December 2024 marked a dynamic period for Bitcoin and Pantheon Mining. Bitcoin reached a new all-time high of $108,216 before facing notable corrections, closing the year at $95,947. This volatility resulted from institutional inflows, profit-taking, and market consolidation following record-setting performances. The Crypto Fear and Greed Index moved from "Extreme Greed" to "Greed," reflecting cautious optimism among investors amidst these fluctuations.
For Pantheon Mining, 2024 closed with significant achievements. We launched our Mining as a Service platform, expanded operations in the UAE, secured €1 million in funding, and enhanced investor tools and platform security. Industry engagement remained central, with notable events and media recognition highlighting Bitcoin mining's role as a leading investment strategy.
As we enter 2025, the momentum continues with an outlook driven by sustained institutional interest and advancements in our services, setting the stage for further growth in the coming year.
2024 has been a transformative year for Pantheon Mining, marked by key advancements and milestones. We launched our Mining as a Service platform, introducing features like immediate wire access, transparent costs, and enhanced transaction history to improve investor experience. Security was prioritised through extensive testing and collaborations, ensuring compliance and safeguarding user data.
Operationally, we expanded our presence with new mining sites in the UAE and refined offerings for European clients. Significant funding of €1 million at a €7.5 million valuation strengthened our growth, enabling us to secure equipment and reinforcing client relationships.
Community engagement remained central, with events like the Crypto Golf Tour and BTC Amsterdam encouraging industry connections. Media recognition through Quote highlighted Bitcoin mining's advantages over traditional investments, showcasing Pantheon Mining’s focus on delivering value to its investors.
As we close 2024, we are excited to build on this momentum and deliver even greater value in 2025.
In December 2024, Bitcoin exhibited notable price fluctuations and market activity. The month began at $95,980; by the 3rd, it had dipped to $93,913. This was followed by a sharp surge to $103,427 by the 5th. Mid-month volatility continued, with Bitcoin reaching an all-time high (ATH) of $108,216 on the 17th. However, this peak was followed by a sharp correction, with the price dropping to $95,619 by the 19th and further declining to $92,568 on the 23rd.
The latter part of the month saw a partial recovery, with Bitcoin closing at $95,947 on the 31st. This dynamic price movement reflects ongoing investor activity and market reactions to broader economic and political factors. Despite the fluctuations, the overall sentiment remained optimistic, as Bitcoin maintained intense levels and marked a new ATH during the month.
In December 2024, Bitcoin's price displayed notable volatility, influenced by institutional activity and market conditions. The month began at $95,980, climbing to a new all-time high of $108,216 on December 17. This upward trend was driven by strong institutional demand, particularly from continued inflows into Bitcoin-focused ETFs like BlackRock’s IBIT, reinforcing confidence in Bitcoin’s long-term value.
Following the all-time high, Bitcoin's price corrected, dropping to $95,619 by December 19. This decline coincided with investors' profit-taking and the expiration of key options contracts, temporarily increasing selling pressure. By December 23, the price dipped to $92,568 as the market consolidated after its earlier surge.
Towards the end of the month, Bitcoin regained momentum, closing December at $95,947. This recovery reflected sustained investor confidence, supported by expectations of increased regulatory clarity and the broader adoption of Bitcoin under the new pro-crypto U.S. administration.
The Crypto Fear and Greed Index for December 2024 declined from "Extreme Greed" to "Greed," ending the month at 70. This dropped from 76 last month when it peaked at 79 during the final week.
In December 2024, the Bitcoin hashrate showed significant fluctuations, reflecting ongoing changes in mining activity and network adjustments. The month began with a decline from approximately 850 EH/s to below 700 EH/s by the 3rd. However, the hashrate quickly recovered, reaching peaks near 900 EH/s by the 5th.
The mid-month activity was characterised by volatile swings, with the hashrate dropping below 750 EH/s on multiple occasions but rebounding to over 800 EH/s by the 17th. Toward the end of the month, the hashrate surged, peaking near 950 EH/s on the 30th before settling slightly lower by the 31st. This pattern highlights active miner participation and robust network security.
In December 2024, Bitcoin miners' revenue displayed noticeable fluctuations. The month started with a revenue of $46,080,118 on December 4th, increasing to $50,444,083 by December 5th. By December 7th, revenue dropped slightly to $46,815,726 but surged to $54,361,566 on December 9th. On December 11th, it fell to $46,348,480, followed by a significant increase to $54,813,692 on December 13th.
Mid-month, the revenue declined to $45,484,688 on December 15th before rebounding to $48,207,435 on December 18th. By December 22nd, revenue reached $48,657,903 but dropped sharply to $40,475,096 on December 24th. Towards the end of the month, revenue recovered slightly, recording $48,511,208 on December 27th and $47,490,819 on December 29th. The month closed with a final revenue figure of $38,391,995 on December 31st.
In August, the average prices in the Bitcoin mining industry (according to ASIC Miner Value) were:
Bitmain Antminer S19j Pro+ (122TH/s)= $2,978
Bitmain Antminer S19 XP Hyd (255TH/s)= $5,669
MicroBT Whatsminer M50S (126Th/s) = $1,958.
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.
