Bitcoin miners surged 10% after Trump promised to support American miners.
Bitcoin (BTC) mining stocks rose by double digits on Wednesday, a day after US presidential candidate Donald Trump pledged to boost mining operations in the country.
Trump says he wants “the rest of Bitcoin to be made in America.” He added in a June 12 post that it would help the country become “energy dominant,” which came shortly after a meeting with industry executives.
Trump has also reportedly told industry executives that he has pledged to support the sector if elected president in November.
Bitcoin mining stock traders seem to like Trump's industry prospects.
TeraWulf (WULF) and Hut 8 Mining (HUT) were the biggest movers among the 10 largest Bitcoin miners, with market value increases of 10.5% and 10.07%, according to Google Finance.
Core Scientific ( CORZ ), Iris Energy ( IREN ) and Cipher Minerals ( CIFR ) rounded out the top five with gains of 9.87%, 9.72% and 8.94%, respectively.
Industry heavyweights CleanSpark ( CLSK ) and Riot Platforms ( RIOT ) rallied 8.15% and 6.5%, respectively, but the largest Bitcoin miner by market cap, Marathon Digital ( MARA ), was up just 2.4% on the day.
China-based bitcoin miner Canaan ( CAN ) was the only bitcoin miner in the top 20 by market capitalization to record a fall in share price on June 12.
The strong day boosted the market cap of the Bitcoin mining industry to $26.4 billion, according to Companies Market Cap.
The mining stock's rally came on a day when bitcoin rallied 1.4% to $68,365 in the past 24 hours.
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CleanSpark and TeraWulf are the two best performers in 2024 with 58.55% and 66.96% year-to-date.
But not all Bitcoin miners have been able to continue the growth of the stock price this year.
Marathon Digital, down 11.43 percent year-over-year, while Riot Platform is down 31 percent in 2024.
Trump and several industry executives discussed how Bitcoin mining could strengthen the power grid and create more jobs at a June 11 meeting at the Mar-a-Lago resort.
Among those in attendance were Riot Platform CEO Jason Les and the company's head of public policy, Brian Morgenstern, CleanSpark CEO Matthew Schultz, and TerraWolf Board Director Amanda Fabiano.
All of these industry executives reported positive experiences with Trump during the night.
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