Bitcoin (BTC) mining stocks surged double-digits on Wednesday as U.S. presidential candidate Donald Trump pledged to bolster mining operations in the country.
Trump said he wants “all remaining Bitcoin to be made in the USA!!!,” adding that this would help the U.S. become “Energy Dominant” in a June 12 post that came shortly after he held a meeting with some industry executives.
Trump also reportedly told industry executives that he pledged to support the industry if he is elected president in November.
Bitcoin mining stock traders seem to like Trump’s promises for the industry.
According to Google Finance, TeraWulf (WULF) and Hut 8 Mining (HUT) were the biggest gainers among the 10 largest Bitcoin miners by market cap, rising 10.5% and 10.07% respectively on June 12.
Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) rounded out the top five with gains of 9.87%, 9.72%, and 8.94%, respectively.
Industry giants CleanSpark (CLSK) and Riot Platforms (RIOT) also gained 8.15% and 6.5%, respectively, but Marathon Digital (MARA), the largest bitcoin miner by market cap, was up just 2.4% on the day.
On June 12, Chinese Bitcoin miner Canaan Creative (CAN) was the only Bitcoin miner in the top 20 by market cap to see its share price fall.
The strong day pushed the bitcoin mining industry’s market value to $26.4 billion, according to Companies Market Cap.
Bitcoin has risen just 1.4% to $68,365 in the past 24 hours, while mining stocks have risen.
CleanSpark and TeraWulf are two of the best performers of 2024, up 58.55% and 66.96% year to date, respectively.
But not all bitcoin miners have managed to keep their share prices rising this year.
Marathon Digital is down 11.43% year to date, while Riot Platforms is down nearly 31% in 2024.
On June 11, Trump and several industry executives discussed how Bitcoin mining could strengthen the electric grid and create more jobs at a meeting at Mar-a-Lago.
Attendees included Riot Platforms CEO Jason Les and the company’s head of public policy Brian Morgenstern, CleanSpark Executive Chairman Matthew Schultz and TeraWulf board director Amanda Fabiano.
All of these industry executives said they had a great time working with Trump that night.