In 2024, the Bitcoin network processed over 19 trillion dollars in transactions, doubling from 8.7 trillion dollars in 2023 and reversing two years of declining transaction volume since 2021.
According to data from Vice President of Research Pierre Rochard at Riot Platforms, Bitcoin transaction volume peaked during the bull market in 2021 at around 47 trillion dollars and dropped sharply in 2022 – 2023. Rochard wrote:
"The Bitcoin network processed over 19 trillion dollars in BTC transactions in 2024, clearly demonstrating that Bitcoin is both a store of value and a medium of exchange."
Bitcoin had a significant year in 2024 with many key events, including the launch of the Bitcoin ETF in the United States, the halving event in April 2024, and setting a new all-time high of 108,268 dollars.
Transaction volume on the Bitcoin network from 2019-2024 | Source: Pierre Rochard
Bitcoin hashrate breaks record in early 2025
The hashrate* of the Bitcoin network — the total computational power securing the Bitcoin protocol — reached a new record high of 1,000 exahashes per second (EH/second) on January 3, 2024.
However, data from CryptoQuant shows that the hashrate quickly dropped to around 775 EH/second at the time of writing.
Bitcoin mining pools in the United States accounted for over 40% of the global hashrate in 2024, as the dominance of hashrate — the country controlling the largest computational power on the Bitcoin network — continued to be a topic of debate.
Bitcoin Hashrate | Source: CryptoQuant
According to TheMinerMag, two mining pools in the United States, Foundry USA and MARA Pool, accounted for over 38.5% of the total blocks mined in 2024.
Although hash power* has increased, mining pools in China still control the majority of the hashrate on the Bitcoin network.
However, it is very difficult to establish an accurate measure of hashrate dominance due to the anonymous and geographically dispersed nature of mining activities.
Companies and mining pool operators may be headquartered in one country but often rely on hashrate contributed by individual miners living around the world.
Furthermore, virtual private networks (VPNs) allow users to hide their IP addresses, making it even harder to determine the actual geographic location of miners.
*Hashrate is a unit of measurement for the computational capability of a blockchain network or another distributed computing network. It measures the number of cryptographic calculations the network can perform per second. The commonly used units of measurement are 'hashes per second' (H/s) or larger units such as kilohash (KH/s), megahash (MH/s), gigahash (GH/s), terahash (TH/s), and petahash (PH/s). Hashrate is often used to measure the strength of Proof of Work blockchain networks like Bitcoin.
*Hash power is the computational capability of a blockchain network or another distributed computing network, measured by the number of cryptographic calculations the network can perform per second. In a blockchain network, hash power determines the network's ability to validate and add transactions to new blocks during mining. The higher the hash power, the more robust and secure the network.
https://tapchibitcoin.io/19-nghin-ty-do-la-giao-dich-duoc-xu-ly-tren-mang-bitcoin-vao-nam-2024.html