Former President Donald Trump reportedly told industry leaders that he had committed to supporting the Bitcoin mining sector if elected president in November
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Bitcoin mining stocks experienced significant growth on Wednesday, following a statement from United States presidential candidate Donald Trump expressing his support for bolstering mining operations within the country. Trump emphasised his desire to make all remaining Bitcoin in the United States, citing the potential for the country to become "energy dominant." This announcement came after a meeting with top industry executives on June 12, 2024.
During his meeting with industry executives, Trump reassured the sector of his support if he gets elected as president in November. This promise resonated deeply with Bitcoin mining stock traders, who responded with a wave of optimism to the news, mirroring the positive sentiment of industry leaders and top Bitcoin miners.
TeraWulf (WULF) and Hut 8 Mining (HUT), two of the top 10 largest Bitcoin miners by market capitalisation, saw significant gains on June 12, with their stock prices increasing by 10.5 percent and 10.07 percent, respectively.
In addition to TeraWulf (WULF) and Hut 8 Mining (HUT), other notable Bitcoin mining stocks also saw significant gains on June 12. Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) rounded out the top five, with their stock prices increasing by 9.87 percent, 9.72 percent, and 8.94 percent, respectively.