Bitcoin Network Settles $19 Trillion in Transactions in 2024, Hashrate Hits New Records
Bitcoin transactions surged to $19 trillion in 2024, doubling the previous year. The network also achieved an unprecedented hashrate of 1,000 EH/s, underscoring its growing adoption and resilience.
Bitcoin Network Surpasses $19 Trillion in Settled Transactions for 2024
The Bitcoin network saw a remarkable resurgence in 2024, settling more than $19 trillion in transactions—more than double the $8.7 trillion recorded in 2023. This marks a reversal of the declining transaction volumes observed since the 2021 bull market peak of $47 trillion.
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Pierre Rochard, vice president of research at Riot Platforms, highlighted this milestone, stating:
“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.”
This achievement comes on the back of Bitcoin’s current market capitalization of approximately $1.9 trillion, which surpasses silver’s market cap of $1.6 trillion.
Key Events in 2024: BTC ETF and Halving Impact
Bitcoin’s resurgence was fueled by key events, including the launch of a Bitcoin exchange-traded fund (ETF) in the United States and the much-anticipated halving event in April 2024. These milestones contributed to Bitcoin reaching a new all-time high of approximately $108,000.
As the cryptocurrency solidifies its position as a store of value and medium of exchange, its role in global finance continues to expand.
Bitcoin Hashrate Hits New High in 2025
The Bitcoin network’s hashrate, a measure of the total computational power securing the blockchain, broke records by reaching 1,000 exahashes per second (EH/s) on January 3, 2024. While the hashrate has since stabilized at around 775 EH/s, this milestone underscores the growing robustness of the network.
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US-based mining pools accounted for over 40% of the global hashrate in 2024. Foundry USA and MARA Pool, two prominent mining pools, collectively contributed to 38.5% of blocks mined during the year.
Geopolitical and Technical Challenges in Hashrate Measurement
Despite the dominance of US-based mining pools, China-based pools still retain a significant share of the network’s hashrate. However, pinpointing exact hashrate distribution remains a challenge due to Bitcoin’s decentralized and pseudonymous nature.
Miners often operate globally, with contributions from individuals and companies dispersed across various countries. Moreover, tools like virtual private networks (VPNs) further obscure the true geolocation of miners, complicating efforts to determine hashrate dominance.
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Conclusion
Bitcoin’s record-breaking year in 2024 underscores its growing importance in global finance and technology. With $19 trillion in transactions settled and unprecedented hashrate growth, the network has demonstrated its resilience and scalability.
As Bitcoin enters 2025, its continued adoption and technological evolution will likely play a crucial role in shaping the future of decentralized finance.
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