Bitcoin Mining Gets Boost After Donald Trump’s Backing

Some of the top crypto mining stocks experienced a surge of up to 8-10% following Donald Trump’s support for Bitcoin mining.

The securities of Bitcoin mining firms experienced a significant increase in value during Tuesday’s trading session following the announcement by Republican presidential candidate Donald Trump that he supported Bitcoin miners.

Donald Trump expressed his desire for the United States to conduct all residual Bitcoin production during a campaign speech on Monday. Additionally, he underscored the role of Bitcoin miners in the United States’ energy dominance.

The Bitcoin mining firms’ stock value experienced a substantial increase due to the positive sentiment that Trump’s promises elicited.

TeraWulf Inc (NASDAQ: WULF) and Hut 8 Mining (NASDAQ: HUT) were the best performers among the ten largest Bitcoin miners by market capitalization on June 12. TeraWulf experienced a 10.5% increase, as indicated by data from Google Finance, while Hut 8 Mining experienced a 10.07% increase.

Core Scientific Inc (NASDAQ: CORZ), Iris Energy (NASDAQ: IREN), and Cipher Mining Inc (NASDAQ: CIFR) were in close pursuit, with gains of 9.87%, 9.72%, and 8.94%, respectively. CleanSpark Inc (NASDAQ: CLSK) and Riot Platforms Inc (NASDAQ: RIOT), two established industry participants, also experienced rallies, achieving gains of 8.15% and 6.5%, respectively.

Since the commencement of 2024, CleanSpark and TerraWulf have been the most successful mining equities, with gains of 58.55% and 66.96%, in that order.

Conversely, Marathon Digital Holdings Inc (NASDAQ: MARA), the most significant Bitcoin miner, experienced a modest 2.4% increase on Monday. The robust performance of the Bitcoin mining securities also bolstered the mining industry’s $26.4 billion market capitalization.

The crypto community favors Trump over Biden

According to a recent survey conducted by Harris Poll, one-third of electors indicated they would select a candidate with a crypto-friendly perspective before making any voting decision.

Donald Trump has garnered substantial support from the crypto community for the 2024 US Presidential Election, according to a survey conducted by the prominent crypto venture capital firm Paradigm.

According to the survey polling 1,000 registered voters, 48% of crypto owners intend to vote for the former president, while 39% plan to vote for the current US President, Joe Biden. Former President Donald Trump has been vocal about his support for cryptocurrencies. In May of the previous month, Trump declared his intention to establish the United States as a leader in the cryptocurrency industry. In a post on Truth Social, he stated, “Our nation must be at the forefront of the field; there is no second place.”