Bitcoin mining stocks rise 10% as Trump pledges support for U.S. miners
By Brayden Lindrea, CoinTelegraph; Compiled by Deng Tong, Golden Finance
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, which came shortly after he held a meeting with a number of 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 industry promises.
TeraWulf (WULF) and Hut 8 Mining (HUT) were the biggest gainers among the 10 largest bitcoin miners by market cap, up 10.5% and 10.07%, respectively, on June 12, according to Google Finance.
TeraWulf's stock price change on June 12. Source: Google Finance
Core Scientific (CORZ), Iris Energy (IREN) and Cipher Mining (CIFR) ranked in the top five with increases of 9.87%, 9.72% and 8.94% respectively.
Industry giants CleanSpark (CLSK) and Riot Platforms (RIOT) also rose 8.15% and 6.5%, respectively, but the largest bitcoin miner by market cap, Marathon Digital (MARA), was up just 2.4% on the day.
Chinese bitcoin miner Canaan Creative (CAN) was the only bitcoin miner in the top 20 by market cap to see its share price fall on June 12.
The strong day pushed the bitcoin mining industry’s market value to $26.4 billion, according to Companies Market Cap.
Bitcoin rose just 1.4% to $68,365 over the past 24 hours, while mining shares rose.
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 up this year.
Marathon Digital is down 11.43% year to date, while Riot Platforms is down nearly 31% in 2024.
Marathon Digital year to date share price change. Source: Google Finance
On June 11, Trump and several industry executives discussed how Bitcoin mining can strengthen the power 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 enjoyed working with Trump that evening.
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- Jan 25, 2024 11:54 amBitfury Plans to Distribute Cipher Mining Shares to Unlock Potential ValueAccording to Foresight News, blockchain technology and bitcoin mining company Bitfury has announced plans to distribute shares of Cipher Mining Inc. in order to unlock potential value for Bitfury's base shareholders and other Cipher shareholders. The Cipher Mining share distribution plan has been approved by Bitfury shareholders, and the company will distribute 16,127,092 Cipher shares to Series C shareholders within seven working days. Subsequently, it will explore the distribution of approximately 126 million Cipher shares to the remaining shareholders, subject to further shareholder approval. If the relevant distribution plan is completed, Bitfury will retain only about 50 million Cipher shares, and its shareholding ratio will drop from around 75% to less than 20%. Cipher is a US-based bitcoin mining company that operated as a subsidiary of Bitfury until August 27, 2021.
- Jan 04, 2024 9:08 amCipher Mining Purchases 16,700 New Mining Machines, Plans Q2 DeliveryAccording to Foresight News, Cipher Mining has purchased 16,700 new mining machines and plans to deliver them in the second quarter. The latest generation Avalon A1466 mining machines will be installed at the company's Bear and Chief Mountain mining sites in Texas, bringing the company's total self-mining capacity to 8.4 EH/s.
- Dec 18, 2023 9:47 pmCipher Mining purchases mining rigs worth $99.5 millionBitcoin mining company Cipher Mining purchased mining machines worth US$99.5 million, which is expected to be delivered in the first half of 2025. (GlobeNewswire)
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- Nov 02, 2023 9:17 amCipher Mining Produces 428 Bitcoins in October and Sells 466According to Foresight News, Cipher Mining, a Bitcoin mining company, produced 428 Bitcoins in October and sold 466 Bitcoins. As of the end of August, the company held 516 Bitcoins, with the production volume in August increasing by 3% month-on-month. Cipher Mining's operating computing power reached 7.2EH/s by the end of the month.
- Sep 02, 2023 11:00 amCipher Mining produced 357 BTC in August and sold 355 BTCOdaily Planet Daily News Bitcoin mining company Cipher Mining produced 357 bitcoins in August 2023 and sold 355 bitcoins. As of the end of August, it held 519 bitcoins. %. By the end of the month, Cipher Mining was running a computing power of 6.8EH/s. (Globenewswire)
- Aug 08, 2023 7:38 pmCipher Mining's self-mining computing power reached 6.8 EH/s in the second quarterOdaily Planet Daily News Bitcoin mining company Cipher Mining announced that in the second quarter, the GAAP diluted net loss was US$0.05 per share, and the non-GAAP diluted net profit was US$0.04 per share. Cipher has so far deployed 6.8 EH/s of self-mining computing power in its four initial data centers, and said it is on track to achieve 7.2 EH/s of self-mining computing power by the end of the third quarter of 2023. Additionally, TS Imagine founder and CEO Robert Flatley has joined Cipher Mining's board of directors. (Globenewswire)
- Jan 11, 2023 11:31 amBitcoin mining company Cipher Mining mined about 225 BTC in December, an increase of 137% from the previous monthBitcoin mining firm Cipher Mining has announced unaudited production and operations for December 2022. Due to the expansion and use of 8326 Bitmain and MicroBT mining machines in Odessa in December, the hash rate of Cipher Mining at the end of the month reached 2.8 EH/s, an increase of 40% compared to the previous month, and the mining output increased to about 225 BTC, compared with Production was up 137% last month. In the regular financial management process, Cipher sold about 39 BTC in December, and the balance at the end of the year was about 394 BTC.
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