Bitcoin Community Achieves $19 Trillion in Transactions for 2024, Doubling Previous Year’s Total

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

This increase signifies a significant turnaround after two years of declining transaction volumes since 2021, according to Pierre Rochard, vice chairman of research at Riot Platforms.

During the 2021 bull market, Bitcoin’s transaction volume reached a peak of $47 trillion but saw a sharp decline in the following years.

“The Bitcoin network processed more than $19 trillion worth of BTC transactions in 2024, clearly demonstrating that Bitcoin serves as both a store of value and a medium of exchange,” Rochard stated.

Spot Bitcoin ETFs Enhance Bitcoin Performance

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

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

Although it later stabilized around 775 EH/s, this increase highlights the growing commitment of miners globally.

The Bitcoin network processed more than $19 trillion worth of BTC transactions in 2024, clearly demonstrating that bitcoin serves as both a store-of-value and a medium-of-exchange. pic.twitter.com/NqPI8Db1We

— Pierre Rochard (@BitcoinPierre) January 4, 2025

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), obscuring their actual locations.

Bitcoin’s revival in transaction volume, along with its increasing hashrate and global adoption, reinforces its role as both a store of value and a medium of exchange.

US Leads in Bitcoin Mining

By the end of 2024, the US solidified its status as a leader in Bitcoin mining, accounting for over 40% of the global hashrate — the total computational power securing the Bitcoin network.

U.S.-based mining pools Foundry USA and MARA Pool played a significant role, collectively mining over 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.

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

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

This move occurred amid rising trade tensions between China and the US, underscoring the increasing need for companies to adapt to geopolitical challenges.

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

At that time, the company stated it would reallocate resources from its canceled “Web5” project, TBD, and reduce investments in the music-streaming service, Tidal, to facilitate this transition.

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