Bitcoin network settled $19T in transactions in 2024

The Bitcoin (CRYPTO:BTC) network processed over $19 trillion in transactions in 2024, more than doubling the $8.7 trillion settled in 2023.

This surge in transaction volume marks a rebound after two years of decline since the network peaked at $47 trillion during the 2021 bull market, according to Pierre Rochard, vice president of research at Riot Platforms.

"The Bitcoin network finalised 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 remarked.

Bitcoin’s market capitalisation also surpassed $1.9 trillion in 2024, exceeding silver's $1.6 trillion market cap.

The year was significant for Bitcoin, with milestones including the launch of a Bitcoin exchange-traded fund (ETF) in the United States, the April 2024 halving event, and a new all-time high price of approximately $108,000.

In addition to transaction growth, Bitcoin’s network hashrate—a measure of the computing power securing the blockchain—reached an unprecedented 1,000 exahashes per second (EH/s) on January 3, 2024, before stabilising around 775 EH/s, according to CryptoQuant.

US-based mining pools played a major role in securing the Bitcoin network, contributing over 40% of the global hashrate.

Foundry USA and MARA Pool collectively accounted for more than 38.5% of all blocks mined in 2024.

Despite this, China-based mining pools maintained a dominant share of the network's hashrate.

Establishing precise hashrate dominance remains challenging due to Bitcoin mining's pseudonymous and decentralised nature.

Operators often rely on distributed contributions, and the use of virtual private networks (VPNs) further obscures the geographic locations of miners.

At the time of reporting, the Bitcoin (BTC) price was $98,414.24.