Bitcoin Mining Stocks Surge 10% Following Trump’s Promise to Back US-Based Miners

Bitcoin Mining Stocks Surge 10% Following Trump’s Promise to Back US-Based Miners

Bitcoin mining stocks rose by over 10% on Wednesday following a promise by former US president Donald Trump that he would support crypto mining activities when he ascends to power. Speaking to top executives of various crypto mining companies, Trump said he wants the remaining BTC to be mined in the United States.

Following his statement, several mining stocks rallied. Hut 8 MIning’s HUT and TeraWulf’s WULF led the pack with gains of 10.6% and 10.2% respectively. Moreover, data from Google Finance showed that Core Scientific’s CORZ, Cipher Mining’s CIFR, and Iris Energy’s IREN surged 9.8%, 9,68, and 8.93%, respectively.

Top Crypto Mining Companies Fail to Rally

Notably, crypto mining heavyweights Riot Platforms, CleanSpark, and Marathon Digital failed to record significant rallies. The three mining firms saw their stocks record gains of between 2.5% and 4.8%. It is worth mentioning that Chinese Bitcoin mining company Canaan was the only miner on the top-20 list by market cap to post a drop in price share. The Canaan stock, CAN, plunged 1.8% and is currently valued at $1.05.

Wednesday’s strong performance has boosted the market value of Bitcoin mining stocks, according to data from Companies Market Capitalization, which indicates that the mining stock market is now valued at $26.5 billion. As most Bitcoin mining stocks rallied, BTC, on the other hand, failed to surge despite a positive US Consumer Price Index report. The coin has dropped 1.4% in the past 24 hours to change hands for $67,297 at press time.

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Best and Worst Performers This Year

TeraWulf and CleanSpark have been the top performers since the start of the year, recording year-to-date gains of 58% and 66%, respectively. Meanwhile, Riot Platforms and Marathon Digital are top losers over the past five months, dropping 11% and 31%, respectively.

Who Attended Trump’s Meeting?

According to various reports, Trump met with Riot Platforms’ CEO Jason Les, TeraWulf’s board director Amanda Fabiano, and CleanSpark’s Executive chair Matthew Schultz. They discussed how crypto mining could create more job opportunities and boost the US electrical grid. The meeting happened at the US former president’s Mar-a-Lago resort.

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Michael Varney
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Michael Varney

Michael Varney, a distinguished name in crypto journalism, offers deep insights into the world of blockchain. Merging meticulous research with eloquent prose, Michael's articles decode the complexities of digital currencies, establishing him as an indispensable source for those keen on understanding the evolving crypto landscape.

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