Donald Trump expressed strong support for the U.S. Bitcoin mining sector, promising enhanced national energy dominance if elected. His endorsement came during discussions with top industry executives from Riot Platforms, CleanSpark, and TeraWulf. He emphasized making all Bitcoin mining operations domestic, branding it as the nation’s safeguard against a central bank digital currency (CBDC).

At his Mar-a-Lago residence, Trump met with key figures including Riot’s CEO Jason Les and CleanSpark’s Matthew Schultz, focusing on how Bitcoin mining could bolster the U.S. electrical grid and spur job creation. Despite past skepticism, Trump’s recent actions, such as accepting crypto donations for his campaign, indicate a strategic shift to align with the influential crypto community.

The backdrop includes President Biden’s proposal for a 30% electricity tax on miners and concerns over the industry’s environmental impact. Trump’s renewed pro-crypto stance seems aimed at countering political pressures and leveraging the sector’s growing financial influence ahead of the November presidential race.

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A recent surge in cryptocurrency mining has positioned eight of the top 30 publicly traded Bitcoin miners beyond the billion-dollar market cap threshold, according to Farside data. Marathon Digital Holdings leads with a robust $5.5 billion, trailed by Cleanspark and Riot at $3.6 billion and $2.9 billion, respectively. This elite group also includes IREN, Core Scientific, Northern Data, Cipher Mining, and Terawulf.

The collective market capitalization for these 30 companies has now reached an impressive $23 billion. With entities like Bitfarms, Hut 8, and Bitdeer Technologies on the brink of the billion-dollar mark, the industry’s growth trajectory remains strong.

Amidst this uptick, the Bitcoin Miners ETF, WGMI, has seen a 9% increase this year, rebounding from a previous 26% decline. This performance contrasts sharply with MicroStrategy’s 134% YTD rise and Bitcoin’s 53% gain, underscoring a divergent yet bullish trend in crypto-related investments.

 Farside