Power supply was my issue too. I’ve complained several times here along with many others about this problem with the Pancam continuously rebooting.
I went through all the suggestions here. Turned off Motion Tracking and Scan - still rebooted. Removed SD card - still rebooted. Was using a USB extension cord and removed that - still rebooted. Tried USB cord from one of my V2 cams - still rebooted.
Then saw the post here by kyphos about the power supply. Finally I grabbed a 3rd party 2.1A power supply I had. Was hesitant to try for fearing of overpowering the camera, but got to the point that I didn’t care anymore. If it blew it up, I’d just pitch it for good and forget about it. I got the 2.1A power replacement cube online in a 3-pack for $11 which is why I had a spare laying around.
But much to my pleasant surprise it actually powered up fine and has been stable ever since.
Replaced the original SD card in it now and still working great. Turn Scan feature back on and still stable.
So if you are struggling with this, just as kyphos said, try a 2A+ supply cube. Worked for me!
For those chasing the SD card corruption as a cause - personally I feel like it is still more likely a power issue which corrupts the card and ALSO reboots the camera. So if you format the card to get it working again, but still have issues with the card re-corrupting and rebooting again. It might be the power cube, not the SD card.