In the wake of United States presidential candidate Donald Trump’s promise to encourage Bitcoin mining in the country, Bitcoin (BTC) mining stocks experienced a significant surge on Wednesday.
Market response to Trump’s proclamations was swift and favorable among Bitcoin mining stock traders. Notably, TeraWulf (WULF) and Hut 8 Mining (HUT) emerged as the primary beneficiaries among the top 10 largest Bitcoin miners by market capitalization, witnessing increases of 10.5% and 10.07% respectively on June 12, according to data from Google Finance.
Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) also saw notable upticks, with gains ranging from 8.94% to 9.87%. Meanwhile, industry giants CleanSpark (CLSK) and Riot Platforms (RIOT) rallied 8.15% and 6.5% respectively. However, Marathon Digital (MARA), the largest Bitcoin miner by market cap, experienced a more modest increase of 2.4%.
Conversely, China-based Bitcoin miner Canaan (CAN) was the sole entity among the top 20 by market cap to register a decline in share price on June 12.
The collective surge in Bitcoin mining stocks bolstered the industry’s market capitalization to $26.4 billion, as reported by Companies Market Cap.
These developments unfolded against the backdrop of a modest 1.4% increase in Bitcoin’s value over the preceding 24 hours, reaching $68,365.
