Bitcoin Mining Stocks Rally After Donald Trump Says He Wants All Unmined BTC To Be Made In The USA

Updated: 13 June 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Bitcoin mining stocks rallied on June 12 after US presidential candidate Donald Trump said he wants all unmined BTC to be made in the USA.

TeraWulf (WULF) and Hut 8 Mining (HUT) recorded the biggest gains among the top 10 largest BTC mining firms by market cap. Both WULF and HUT soared over 10%, according to data from Google Finance.

The remaining top 5 performers for the day were Core Scientific (CORZ), Iris Energy (IREN) and Cipher Mining (CIFR). CORZ and IREN rose over 9%, while CIFR climbed more than 8%.

Marathon Digital Lags Behind Other Bitcoin Mining Stocks

Industry giants CleanSpark (CLSK) and Riot Platforms (RIOT) joined the rally with their respective increases of more than 8% and over 6%. Marathon Digital (MARA), the largest BTC mining firm by market cap, also gained more than 2%.

Trump hosted a number of BTC mining executives recently, and promised that he would advocate for the Bitcoin mining industry if he is elected.

Trump And Joe Biden Try To Win Over The Crypto Community

Trump’s support of BTC miners is part of his campaign to boost his support from crypto voters.

Earlier, he announced that his campaign will accept donations in crypto, and he said last week that he aims to become the “crypto president.”

He criticized current President Joe Biden, Elizabeth Warren and Securities and Exchange Commission (SEC) Chairman Gary Gensler for their negative stance towards the crypto industry.

Crypto is becoming a popular topic in American politics, so much so that the Biden campaign has started to reach out to the crypto industry amid concerns it may lose votes.

If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD

All he has done is make it nearly impossible for… https://t.co/uBKupxLhS9

— Mark Cuban (@mcuban) May 10, 2024

Billionaire Mark Cuban, known for his role on the ”Shark Tank” TV show, said this week that Biden must choose between his loyalty to Securities and Exchange Commission chair Gary Gensler and crypto voters, or risk losing the election.