Bitcoin Network Settles $19 Trillion in 2024, Doubling Last Year’s Volume

The Bitcoin network finalized over $19 trillion in transactions in 2024, more than doubling the $8.7 trillion settled in 2023.

The surge marks a significant reversal following two years of declining transaction volumes since 2021, according to Pierre Rochard , vice president of research at Riot Platforms.

During the 2021 bull market, Bitcoin’s transaction volume peaked at $47 trillion but plummeted sharply in the subsequent years.

“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,” Rochard said.

Spot Bitcoin ETFs Bolster Bitcoin Performance

Bitcoin’s performance in 2024 was bolstered by key milestones, including the approval of a U.S.-based Bitcoin exchange-traded fund (ETF), the April 2024 halving event, and a record-breaking price of approximately $108,000.

The network’s security also reached unprecedented levels. On January 3, 2024, Bitcoin’s hashrate — a measure of the computing power securing the network — hit an all-time high of 1,000 exahashes per second (EH/s).

While it later stabilized around 775 EH/s, the increase underscores the growing commitment of miners worldwide.

Despite the geographic concentration of some mining pools, accurately determining hashrate dominance remains challenging.

The decentralized and pseudonymous nature of Bitcoin mining means that many miners contribute anonymously or via virtual private networks (VPNs), masking their true locations.

Bitcoin’s resurgence in transaction volume, alongside its growing hashrate and global adoption, reinforces its role as both a store of value and a medium of exchange.

US Dominates Bitcoin Mining

At the close of 2024, the United States solidified its position as a leader in Bitcoin mining, accounting for over 40% of the global hashrate — the total computing power securing the Bitcoin network.

U.S.-based mining pools Foundry USA and MARA Pool played a significant role, collectively mining more than 38.5% of all Bitcoin blocks.

Foundry USA increased its hashrate from 157 exahashes per second (EH/s) at the beginning of the year to approximately 280 EH/s by December.

Despite these advancements, China-based mining pools remain influential, controlling 55% of the global hashrate as of September 2024, according to CryptoQuant founder Ki Young Ju.

The dominance persists despite a 2021 ban on cryptocurrency mining in China, with miners circumventing restrictions through virtual private networks (VPNs) and peer-to-peer apps that bypass the national firewall.

Last month, Bitcoin mining hardware manufacturer Bitmain announced the expansion of its production operations to the United States, citing a strategic goal of improving supply chain efficiency.

The move came amid escalating trade tensions between China and the US, highlighting the growing need for companies to adapt to geopolitical challenges.

As reported, Jack Dorsey’s Block has also announced plans to ramp up investments in its Bitcoin mining initiative and self-custody Bitcoin wallet.

At the time, the company said it would reallocate resources from its canceled “Web5” project, TBD, and cut investments in the music-streaming service, Tidal, to support this move.