Bitcoin mining stocks saw a widespread pump of about 10% on Wednesday, with the top ten mining companies performing particularly well. This surge is mainly attributed to the promise made by US presidential candidate Donald Trump to strengthen the encryption mining business in the United States, further consolidating the country's leading position in this field.

According to Google Finance data, TeraWulf (WULF) and Hut 8 Mining (HUT) rose by 10.5% and 10.07% respectively on June 12th. Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) also saw increases of 9.87%, 9.72%, and 8.94% respectively. CleanSpark (CLSK) and Riot Platforms (RIOT) experienced rises of 8.15% and 6.5% respectively, while the largest market capitalization Bitcoin mining enterprise, Marathon Digital (MARA), also had a 2.4% increase.

Before Trump announced his support, the stock prices of these mining companies were relatively stable, and the market was concerned about the uncertainty of the future. However, Trump posted a statement on Truth Social stating that Bitcoin mining may be the last line of defense against central bank digital currency (CBDC) and called for all remaining bitcoins to be made in the United States. He also promised to strongly support the Bitcoin mining industry if elected president.

Trump's statement significantly boosted market confidence and triggered a collective pump in the stock prices of mining companies. In the future, whether these mining companies can maintain their strong momentum with policy support will be the focus of market attention.

Trump meets with top Bitcoin miners: promises to keep mining industry in the United States, stock price rises in response

Behind the rise in the stock price of Bitcoin mining companies is the public support of former US President Donald Trump for the Bitcoin mining industry. On June 12th, Matthew Schultz, Chairman of CleanSpark, a Bitcoin mining company, revealed that senior executives from several Bitcoin mining companies met with Trump at the Mar-a-Lago estate on Tuesday evening. Participants included industry representatives such as Jason Les, CEO of Riot Platforms.

Schultz said that Trump expressed his love and understanding of cryptocurrencies at the meeting, and pointed out that Bitcoin mining companies can help stabilize the energy supply of the power grid. Trump also promised to speak up for mining companies if he returns to the White House. This statement undoubtedly injected a shot of adrenaline into mining companies and further boosted market confidence.

The attendees of the event, known as the "presidential level roundtable on Bitcoin mining", included well-known industry companies such as CleanSpark, Riot Platforms, Marathon Digital, and others. After the meeting, several attendees shared photos with Trump on social media and expressed high praise for the meeting results. CleanSpark's S Matthew Schultz wrote on X platform: "I just met someone who loves Bitcoin very much, and he also appreciates our work in Georgia, Mississippi, and Wyoming." Jason Les of Riot Platforms also said: "I had a great discussion with former President Trump about Bitcoin and America's energy advantage."

The meeting comes at a time when Bitcoin miners are facing strong opposition due to climate change and its impact on the local power grid. Previously, the Democratic Party has been pushing for a review of the energy consumption and carbon emissions of Bitcoin miners and has been critical of them. However, the cryptocurrency industry has been actively influencing US political decisions by donating to candidates who support digital assets. At an NFT dinner in May, Trump publicly displayed his change in attitude towards the cryptocurrency industry and regulation, stating that his campaign team will accept cryptocurrency donations.

Trump's public support has not only boosted the stock prices of mining companies, but also provided policy guarantees for the future development of the Bitcoin mining industry. Next, we will analyze the recent performance and future trends of these mining companies in depth.

Market Cap of the Top Eight Mining Enterprises Supported by Trump: Selecting the Best from the Best

Behind the significant pump in the stock prices of Bitcoin mining companies is the public support from former US President Donald Trump for the Bitcoin mining industry. On June 12, Trump stated on Truth Social that Bitcoin mining may be the last line of defense against central bank digital currencies (CBDC), and he hopes that all remaining Bitcoin can be mined in the US. He also pledged strong support for the Bitcoin mining industry if elected president. Here are eight Bitcoin mining companies with market capitalization worth following closely and their recent performance:

TeraWulf Inc.

TeraWulf (WULF) is the Bitcoin mining company with the largest stock price increase this time, up 10.5% on June 12. The digital asset technology company focuses on developing and operating environmentally friendly Bitcoin mining facilities within the United States. TeraWulf's mining facilities are powered by clean, affordable, and reliable energy sources. The company has partnered with Cumulus Coin to launch the first 100% nuclear-powered Bitcoin mining platform in the United States, connecting its 200MW Nautilus facility to the Susquehanna nuclear power plant in Pennsylvania.

Hut 8 Mining

Following closely behind is Hut 8 Mining (HUT), whose stock price has risen by 10.07%. Hut 8 is one of North America's largest innovative digital asset miners. The company and its subsidiaries are mainly engaged in the mining business of digital assets, using specialized equipment to solve computational problems, to verify transactions on different blockchains and to receive Bitcoin. Hut 8 operates cloud and hosting data center facilities in Canada, targeting enterprise customers seeking computing services. In August 2023, BlackRock invested $384 million in Hut 8 to explore the potential impact of digital money on the global economy.

Core Scientific

Core Scientific (CORZ) stock price has increased by 9.87%. As one of the largest blockchain data center providers and digital asset miners in North America, Core Scientific has been operating blockchain data centers in North America since 2017, providing digital asset hosting, mining, and self-mining. The company has completed multiple large-scale financings and has accumulated rich experience in deploying, electrifying, and maintaining mining rigs, maximizing the production of Bitcoin and investment returns.

Iris Energy

The stock price of Iris Energy (IREN) has increased by 9.72%. The company focuses on sustainable Bitcoin mining and operates next-generation data centers powered by 100% renewable energy. Iris Energy utilizes excess renewable energy to support the energy network while building profitable businesses in emerging fields. The company's founders, Dan and Will, have extensive experience in renewable energy and traditional mining industries, and they apply this expertise to Bitcoin mining operations.

Cipher Mining

The stock price of Cipher Mining (CIFR) has risen by 8.94%. This is an industrial-scale Bitcoin mining company that is committed to expanding and strengthening the critical infrastructure of the Bitcoin network in the United States. Cipher Mining has an experienced management team from the fields of technology, fintech, energy, and finance. The company is dedicated to providing a solid foundation for the Bitcoin network to support its future development and applications.

CleanSpark

The stock price of CleanSpark (CLSK) has risen by 8.15%. Established in 1987, the company is a Bitcoin mining company that owns and operates five independent data centers with a total developed capacity of 230 megawatts. CleanSpark is committed to developing infrastructure in the low-carbon energy community, using wind, solar, nuclear, and hydroelectric power. The company has also expanded its operations by acquiring three Bitcoin mining facilities in Mississippi.

Riot Platforms

Shares of Riot Platforms (RIOT) rose 6.5%. Riot is a leading Bitcoin mining company that focuses on maximizing its Bitcoin production and investment returns. The company operates multiple large-scale mining facilities in North America and works with major hardware suppliers to ensure efficient and stable operations.

Marathon Digital

The stock price of Marathon Digital (MARA) has increased by 2.4%. As the largest market capitalization Bitcoin mining company, Marathon Digital is mainly engaged in digital asset mining business and is committed to building efficient and sustainable mining facilities. Although the increase is small, the influence of Marathon Digital in the industry should not be underestimated.

A detailed inventory of these leading mining companies shows that Trump's support has significantly boosted market confidence.

Trump's blessing and halving test, will mining companies usher in new opportunities or face reshuffling?

Bitcoin mining companies face dual challenges of financing and the halving in the second quarter of 2024. Despite the boost from former President Donald Trump's support injecting a shot in the arm for the market and driving up the stock prices of mining companies, uncertainties still loom ahead.

According to BlocksBridge Consulting's analysis, it is expected that equity financing activities of mining companies will significantly decrease in the second quarter. As of mid-May, the investment amount is less than $500 million, much lower than the previous quarters. Although Marathon Digital, CleanSpark, and Riot Platforms raised a substantial amount of funds in the previous quarter, the slowdown in financing activities may affect their preparation for the upcoming Halving event.

The halving of Bitcoin will reduce mining rewards by half, increase mining difficulty, and directly affect mining company's income. Nevertheless, the top five Bitcoin mining companies did not sell a large amount of Bitcoin in the first quarter, but continued to hold it. Global Bitcoin miners hold over 700,000 Bitcoins, accounting for 3.4% of the total supply.

In the first quarter of 2024, Riot Platforms' net revenue reached a record $211.8 million, despite the rising mining costs and declining output. Marathon Digital's revenue grew by 223% year-on-year, but it still fell short of expectations. These financial performances demonstrate the proactive preparations of mining companies before the halving and the market's uncertainty.

The Bitcoin halving is a stress test for mining enterprises. Unless the price of Bitcoin remains above $40,000, most miners will face profitability challenges. Mining companies need to control costs and seek more revenue models to cope with future uncertainties.

Despite the boost to market confidence from Trump's support, the challenges brought by the Halving will still test the financial resilience and adaptability of mining enterprises. Whether mining enterprises can stand firm in the new round of market reshuffle will depend on their strategies and execution in response to these challenges.