Bitcoin faced significant downward pressure in February, starting at $105,072 and closing at $77,783. The decline was driven by macroeconomic uncertainty, institutional outflows, and moving investor sentiment. Trump’s tariff policies and broader market weakness contributed to risk-off sentiment, leading to Bitcoin ETF outflows of $552.5M and increased volatility.
Pantheon Mining continued its expansion, with a new mining site under construction and expected to be operational within the next 2–3 weeks. The team remains focused on supply chain logistics and infrastructure deployment to meet growing demand.
Bitcoin’s hashrate fluctuated, dropping to a monthly low of 634 EH/s before recovering to 992 EH/s by month-end. Miner revenues remained volatile, reflecting price movements and network adjustments.
“Last month, we saw a downturn in the market and the Bybit hack, reminding us of the importance of storing your crypto securely off exchanges. It also highlights the market's volatility and how, with Bitcoin mining, the focus isn’t on today or tomorrow, but on Bitcoin’s price over the next 5-10 years.”
- Jim Niemeijer, Business Development.
Pantheon Mining’s latest mining site is now under construction, with operations expected to begin within the next 2–3 weeks. The team has been focused on finalising supply chain logistics and operational setup to ensure a seamless launch.
This expansion is part of our strategy to scale mining operations efficiently, enhancing client service offerings. We aim to strengthen our market position by accelerating infrastructure deployment and meeting the growing demand for Bitcoin mining services.
Once operational, the site will contribute to increased capacity, allowing us to onboard new clients and optimise mining efficiency. The following steps include finalising equipment installation, system testing, and ensuring stable power supply integration.
Bitcoin saw a sharp decline in February, starting at $105,072 before dropping to $77,783 by month-end. The month began with relative stability, reaching $99,008 by February 6, before dipping to $94,793 on February 9.
Mid-month, Bitcoin attempted recovery, climbing to $98,724 on February 14 and peaking at $99,052 on February 21. However, selling pressure intensified, with a steep decline to $87,900 on February 25 and $83,789 on February 26, before closing at $77,783 on February 28.
In February 2025, Bitcoin’s price movements were closely watched due to global events. Geopolitical and economic factors, such as U.S. tariff policies under former President Trump, raised inflation concerns and affected markets. On February 24th, Trump imposed tariffs on Canadian and Mexican imports and Chinese goods, causing market uncertainty and risk-off sentiment.
Significant indices like the S&P 500 and Nasdaq Composite declined, illustrating Bitcoin’s integration with traditional finance. Bitcoin ETFs saw outflows of $552.5 million by February 21st, indicating waning institutional interest. Investors sought profits amidst volatility. Markus Thielen from 10x Research noted Bitcoin’s dip below $95,000, prompting further sell-offs.
Bitcoin tested support at $91,000, its lowest in three months. Analysts identified the 200-day EMA at $86,000 as the next critical level. Technological advancements also contributed to Bitcoin’s decline. The introduction of DeepSeek, a new Chinese AI model, diverted investor attention and funds from digital assets to AI stocks, echoing historical patterns where new tech attracted investment away from cryptocurrencies.
Bitcoin’s hashrate experienced sharp fluctuations throughout February, reflecting miner adjustments and market conditions. The month opened at 1,034 EH/s on February 1 before falling to 932 EH/s on February 3 and dropping further to 634 EH/s on February 5, marking the lowest level of the month.
A steady recovery followed, with hashrate climbing to 886 EH/s by February 13 before briefly declining to 745 EH/s on February 17. The latter half of the month saw renewed volatility, with hthe ashrate reaching 835 EH/s on February 19, dropping to 705 EH/s on February 23, and then rebounding sharply to 992 EH/s by February 28.
Bitcoin miner revenue fluctuated throughout February, reflecting changes in network activity, transaction fees, and price movements. The month opened with a high of $59.8M on February 1 before dropping sharply to $46.7M on February 3 and $44.4M on February 5.
A brief spike to $56.2M on February 7 was followed by a steady decline, reaching $40.5M on February 12. Mid-month, revenue rebounded to $49.7M on February 15, before slipping again to $42.2M on February 18. The downward trend continued, with revenue hitting $39.8M on February 23, before modest recoveries to $44M on February 26 and $40.7M on February 27.
In February, the average prices in the Bitcoin mining industry (according to ASIC Miner Value) were:
Bitmain Antminer S19j Pro+ (122TH/s)= $2,718
Bitmain Antminer S19 XP Hyd (257TH/s)= $4,378
MicroBT Whatsminer M50S (126Th/s) = $1,626
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.
