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Business Development
Jim Niemeijer
PUBLISHED
July 1, 2024

June 2024: Bitcoin Mining Analysis

1. Executive Summary: Bitcoin Analysis June

In June, Bitcoin's price started at $67,000, peaked at $71,000 mid-month, and ended at $62,778. Institutional investments, positive U.S. economic data, and market corrections influenced these movements. The Crypto Fear and Greed Index showed a "Neutral" sentiment, and mining revenue briefly spiked.

At Pantheon Mining, we made significant updates to our portal's backend and enhanced our investment app. We boosted security in collaboration with "Mollis" to prevent data breaches. We also sponsored the Crypto Golf Tour, featuring talks on Bitcoin and mining, and providing valuable networking opportunities for industry professionals. This event was crucial for community engagement and industry leadership, highlighting our commitment to fostering connections and sharing knowledge within the crypto space.

Go golf and Bitcoin mining together? After our recent event, the answer is a resounding yes. The golf event by Pantheon Mining was a tremendous success, offering lots of networking opportunities.“

- Jim Niemeijer Pantheon Mining Business development.

2. Pantheon Mining Business Update

In June, Pantheon Mining completed significant updates, including enhancements to the Pantheon portal's backend, improving the management of themes, payments, and workflows. New user flows were also implemented in the investment app, making it more user-friendly and efficient.  

In collaboration with "Mollis," we strengthened the platform’s security by addressing potential vulnerabilities and preventing unauthorised access, data breaches, and risks associated with user-connected wallets. 

Additionally, Pantheon Mining sponsored the Crypto Golf Tour event. This event featured insightful presentations on Bitcoin and effective mining practices and provided a valuable networking opportunity for entrepreneurs, investors, and enthusiasts. Attendees engaged in discussions shared ideas about Bitcoin and mining, and enjoyed a day of golfing, followed by a networking lunch and dinner. 

The event highlighted our commitment to community engagement and industry leadership, making it a notable success.

3. Bitcoin Mining Update

3.1 Bitcoin Price

Bitcoin’s price trajectory for June 2024 showed significant variability, starting at $67,000 on the 1st of June. The early part of the month experienced mild fluctuations, demonstrating moderate volatility. A noticeable uptrend appeared in the second week, pushing the price to a monthly high of $71,000.

The month's latter half saw a sharp decline, dipping to a low near $58,000, which suggested significant market corrections or negative external influences. This downturn was followed by a recovery phase, with the price climbing and ending the month at $62,778.

Throughout June, the Bitcoin market responded actively to various economic signals, with major rises and falls marking investor sentiment and market dynamics. The closing price indicates a neutral market stance among investors.

Bitcoin price chart for June 2024
Source: Tradingview

In June 2024, Bitcoin's price movements were driven by several key factors. Institutional investments played a significant role, with Bitcoin ETFs receiving $2 billion in inflows in early June. This influx was influenced by the positive sentiment generated from Ethereum ETF approvals in late May, which strengthened investor confidence and increased buying pressure on Bitcoin.

Economic indicators also had a substantial impact. The U.S. Non-Farm Payrolls report on June 7 showed strong job growth, with 272,000 jobs added, far exceeding the forecast of 182,000. This robust economic data enhanced investor confidence. Additionally, the Federal Reserve's decision on June 12 to keep interest rates unchanged signalled stable economic conditions and cooling inflation, further encouraging investment in Bitcoin.

Anticipation of the Federal Open Market Committee (FOMC) meeting on June 12 influenced the market, with expectations that the Fed would maintain interest rates but set to adjust future projections. This anticipation affected Bitcoin's appeal as an investment amid the evolving economic outlook.

Market dynamics also contributed to price fluctuations. Increased spot selling pressure led to a significant drop in Bitcoin's price to $67,000, breaking through key support levels due to an imbalance between sell and buy orders

Lastly, market sentiment fluctuated throughout the month. The Fear and Greed Index showed a range from "Fear" to "Greed," closing the month in a "Neutral" state with a score of 47. This fluctuation reflected the impact of economic indicators and market dynamics on investor sentiment, showcasing a market highly responsive to various economic signals and trading behaviours.

The Fear & Greed Index of Bitcoin in June 2024.
Source: alternative.me

3.2 Mining analysis

3.2.1 Hashrate

Hashrate chart of Bitcoin in June 2024
Source: CoinWarz

The June 2024 Bitcoin hashrate chart shows a lot of ups and downs in network activity. Starting at about 650 EH/s, the hashrate frequently rises and falls throughout the month. The highest points reach 750 EH/s, showing times when mining activity was high, due to good conditions and higher profits.

There are also several sharp drops, with the lowest point at 450 EH/s. These drops highlight that miners reduced their activity, due to less favourable conditions. Despite these decreases, the hashrate consistently recovers, showing the network's strength and the miners' ability to adapt.

Overall, the June data highlights a busy and changing mining environment where miners adjust their work based on market conditions, keeping the Bitcoin network secure and steady.

3.2.2 Miner Revenue

Mining Revenue of Bitcoin in June 2024
Source: BRAIINS insights

In June 2024, Bitcoin mining revenue showed significant variation. The month began with stable revenue of $30 million per day. A notable spike occurred on June 7, with daily earnings briefly exceeding $80 million. This spike reflects a surge in mining activity.

After the spike, revenue quickly returned to the baseline of $30 million per day, maintaining this level for the remainder of the month. This pattern illustrates the mining sector's responsiveness to market conditions and its ability to adapt quickly to changes.

Overall, apart from the significant peak, Bitcoin mining revenue in June demonstrated stability and resilience, indicating consistent demand and efficient market adjustment.

3.2.3 Miner prices

In June, the average prices in the Bitcoin mining industry (according to ASIC Miner Value) were:

Bitmain Antminer S19j Pro+ (122TH/s)=$1,700.00

Bitmain Antminer S19 XP Hyd (255TH/s)= $4,700.00

MicroBT Whatsminer M50S (126Th/s) = $2,00.00

At Pantheon, we are proud that due to our scale and trusted partnerships, we can offer miners such as the Bitmain Antminer S21 Hydro (335T - 5360W) for $11,864 * including capex, + 1st and last 2 months electricity, in our fully managed data centres.  This capex contribution enables us to offer electricity at a competitive rate of 4¢.

*Minimum order quantities apply. 

3.3 Industry Updates

3.3.1 News

3.3.2 Industry Voices

Disclaimer

The contents of this analysis are for informational purposes only and do not constitute investment advice. The analysis is based on the author's opinions and assumptions and may not reflect the actual state of the market or the future outcomes of any investment. The author is not a financial advisor and does not assume any responsibility for the accuracy, completeness, or suitability of the information provided.

Bitcoin investments are subject to high risks and volatility. The prices can fluctuate significantly due to various factors, such as supply and demand, regulatory actions, technological innovations, security breaches, hacking attacks, market sentiment, and global events. 

Investors should be aware of these risks and conduct their diligence before making any investment decisions.