Key Takeaways
- Bitcoin settled over $19 trillion in transactions in 2024.
- The network's hashrate reached a record 1,000 EH/s in early 2025.
- U.S. mining pools contributed 40% of global hashrate in 2024.
The Bitcoin network settled over $19 trillion in transactions in 2024, a significant increase from the $8.7 trillion recorded in 2023.
This marks a reversal of the declining transaction volumes seen since 2021, according to Pierre Rochard, vice president of research at Riot Platforms.
Rochard stated:
Bitcoin 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.
Transaction volume had peaked at $47 trillion during the 2021 bull market before falling in 2022 and 2023.
Bitcoin’s resurgence in 2024 was fueled by major events, including the U.S. approval of a Bitcoin ETF, the April halving, and a new all-time high price of $108,000.
Bitcoin Hashrate Reaches New Milestones
The network’s security also saw historic growth, with its hashrate hitting an unprecedented 1,000 exahashes per second (EH/s) on January 3, 2025.
However, it later stabilized at around 775 EH/s, according to CryptoQuant data.
In 2024, U.S.-based mining pools dominated the network, accounting for over 40% of global hashrate.
Foundry USA and MARA Pool alone contributed 38.5% of blocks mined.
Despite this, China-based mining pools maintain overall hashrate dominance.
The distributed and pseudonymous nature of Bitcoin mining complicates accurate geolocation, as miners often rely on VPNs and international collaborations.
