In 2024, the Bitcoin network facilitated over $19 trillion in transaction settlements, more than doubling the $8.7 trillion settled in 2023. This marked a significant rebound following two years of declining transaction volumes since 2021.
Data provided by Pierre Rochard, Vice President of Research at Riot Platforms, highlighted that Bitcoin’s transaction volume reached its peak during the 2021 bull market, topping an estimated $47 trillion. However, it saw sharp drops in 2022 and 2023. Reflecting on this recovery, Rochard remarked:
“The Bitcoin network settled transactions worth over $19 trillion in 2024, underscoring its utility as both a store of value and a medium of exchange.”
The resurgence in activity coincided with several notable events, including the approval of a Bitcoin exchange-traded fund (ETF) in the U.S., the much-anticipated halving event in April 2024, and Bitcoin reaching an all-time high price of approximately $108,000.
Bitcoin Hashrate Hits Milestone in Early 2025
Kicking off 2025, Bitcoin’s hashrate—representing the total computational power securing the network—set a new benchmark by surpassing 1,000 exahashes per second (EH/s) on January 3, 2025.
Shortly after achieving this milestone, the hashrate settled back to around 775 EH/s, based on data from CryptoQuant.
In 2024, U.S.-based mining pools accounted for over 40% of the network’s total hashrate. Foundry USA and MARA Pool alone were responsible for 38.5% of all mined blocks, according to TheMinerMag. While this highlights the growing dominance of U.S.-based pools, China-based miners continue to contribute the majority of Bitcoin’s computational power.
Determining precise hashrate distribution remains challenging. Bitcoin mining is decentralized, with individual miners often contributing their computing power anonymously and globally distributed. Furthermore, virtual private networks (VPNs) can obscure the location of miners, complicating efforts to measure geographic dominance.
These milestones showcase Bitcoin’s resilience and growing adoption as both a financial network and a technological innovation.
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