Bitcoin Mining Stocks Register Strong Gains after Donald Trump Extends Support

UTC by Bhushan Akolkar · 2 min read
Bitcoin Mining Stocks Register Strong Gains after Donald Trump Extends Support
Photo: Depositphotos

On Tuesday, several crypto mining stocks like CleanSpark, TerraWulf, Hut 8 Mining and other rallied by 8-10% following support from former president Donald Trump.

Soon after Republican presidential candidate Donald Trump announced his support for Bitcoin miners, stocks of the Bitcoin mining firms went skyrocketing in Tuesday’s trading session.

Earlier this week on Monday, during a campaign speech, Donald Trump stated that he wants all of the remaining Bitcoin production to happen in the United States. He also emphasized the contribution of Bitcoin miners to make America energy dominant.

The positive sentiment stirred by Trump’s promises quickly reflected into the Bitcoin mining firms seeing their stock value shoot up significantly.

On June 12, TeraWulf Inc (NASDAQ: WULF) and Hut 8 Mining (NASDAQ: HUT) emerged as the top performers among the ten largest Bitcoin miners by market capitalization. According to data from Google Finance, TeraWulf saw an increase of 10.5%, while Hut 8 Mining rose by 10.07%.

Following closely behind were Core Scientific Inc (NASDAQ: CORZ), Iris Energy (NASDAQ: IREN), and Cipher Mining Inc (NASDAQ: CIFR), which registered gains of 9.87%, 9.72%, and 8.94%, respectively. Established industry players CleanSpark Inc (NASDAQ: CLSK) and Riot Platforms Inc (NASDAQ: RIOT) also experienced rallies, with gains of 8.15% and 6.5%, respectively.

Since the beginning of 2024, CleanSpark and TerraWulf have been the best-performing mining stocks with gains of 58.55% and 66.96% respectively.

On the other hand, the largest Bitcoin miner Marathon Digital Holdings Inc (NASDAQ: MARA) registered modest gains of 2.4% on Monday. This strong performance of the Bitcoin mining stocks also contributed in adding to the $26.4 billion market cap of the Bitcoin mining industry.

Crypto Community Prefers Trump Over Biden

As per the recently conducted survey by Harris Poll, one in three voters stated that they would choose a candidate with a crypto-friendly outlook before making any kind of voting decision.

A survey conducted by leading crypto venture capital firm Paradigm reveals that Donald Trump has substantial support from the crypto community for the 2024 US Presidential Election.

The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for the current US President Joe Biden. From the very beginning, former President Donald Trump has been vocal about his support for cryptocurrencies. Last month in May, Trump said that he want to make America a leader in the crypto sector. “Our country must lead the field; there is no second place,” he stated in a post on Truth Social.

Market News, News, Stocks
Related Articles