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In August 2024, Bitcoin's price started at $59,393 and experienced significant volatility. It dropped to $48,000 by the 5th before rebounding. The price fluctuated between $58,000 and $64,000, peaking at $65,000 around the 12th. By the end of the month, Bitcoin closed near its opening price, indicating some stabilisation.
Pantheon Mining successfully deployed enhancements to our investment calculator and was featured in Quote's article, "Tired of real estate? Try building with Bitcoins," which highlights the advantages of Bitcoin mining and its potential to outperform traditional investments by 30-40%.
“Bitcoin has solidified its position as a top 10 global asset, even briefly surpassing silver earlier this year. It's the only asset you can co-create from the comfort of your home.“
- Lodewyck Berghuys Co-Founder | CEO
This month, we successfully deployed enhancements to our investment calculator, improving its functionality and user experience.
Additionally, Pantheon Mining was featured in Quote's article "Tired of real estate? Try building with Bitcoins," which discusses the advantages of Bitcoin mining over traditional investment methods and highlights returns that are set to outperform other investments by 30-40%.
Bitcoin started in August at $59,393. It sharply declined to $48,000 by the 5th. Despite this downturn, the overall trend became upward. The price fluctuated between $58,000 and $64,000 for most of the month, peaking at $65,000 around the 12th. On the 26th, the price fell to $57,000 but recovered to $59,394 by the 29th. This price movement through August highlights the volatile nature of the Bitcoin market. Despite these swings, the month closed relatively close to its opening price, indicating a stabilisation as the month concluded.
On August 5th, a Trading View article reported that Bitcoin's price dropped sharply to $49,000 due to fears of a US recession, sparked by weak job market data, significant asset sell-offs by investors like Warren Buffett, a rate hike by the Bank of Japan, and the strengthening of the Japanese yen. This led to the unwinding of yen carry trades and large sell-offs in the crypto market, including a surge in forced liquidations.
According to News.az, Bitcoin's price had risen to over $64,000 by August 24th, driven by renewed market interest and speculation of an upcoming rate cut by the Federal Reserve, as indicated by Chairman Jerome Powell. This anticipation triggered a broader market rally, with Bitcoin at the forefront.
However, on August 27th, Cointelegraph highlighted that Bitcoin's price drop was mainly due to worsening economic conditions and lower expectations for US interest rate cuts, making investors more cautious. Additionally, decreased Bitcoin network activity, with fewer transactions and less trading, indicated reduced interest from buyers and investors.
In August 2024, the Bitcoin hashrate started at 680 EH/s. The hashrate dropped to its lowest point on August 3rd, reaching 550 EH/s. It peaked at 790 EH/s on August 9th, reflecting increased mining activity. The hashrate fluctuated between 580 EH/s and 680 EH/s for the rest of the month, experiencing a slight peak at 750 EH/s around August 23rd. By August 29th, the hashrate was at 590 EH/s.
The chart of daily Bitcoin mining revenue in August 2024 highlights fluctuations in mining earnings. The month began with revenue of $30 million. Following this, revenue steadily decreased, reaching $25 million by August 9th. Revenue fluctuated between $26 million and $28 million for most of the month. A notable spike occurred around August 23rd, reaching $45 million. However, this surge was short-lived, and revenue dropped to $28 million by August 29th.
In August, the average prices in the Bitcoin mining industry (according to ASIC Miner Value) were:
Bitmain Antminer S19j Pro+ (122TH/s)= $1,774.00
Bitmain Antminer S19 XP Hyd (255TH/s)= $5,789.00
MicroBT Whatsminer M50S (126Th/s) = $2,642.00
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 two 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 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.
