Bitcoin mining stocks saw significant increases on Wednesday after U.S. presidential candidate Donald Trump promised to improve mining activities within the nation.
In a June 12 post, Trump emphasized the possibility of the United States reaching energy supremacy and said that all remaining Bitcoin should be mined locally.
This declaration came following a conference with leading Bitcoin entrepreneurs after Trump allegedly promised them his support should he be elected in November.
Trump’s Pledges Spark Surge in Bitcoin Mining Stocks
According to Google Finance statistics, the positive attitude inspired by Trump’s pledges resulted in a notable rise in Bitcoin mining stocks.
With 10.5% and 10.07% increases on June 12, TeraWulf (WULF) and Hut 8 Mining (HUT) led the charge among the ten biggest Bitcoin miners by market capitalization.
Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) quickly followed with gains of 9.87%, 9.72%, and 8.94%, respectively. Established players Riot Platforms (RIOT) and CleanSpark (CLSK) also mobilized and scored 8.15% and 6.5%.
Still, Marathon Digital (MARA), the largest Bitcoin miner based on market capitalization, showed a meager increase of 2.4%. The sole miner in the top 20 by market capitalization to witness a drop in share price on June 12 was China-based Bitcoin miner Canaan (CAN).
Companies Market Cap reports that the successful performance of Bitcoin mining stocks has raised the market value of the whole Bitcoin mining industry to $26.4 billion.
At the same time as stock prices increased, Bitcoin’s value surged by only 1.4% and hit $69,796 in 24 hours.
Some stocks performed better than others in 2024. CleanSpark and TeraWulf have gained 58.55% and 66.96%, respectively, year-to-date. Other companies, like Marathon Digital and Riot Platforms, have lost 11.43% and nearly 31%, respectively.
Crypto’s Influence in the 2024 Election
According to a recent Harris Poll, one in three Americans base their vote on a candidate’s attitude toward cryptocurrency. This emphasizes the rising relevance of digital currency on the political scene.
Concurrently, a poll conducted by top cryptocurrency venture capital firm Paradigm reveals that Donald Trump has strong support among the crypto community for the U.S. presidential election 2024. According to the poll of 1,000 registered voters, 48% of crypto owners want to support Trump, while 39% support present President Joe Biden.
Comparably, a Coinbase analysis indicates that Californian voters who possess cryptocurrencies are likely to have a major impact on the 2024 elections, therefore underlining the growing political relevance of the crypto industry.
