Bitcoin Network Settles $19 Trillion in Transactions in 2024
The Bitcoin network processed an astounding $19 trillion in transactions in 2024, more than doubling the $8.7 trillion recorded in 2023. This surge marks a significant reversal of the two-year decline in transaction volume that began after the 2021 bull market.
Pierre Rochard, vice president of research at Riot Platforms, highlighted the network’s resilience and growth. “The Bitcoin network finalized more than $19 trillion worth of BTC transactions in 2024, decisively proving that Bitcoin is both a store of value and a medium of exchange,” said Rochard.
The flagship cryptocurrency experienced a monumental year. Key highlights included the introduction of spot Bitcoin ETFs in the United States, the halving event in April, and Bitcoin reaching a new all-time high (ATH) of over $100,000. The network’s strength was further underscored by a new ATH for its hashrate on January 3, when total computing power reached 1,000 exahashes per second (EH/s). Although it later fell to 775 EH/s, Bitcoin’s hashrate achievements demonstrate its robust security and decentralization.
In 2024, U.S.-based mining pools accounted for over 40% of the global hashrate. This dominance has sparked ongoing debates about whether the U.S. or China holds the most computing power on the Bitcoin network.
Accurately measuring hashrate dominance remains challenging due to the pseudonymous and geographically distributed nature of Bitcoin mining. Some mining pool operators may rely on individual miners worldwide or use Virtual Private Networks (VPNs) to obscure their locations. Despite these complexities, China-based mining pools are believed to control a larger share of Bitcoin’s hashrate than the U.S.
The Bitcoin network’s performance in 2024 underscores its growing adoption and utility as both a store of value and a medium of exchange. With its remarkable transaction volume and technological advancements, Bitcoin continues to cement its position as a dominant force in the digital asset industry.