Trump’s statements:

• TeraWulf (WULF) surged 10.5%.
• Hut 8 Mining (HUT) rose by 10.07%.
• Core Scientific (CORZ) increased by 9.87%.
• Iris Energy (IREN) and Cipher Mining (CIFR) gained 9.72% and 8.94%, respectively.
• CleanSpark (CLSK) and Riot Platforms (RIOT) also saw increases of 8.15% and 6.5%, respectively.

In contrast, Marathon Digital (MARA), the largest Bitcoin miner by market capitalization, had a modest rise of 2.4%. China-based Canaan (CAN) was the only major miner to record a decline.

Industry Impact

The overall market capitalization of the Bitcoin mining industry reached $26.4 billion, according to Companies Market Cap, driven by these stock surges. This occurred alongside a 1.4% increase in Bitcoin’s price, which hit $68,365 within 24 hours.

Voter Sentiment and Crypto Stance

Voter consideration of candidates’ crypto stances is growing. A Harris Poll found one in three U.S. voters factor in a candidate’s position on cryptocurrencies. A Paradigm survey indicated 48% of crypto owners support Trump, compared to 39% for Biden. Additionally, Coinbase reports that California crypto owners could significantly influence the 2024 election.

Trump has consistently voiced his support for the crypto sector, recently reiterating the need for U.S. dominance in the field.