{"id":52299,"date":"2025-01-05T01:12:00","date_gmt":"2025-01-05T01:12:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/19-trillion-transactions-settled-bitcoin-network-2024"},"modified":"2025-01-05T04:13:13","modified_gmt":"2025-01-05T04:13:13","slug":"19-trillion-in-transactions-settled-on-the-bitcoin-network-in-2024","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52299","title":{"rendered":"$19 trillion in transactions settled on the Bitcoin network in 2024"},"content":{"rendered":"

More than $19 trillion in transactions settled over the Bitcoin network in 2024 \u2014 more than double the $8.7 trillion settled over the network in 2023 \u2014 reversing two years of declining transaction volume since 2021.<\/p>\n

According to data from vice president of research at Riot Platforms Pierre Rochard, Bitcoin transaction volume peaked during the 2021 bull market at approximately $47 trillion and sharply declined in 2022 and 2023. Rochard wrote:<\/p>\n

“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.”<\/p><\/blockquote>\n

Bitcoin (BTC) had a momentous 2024, which included the introduction of a BTC exchange-traded fund (ETF) in the United States, the April 2024 halving event, and a new all-time high of roughly $108,000.<\/p>\n

\"Bitcoin
Bitcoin network transaction volume 2019-2024. Source: <\/em>Pierre Rochard<\/em><\/p>\n<\/figcaption><\/figure>\n

Related: <\/strong><\/em>From genesis to global: The evolution of Bitcoin since block 0<\/strong><\/em><\/p>\n

Bitcoin hashrate breaks records in early 2025<\/h2>\n

The hashrate of the Bitcoin network \u2014 the total computing power securing the Bitcoin protocol \u2014 hit a new all-time high of 1,000 exahashes per second (EH\/s) on Jan. 3, 2024.<\/p>\n

However, the hashrate quickly fell back to around 775 EH\/s at the time of this writing, data from CryptoQuant shows.<\/p>\n

US-based Bitcoin mining pools accounted for over 40% of the global hashrate in 2024, as hashrate dominance \u2014 the country controlling the most computing power on the Bitcoin network \u2014 continues to be debated.<\/p>\n

\"Bitcoin
The Bitcoin hashrate hit a new all-time high in early 2025 and has been steadily increasing over time. Source: <\/em>CryptoQuant<\/em><\/p>\n<\/figcaption><\/figure>\n

According to TheMinerMag, two US-based mining pools, Foundry USA and MARA Pool, accounted for over 38.5% of all blocks mined in 2024.<\/p>\n

Despite the increase in hashing power, China-based mining pools still control a majority of the hashrate on the Bitcoin network.<\/p>\n

An accurate gauge of hashrate dominance is difficult to establish due to the pseudonymous and geographically distributed nature of Bitcoin mining.<\/p>\n

Mining pool operators and companies may be headquartered within a country but often rely on hashrate contributed by individual miners living all around the world.<\/p>\n

Moreover, virtual private networks (VPNs) allow users to mask their IP addresses \u2014 further obfuscating the true geolocation of miners.<\/p>\n

Magazine: <\/strong><\/em>Bitcoin payments are being undermined by centralized stablecoins<\/strong><\/em><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

More than $19 trillion in transactions settled over the Bitcoin network in 2024 \u2014 more than double the $8.7 trillion settled over the network in 2023 \u2014 reversing two years of declining transaction volume since … $19 trillion in transactions settled on the Bitcoin network in 2024<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52301,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-52299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\n$19 trillion in transactions settled on the Bitcoin network in 2024 - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=52299\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$19 trillion in transactions settled on the Bitcoin network in 2024 - 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