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In April 2024, Bitcoin’s market activities centred around the halving event, an anticipated milestone that historically influenced its value. The price opened at a strong $70,525, reaching a monthly high of $71,102 before experiencing a dip. Despite this, the market displayed resilience, maintaining a robust trading environment. Bitcoin mining revenue mirrored these market conditions, with a notable surge in daily earnings at the time of the halving, subsequently stabilising and reinforcing the sector's adaptability.
Pantheon Mining’s platform continued to evolve, with significant user experience enhancements and the addition of financial tools to streamline transactions and maintenance processes. These developments align with the market's momentum, providing a seamless interface for clients to engage with the burgeoning world of Bitcoin mining.
We are contributing to the accessibility of the fundamentals of Bitcoin; the infrastructure. The next ten years will be pivotal for Bitcoin miners, we have one of the first global products that benefits from having as many owners as possible. “Own part of history”.
- Lodewyck Berghuijs. Co-Founder | CEO.
In April 2024, Pantheon Mining introduced key platform functionalities that greatly benefit our investors:
Additionally, we participated in significant industry events to foster networking and insights into the crypto and blockchain sectors. Notable events included:
These activities highlights our commitment to enhancing operational efficiency and providing our investors with a superior platform experience in the dynamic digital assets environment.
Following this high, the price trajectory shifted downwards. The lowest valuation in April was $62,454, marking a notable decline from the peak. This reduction underscores the significant fluctuations inherent in the market, especially around the Bitcoin halving event—a known catalyst for volatility.
Throughout the month, Bitcoin's price went through various changes, exhibiting a modest downward trend overall. Nevertheless, the month also included periods of relative stability, suggesting resilience amidst volatility.
As of 29 April 2024, the closing price was $64,166.61. Although this is above the month's lowest point, it remains modestly below the opening price, indicating a slight bearish tendency for Bitcoin in April. The end-of-month price, while not reaching the early April highs, still represents a substantial value, reflecting Bitcoin's enduring appeal and market position.
In April 2024, Bitcoin's price trajectory drew strength from key events and market sentiment:
Bitcoin Halving: The April halving event, a programmed cut in Bitcoin rewards, correlates with an anticipated rise in Bitcoin’s value. While it didn't cause an immediate price increase, such events have historically resulted in significant gains, signalling a confident market outlook in the future.
Economic Outlook: Consistent global economic growth and declining inflation laid a solid foundation for Bitcoin. This economic stability bolstered a confident digital assets market.
Market Sentiment: The Crypto Fear and Greed Index remained in the "Greed" zone for April, reflecting a market decidedly bullish on Bitcoin's future. The consistently high readings indicate that investor confidence held steady, even without an immediate price rise post-halving.
Industry News: The continuing effects of the US's endorsement of Bitcoin ETFs maintained Bitcoin's firm price levels throughout April.
The halving event and a favourable economic environment sustained strong market sentiment in April, reinforcing Bitcoin’s established position and the market’s confident perspective on its value.
The April 2024 hashrate chart for Bitcoin demonstrates a robust network characterised by decisive computational power shifts. Beginning at approximately 650 EH/s, the network's hashrate peaks sharply above 750 EH/s multiple times during the month, highlighting periods of heightened mining activity. These pronounced spikes reflect miners' rapid response to favourable market conditions, leveraging opportunities for increased profitability.
Subsequent declines from these peaks, the most notable reducing the hashrate close to 500 EH/s, are short-lived and quickly correct themselves, indicating a resilient network that adapts swiftly to changes. Such dynamic shifts highlight the agility of Bitcoin miners who adjust their computational contributions to maintain profitability.
From the perspective of the miners, the data depict a vibrant mining environment where success hinges on the ability to adapt to the market's rhythm. Higher hashrates equate to a more secure and resilient network, affirming the strength and durability of Bitcoin against potential threats.
The hashrate fluctuations throughout April manifest the Bitcoin network's vigorous and adaptive nature. Miners operate in a highly responsive market, and the overall network performance reflects a steadfast commitment to maintaining Bitcoin's robust framework and its trajectory of growth.
In April 2024, Bitcoin mining revenue exhibited a steady trend with a dramatic peak around the time of the Bitcoin halving on 20 April. This peak, where daily revenues soared past $150 million, reflects the market's reaction to the halving, which typically sparks a surge in Bitcoin's value due to reduced block rewards. Despite the brief spike, the revenue quickly stabilised, showcasing the resilience and adaptability of the Bitcoin mining industry to significant market events.
In April, the average prices in the Bitcoin mining industry (according to ASIC Miner Value) were:
Bitmain Antminer S19j Pro+ (122TH/s)=$1,814.77
Bitmain Antminer S19 XP Hyd (255TH/s)= $5,293.77
MicroBT Whatsminer M50S (126Th/s) = $2,400.53
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.
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.
