1. Executive Summary: Bitcoin Analysis March
In March 2024, Bitcoin surged by 22% from the previous month and by 157.23% from the previous year. It opened at $62,440, experienced an early dip, rallied to an all-time high of $73,738.00, and then dropped to $67,320.84. Later, the price climbed above $70,000 on March 27th and remained consistent through the 28th.
“We’re excited to announce the Pantheon Portal is now in Live testing. The portal will allow our clients access to their own Sovereign Banking Services, enabling EU clients to load the portal with their funds from their own bank accounts or crypto wallets to purchase bitcoin miners in an automated sales journey, with automated digital contract generation and funding withdrawal function.
The Pantheon Portal is the gateway to the alternate financial world of Bitcoin, where people are in control of their finances and can remain sovereign over their wealth.”
Simon Penwright, Pantheon Mining CTO.
2. Pantheon Mining Business Update - March
To celebrate the upcoming Pantheon Mining as a Service Platform, designed for both private and institutional investors, we're offering a limited number of Bitmain Antminer S21 Hydro miners at unbeatable prices, available exclusively at our UAE data centre.
Act Fast: This offer, ideal ahead of the Bitcoin Halving (~April 19th, 2024), is limited in supply.
For more details and to secure your miners, check our sales deck on LinkedIn and contact Jim Niemeijer with any inquiries.
3. Bitcoin Mining Update
3.1 Bitcoin Price
Bitcoin opened in March 2024 at $62,440.63 and experienced early volatility, with a dip to $61,198.38. A subsequent recovery saw prices surpass the month's opening value before a drop on March 5th to $63,801.20. Mid-month, Bitcoin rallied to a historic peak of $73,738.00, but this high was short-lived, and by March 20th, it had receded to $67,320.84. The latter part of March continued to be turbulent, with a decline to $61,930.35 on the same day. However, resilience was evident as the price rebounded, trading above $70,000 by March 27th. As of the last update on March 28th, the price remained above the $70,000 mark, despite fluctuations. As we approach the Bitcoin halving event, expected on 19th April 2024, the month's end showed a bullish trend, with prices closing higher than the start. Which reflects investor optimism and confidence in Bitcoin's growth.
Source: Tradingview
Several key developments have driven Bitcoin's price dynamics in March 2024. A liquidation surge and increased open interest in the futures market indicate that leverage has significantly influenced price movements. The London Stock Exchange's announcement of listing Bitcoin and Ether ETNs, along with Nilam Resources' planned purchase of Bitcoin, has sparked market optimism. Institutional interest has also been evident, with a positive Coinbase Premium Gap and net inflows into Bitcoin ETFs highlighting strong demand.
A technical breakout from a key resistance level has further boosted trader confidence, propelling prices upwards. However, a flash crash on BitMEX, which saw a substantial sell order briefly plummet Bitcoin to $8,900 although other major exchanges maintained prices above $60,000 triggered a recent dip in Bitcoin's price.
3.2 Mining Analysis
3.2.1 Hashrate
Source: CoinWarz
In March 2024, the Bitcoin network's hashrate showed significant fluctuations, ranging from approximately 500 EH/s to 800 EH/s. Nevertheless, the hashrate concluded the month positively, nearing the 800 EH/s mark. This increase points to a promising outlook for Bitcoin mining, marked by greater miner participation or improved efficiency. The trend, consistent with the previous month's performance, signals a robust and secure mining ecosystem.
3.2.2 Miner Revenue
Source: BRAIINS insights
The chart shows Bitcoin mining revenue in USD, varying daily between $55 million and $75 million. It indicates fluctuations influenced by Bitcoin's market price and transaction fees. Peaks in the revenue, notably one close to $75 million, align with increases in Bitcoin's price or changes in mining difficulty. The revenue demonstrates a stable pattern throughout the month and ends with signs of levelling out, suggesting a steadying in mining profitability.
3.2.3 Miner Prices
In March Bitcoin miner industry prices (according to CryptoCompare):
Bitmain Antminer S19j Pro+ (122TH/s)=$2,109.00
Bitmain Antminer S19 XP Hyd (255TH/s)= $6,399.00
MicroBT Whatsminer M50S (126Th/s) = $2,249.00
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 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.
3.3 Industry Updates
3.3.1 News
- Institutional investors rank digital assets high for expected returns: Nickel Digital Asset Management research.
- Japan's Government Pension Investment Fund explores Bitcoin for diversification strategy.
- US spot Bitcoin exchange-traded funds hit a record $1 billion inflows in one day.
- Bitcoin reaches a new all-time high of $73,738.
- BlackRock's iShares Bitcoin Trust hits $10 billion in seven weeks, outpacing gold ETFs.
3.3.2 Industry Voices
- Robert Kiyosaki recommends Bitcoin for its scarcity and high return prospects. He points out scalability issues with gold, silver, and oil, noting that increased supply will reduce their value. Kiyosaki favours Bitcoin because of its fixed supply limit of 21 million coins, distinguishing it from traditional assets. The growing interest in Bitcoin ETFs and the forthcoming halving event indicate a bullish market trend.
- Cathie Wood CEO of Ark Invest names Bitcoin a "financial super highway," maintaining her $1.5M price target. She emphasises its role in economies like Nigeria, presenting Bitcoin as both stable and speculative. Ark Invest's ARKB spot Bitcoin ETF demonstrates success, with institutional interest set to push Bitcoin's value beyond $3.5 million.
- Anthony Scaramucci forecasts a sharp rise in Bitcoin demand over the next decade due to a $84 trillion wealth shift from baby boomers to millennials, who already favour Bitcoin. He anticipates a significant increase in Bitcoin investments, comparing it to a "python absorbing" demand. Scaramucci suggests Bitcoin's value is set to hit $1 million, given gold's market cap of $14.5 trillion. He argues that even if Bitcoin reaches half of its projected $21 trillion market size, it affirms its status as digital gold.
- To stay informed on industry and team news follow Pantheon Mining on LinkedIn.
Disclaimer
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.
