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Pantheon Mining Co- Founder & COO.
Nick van Houtrijve
June 3, 2024

May 2024 - Bitcoin Mining Analysis

May 2024 - Bitcoin Mining Analysis

1. Executive Summary: Bitcoin Analysis May

In May 2024, Bitcoin's price opened at $68,354, peaked at $72,000 mid-month, and settled around $68,355. This movement reflects a bullish market sentiment despite significant fluctuations. Key factors included the April halving, easing inflation, and BlackRock's iShares Bitcoin Trust launch, which boosted institutional confidence. The Crypto Fear and Greed Index indicated a market driven by "Greed," peaking at 76, while mining revenue remained stable with a brief spike

Pantheon Mining improved operational efficiency with bug fixes and welcomed Brett, our new team member. Bitcoin's hashrate showed volatility.

We are thrilled to welcome Brett to our team as CCO. Having followed his impressive journey in the web3 and blockchain space, we are confident that he will be a valuable addition. We look forward to leveraging his expertise to drive our company's growth in 2024.“

- Nick van Houtrijve, Pantheon Mining Co- Founder & COO.

2. Pantheon Mining Business Update

2.1 Pantheon Platform

We have completed bug fixes following validation testing. We also welcome Brett, our new team member. Brett brings extensive experience in commercials and growth, including revenue/sales, business development and strategy, marketing, partnerships, and fundraising.

The scope for security testing has been finalised and is ready for implementation once the configuration is baselined. This includes ongoing compliance and vulnerability testing.

These activities highlight our commitment to enhancing operational efficiency and providing our investors with a superior platform experience.

2.2 Pantheon Team: Brett Voorzaat joins Pantheon as CCO

We're excited to share that Brett is joining us as our new Chief Commercial Officer (CCO). Coming from the vibrant city of Amsterdam, Brett brings over 14 years of experience as a forward-thinking tech entrepreneur.

Throughout his impressive career, Brett has led many innovative projects and built a vast network. His strong cultural connections have allowed him to collaborate with brands, companies, and organizations worldwide.

As our new CCO and partner, Brett will be crucial in advancing Pantheon Mining's commercial strategy. His talent for creating strategic partnerships and understanding various industries will drive us to new heights.

We're delighted to welcome Brett to the Pantheon Mining team. We’re confident that his leadership will lead us to great success. Here's to a future of innovation and growth with Brett guiding our commercial efforts.

3. Bitcoin Mining Update

3.1 Bitcoin Price

Bitcoin's price action for May 2024 shows a dynamic range of movement, beginning with an opening price on 1 May at $68,354. During the first week, the price fluctuated significantly, reflecting typical market volatility, before embarking on a strong upward trend that peaked at $72,000 around mid-month. This peak represents the highest price point for Bitcoin in May.

Subsequently, the price experienced a downward adjustment, decreasing to a low of approximately $64,000 towards the end of the third week. However, the price recovered slightly and stabilised around $68,355 by the end of the month. The closing price, slightly above the opening value, indicates a mild bullish sentiment in the market despite earlier volatility.

Throughout May, Bitcoin's price movements suggest a market actively responding to economic stimuli, with significant peaks and troughs indicating ongoing trader activity and interest. The slight increase by the month's end highlights Bitcoin's resilience and continued investor confidence.

Source: Tradingview

In May 2024, Bitcoin's price movements were influenced by several key factors:

Bitcoin Halving: The effects of the April halving continued to play out, with the market adjusting to the reduced mining rewards and the consequent decrease in new Bitcoin supply.

Economic Indicators: In May 2024, easing inflation and the launch of BlackRock's iShares Bitcoin Trust (IBIT) drove a mid-month price peak for Bitcoin. IBIT's introduction marked a milestone in the digital assets market by surpassing the holdings of major funds like Grayscale's GBTC, reflecting increased institutional confidence and investment in Bitcoin.

Market Dynamics: The price correction to £64,000 was a response to profit-taking following the rally and anticipation of the ETF's long-term impact on Bitcoin's valuation.

Market Sentiment: The Crypto Fear and Greed Index for May 2024 indicates a market sentiment predominantly characterised by "Greed," with a current index score of 73. Throughout the month, the index has generally reflected strong investor optimism towards Bitcoin. The index peaked at 76 last week, suggesting "Extreme Greed," while maintaining lower but still positive levels of greed earlier in the month at 67.


3.2 Mining analysis

3.2.1 Hashrate

Source: CoinWarz

The May 2024 Bitcoin hashrate chart shows significant fluctuations in network activity. Starting near 600 EH/s, the hashrate peaks at approximately 800 EH/s, indicating increased mining operations. These peaks represent miners capitalising on favourable conditions for higher profitability.

However, these highs are followed by sharp declines, with the lowest point around 500 EH/s. These decreases suggest adjustments to less favourable mining conditions or miners taking profits. Nevertheless, each drop is followed by a recovery, indicating the network's resilience and adaptability.

Overall, the May data demonstrates a volatile mining environment where miners adjust their operations in response to market conditions. This activity ensures the Bitcoin network remains secure and sustainable.

3.2.2 Miner Revenue

Source: BRAIINS insights

In May 2024, Bitcoin mining revenue trends show stability with an isolated spike on the 8th, where daily earnings briefly exceeded $50 million. Following this peak, revenue levels returned to a baseline of around $30 million per day, illustrating the mining sector's ability to quickly adapt to fluctuating market conditions.

The overall stability in mining revenue, apart from the single significant increase, indicates a consistent demand for mining despite variable market dynamics.

3.2.3 Miner prices

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

Bitmain Antminer S19j Pro+ (122TH/s)=$1,683.00

Bitmain Antminer S19 XP Hyd (255TH/s)= $4,765.00

MicroBT Whatsminer M50S (126Th/s) = $2,462.16

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

  • Bitcoin's Future Projection: Jack Dorsey, founder of X (formerly Twitter), predicts that Bitcoin's price will reach $1 million by 2030, elevating its market capitalisation to $20 trillion. This prediction, detailed in a Forbes article by Billy Bambrough, is based on expected increases in global adoption and continual improvements in the Bitcoin ecosystem.

  • Bitcoin's Bullish Indicators: Bitcoin analyst Willy Woo sees immense growth prospects for Bitcoin, citing the Volume-Weighted Average Price (VWAP) Oscillator. This tool, which weights prices by trading volume, helps predict future trends. Woo's social media posts highlight that when the VWAP Oscillator moves from negative to positive, it signals the start of a bullish phase for Bitcoin.

  • To stay informed on industry and team news follow Pantheon Mining on LinkedIn.


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.