May marked a period of continued progress and strategic visibility for Pantheon Mining. As institutional interest in digital assets deepened, we focused on building presence in the right rooms, reinforcing partnerships, and aligning our platform with the infrastructure needs of serious investors. Our participation at a key industry event and ongoing platform developments underline our commitment to shaping and supporting long-term access to Bitcoin mining.
“As a Bitcoiner, we could not have hoped for all the signs of adoption we are receiving now. We are really excited to watch everything that will happen in the coming years.”
-Pieter Voogt, Pantheon Mining CMO
In May, Pantheon Mining continued to focus on visibility, strategic positioning, and direct engagement with the institutional ecosystem. We participated in the Digital Asset Investment Event, hosted by BCNL, at ABN AMRO HQ during Dutch Blockchain Week. With a whole room and a strong institutional audience, the event offered an ideal opportunity to discuss digital asset infrastructure and market direction.
CEO Lodewyck Berghuijs led our presence, joined by Pieter, Brett, Nick, and Jim, enabling us to clearly represent our vision in front of a highly engaged audience. Conversations focused on access, mining, and long-term digital asset strategy, with strong alignment around our core mission. This event reinforced our growing relationship with the Dutch blockchain community and highlighted Pantheon Mining’s position as a serious infrastructure player in the space.
Bitcoin started May at $94,519 and closed the month at $104,635, posting a 10.7% gain. On 22nd May, Bitcoin reached a new all-time high of $111,814.
Early movement was steady. From $94,519 on May 1st, Bitcoin climbed to $97,918 by May 2nd, then briefly dropped to $95,689 on May 4th. It crossed $100,000 on May 9th, reaching $104,241, and remained above that level for most of the month.
The sharpest rise came between 19th and 22nd May, with the price jumping from $107,055 to the all-time high of $111,814. Bitcoin then remained above $108,000 through the final week and ended the month at $104,635.
This new high, along with sustained trading above $100,000, reflects consistent demand and reduced selling pressure. May closed with Bitcoin firmly holding higher levels.
Bitcoin’s performance in May 2025 was highlighted by strong structural demand, with the price rising from $94,519 on May 1st to an all-time high of $111,814 on May 22nd. A continued build-up in institutional exposure drove this move. Firms such as Strategy added to their existing Bitcoin positions, bringing their holdings to over 580,000 BTC. The number of public companies holding Bitcoin also increased from 89 in April to 113 by late May, reflecting the growing adoption of Bitcoin on corporate balance sheets. These inflows reduced the available supply and supported sustained price pressure.
At the same time, capital markets reinforced Bitcoin’s standing. Coinbase’s addition to the S&P 500 index in mid-May gave the crypto sector broader visibility within traditional finance. The announcement of a U.S. Strategic Bitcoin Reserve added further weight to Bitcoin’s role as a long-term asset, reinforcing institutional confidence.
On-chain activity validated this trend. Addresses holding between 1,000 and 10,000 BTC increased consistently, signalling accumulation by large holders. Glassnode’s Accumulation Trend Score reached its highest level, confirming long-term storage rather than speculative positioning. Exchange outflows remained steady, reducing the liquid supply across major platforms.
The Bitcoin Fear & Greed Index closed at 60 in May, indicating sustained investor confidence. Sentiment remained in the “Greed” zone throughout the month, peaking at 78 (“Extreme Greed”) last week. Compared to April’s closing value of 56, May reflected increased risk appetite and a stronger bullish outlook across the market.
Bitcoin’s hashrate remained volatile throughout May, fluctuating between 706 EH/s and 1,101 EH/s. The network opened the month at 833 EH/s on 1st May and recorded several notable peaks and troughs in the weeks that followed.
The first significant surge occurred on 5th May, with the hashrate reaching 1,095 EH/s, followed by another high of 1,061 EH/s on 8th May. This period coincided with Bitcoin’s rise above $100,000 and an increase in miner profitability.
By mid-month, the hashrate dipped, falling to a low of 706 EH/s on 14th May. This drop was short-lived. It quickly rebounded to 979 EH/s on May 15th and surpassed 1,000 EH/s again by May 18th.
The strongest phase came between 22nd and 30th May. On 23rd May, the hashrate reached 1,079 EH/s, and closed the month near its highest level, hitting 1,101 EH/s on 30th May.
This pattern suggests a responsive and well-capitalised mining environment. Miners continued scaling capacity in line with rising prices, while short-term dips likely reflected adjustments due to network difficulty or regional power costs. Overall, the network remained robust and active, closing the month at one of the highest hashrate levels year to date.
Bitcoin miner revenue showed consistent growth throughout May, supported by higher network activity and Bitcoin’s price rising past $110,000. The month opened at $40.9M on May 1st and reached $56.3M by May 28th, marking one of the highest revenue levels in recent months.
Revenue on 6th May dropped to $41.3M, then climbed steadily through the second week, reaching $50.3M on 8th May. A dip was observed on 13th May, where earnings fell to $42.5M, before rebounding to $50.1M on 12th May and $53.3M on 18th May.
In the final stretch, revenue saw sharper increases. Miners earned $52.8M on 22nd May, $54.6M on 23rd May, and $55.8M on 25th May. The daily peak came on 28th May at $56.3M, followed by a slight drop to $49.4M on 27th May and a stabilisation near $54M on 30th May.
This steady upward trend in revenue reflects strong price levels, stable hashrate recovery, and sustained demand for on-chain transactions. The increase in miner earnings across May further confirmed favourable market conditions and the ongoing profitability of Bitcoin mining at scale.
In August, the average prices in the Bitcoin mining industry (according to ASIC Miner Value) were:
Bitmain Antminer S19j Pro+ (122TH/s)= $1,500
Bitmain Antminer S19 XP Hyd (257TH/s)= $4,114
The contents of this analysis are for informational purposes only and do not constitute investment advice. The study 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 assumes no responsibility for the information's accuracy, completeness, or suitability.
Bitcoin investments are subject to high risks and volatility. The prices can fluctuate significantly due to 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 investment decisions.
