Bitcoin mining stocks experienced substantial gains on June 12 following a commitment from former US President Donald Trump to boost domestic mining operations if elected.

In a social media post, Trump emphasized his intention to have "all the remaining Bitcoin MADE IN THE USA!!!" He argued that this move would bolster America's energy independence, a sentiment shared during a meeting with top industry executives the day prior.

Market reaction to Trump's pro-mining stance was notably positive among leading Bitcoin mining stocks. TeraWulf (WULF) and Hut 8 Mining (HUT) emerged as the top performers, each recording gains of 10.5% and 10.07%, respectively, according to Google Finance data for June 12.

Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) also saw significant increases, rising by 9.87%, 9.72%, and 8.94% respectively, further underscoring investor confidence in the sector.

Even established names like CleanSpark (CLSK) and Riot Platforms (RIOT) witnessed notable gains of 8.15% and 6.5%, respectively, reflecting broad market optimism following Trump's remarks.

However, Marathon Digital (MARA), the largest Bitcoin miner by market cap, saw a more modest increase of 2.4% on the day, highlighting varied responses within the sector.

China-based Bitcoin miner Canaan (CAN), on the other hand, was among the few in the top 20 by market cap to experience a decline in share price on June 12, despite the overall bullish sentiment.

The collective surge in mining stocks bolstered the Bitcoin mining industry's market capitalization to approximately $26.4 billion, according to Companies Market Cap data.

Interestingly, while Bitcoin itself saw a relatively modest 1.4% increase in price to $68,365 over the same period, mining stocks enjoyed robust gains spurred by Trump's industry support pledges.

Looking at year-to-date performance, CleanSpark and TeraWulf have been standout performers, boasting increases of 58.55% and 66.96%, respectively, indicating strong investor confidence and growth potential in 2024.

Conversely, some miners like Marathon Digital and Riot Platforms have faced challenges this year, with Marathon Digital down 11.43% year-to-date and Riot Platforms declining nearly 31% in 2024.

During the meeting at Mar-a-Lago, discussions centered around Bitcoin mining's potential to enhance the electrical grid and generate employment opportunities, underscoring its role in economic development and energy sector resilience.

Key industry figures including Riot Platforms CEO Jason Les, CleanSpark executive chairman Matthew Schultz, and TeraWulf board director Amanda Fabiano, all expressed positive sentiments about the prospects of US-based Bitcoin mining under Trump's proposed policies.