- On June 12, TeraWulf, Hut 8 Mining, and Core Scientific emerged as the largest winners.
The stocks of bitcoin (BTC) mining companies surged by double digits on Wednesday, one day after US presidential contender Donald Trump pledged to support the nation’s mining industry.
Trump said in a June 12 post that he wanted all of the remaining Bitcoin to be MADE IN THE USA!!! This was shortly after hosting a meeting with some of the top businesspeople in the industry. It would assist the country in becoming an energy-dominant country, he continued.
Additionally, according to reports, Trump informed the business executives that, should he win the presidency in November, he would back the industry.
Stock traders that mine bitcoins seemed to like what Trump promised the business.
According to Google Finance, the two largest miners of Bitcoin by market capitalization, TeraWulf (WULF) and Hut 8 Mining (HUT), increased 10.5% and 10.07%, respectively, on June 12.
With rises of 9.87%, 9.72%, and 8.94%, Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) completed the top five.
While industry titans CleanSpark (CLSK) and Riot Platforms (RIOT) saw increases of 8.15% and 6.5% respectively, Marathon Digital (MARA), the biggest Bitcoin miner by market capitalization, had only a 2.4% daily increase.
Canaan (CAN), a Chinese miner, was the only one in the top 20 by market capitalization to see a drop in share price on June 12.
The profitable day raised the market value of the Bitcoin mining industry to $26.4 billion, according to Companies Market Cap.
The day of the mining stock price rallies came on a day when the price of Bitcoin had only gone up 1.4% to $68,365 in the previous day.
Two of the top performers in 2024 are CleanSpark and TeraWulf, with yearly gains of 58.55% and 66.96%, respectively.
However, not every Bitcoin miner has been able to sustain the increase in share price this year.
Marathon Digital has dropped 11.43% so far this year, and Riot Platforms has lost about 31% so far in 2024.
On June 11, at his Mar-a-lago property, Trump and a number of business leaders talked about how Bitcoin mining may improve the electrical system and generate more jobs.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
