Bitcoin Network Settles $19 Trillion in Transactions in 2024

The Bitcoin network settled over $19 trillion in transactions in 2024, more than doubling the $8.7 trillion settled in 2023 and reversing two years of declining transaction volume. Pierre Rochard, vice president of research at Riot Platforms, highlighted the milestone, noting that Bitcoin’s transaction volume peaked at $47 trillion during the 2021 bull market before declining sharply in 2022 and 2023. Rochard stated, “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.” Bitcoin’s notable achievements in 2024 included the launch of a BTC exchange-traded fund (ETF) in the United States, the April 2024 halving event, and a new all-time high price of approximately $108,000. Bitcoin Hashrate Reaches New Records in 2025 The hashrate of the Bitcoin network, which measures the total computing power securing the protocol, hit a record high of 1,000 exahashes per second (EH/s) on Jan. 3, 2025. However, it has since decreased to around 775 EH/s, according to data from CryptoQuant. In 2024, over 40% of the global Bitcoin hashrate was contributed by U.S.-based mining pools. Foundry USA and MARA Pool, two major U.S. mining pools, collectively accounted for 38.5% of all blocks mined during the year, according to TheMinerMag. Despite the rising influence of U.S.-based pools, China-based mining pools continue to control a majority of the Bitcoin network’s hashrate. Accurately measuring hashrate dominance remains challenging due to Bitcoin mining’s decentralized and pseudonymous nature. Mining companies may operate in one country while sourcing computing power from miners worldwide. Additionally, VPNs allow miners to obscure their geographic locations, further complicating efforts to determine true hashrate distribution.

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Source: CryptoIntelligence