The Bitcoin network recorded a remarkable $19 trillion in transactions in 2024, more than doubling the $8.7 trillion settled in 2023. This achievement reversed a two-year decline in transaction volume, reinforcing Bitcoin’s reputation as both a store of value and a medium of exchange.
According to Pierre Rochard, vice president of research at Riot Platforms, Bitcoin’s transaction volume had previously peaked at $47 trillion during the 2021 bull market before declining in 2022 and 2023. Rochard described 2024 as a pivotal year for Bitcoin, stating that it “decisively proved” its utility in the global economy.
A Year of Milestones for Bitcoin
Bitcoin had a banner year in 2024, with several notable events driving its growth:
- U.S. Bitcoin ETF Approval: The launch of a Bitcoin exchange-traded fund (ETF) in the United States introduced institutional investors to the market and boosted adoption.
- April 2024 Halving Event: The halving reduced Bitcoin block rewards for miners, creating supply constraints that contributed to a bullish price surge.
- New Price Record: Bitcoin reached an all-time high of approximately $108,000, highlighting its growing appeal as a financial asset.
Bitcoin’s market capitalization now stands at roughly $1.9 trillion, surpassing silver’s $1.6 trillion market cap in 2024.
Bitcoin Hashrate Hits All-Time High in 2025
As of Jan. 3, 2025, Bitcoin’s hashrate, which measures the computational power securing the network, reached a record-breaking 1,000 exahashes per second (EH/s). Although it later settled at around 775 EH/s, this milestone reflects the increasing security and efficiency of the network.
Global Mining Landscape
U.S.-based mining pools accounted for over 40% of the global hashrate in 2024. Two prominent players, Foundry USA and MARA Pool, mined 38.5% of all blocks during the year, according to TheMinerMag.
Despite the growing dominance of U.S. miners, China-based mining pools remain a significant force, still controlling a majority of Bitcoin’s hashrate.
Measuring true hashrate distribution remains challenging due to the decentralized nature of Bitcoin mining. Mining pool operators are often based in one country but rely on individual miners worldwide. Additionally, tools like virtual private networks (VPNs) allow miners to mask their locations, complicating geolocation efforts.
Bitcoin’s strong performance in 2024 highlights its expanding adoption and network security. With rising transaction volumes and a strengthening hashrate, Bitcoin continues to solidify its position as a global financial powerhouse. However, debates over hashrate distribution and the regulatory environment will likely shape its trajectory in 2025 and beyond.
