The Bitcoin community finalized over $19 trillion in transactions in 2024, greater than doubling the $8.7 trillion settled in 2023.
The surge marks a major reversal following two years of declining transaction volumes since 2021, in line with Pierre Rochard, vice chairman of analysis at Riot Platforms.
Throughout the 2021 bull market, Bitcoin’s transaction quantity peaked at $47 trillion however plummeted sharply within the subsequent years.
“The Bitcoin community finalized greater than $19 trillion value of BTC transactions in 2024, decisively proving that Bitcoin is each a retailer of worth and a medium of change,” Rochard mentioned.
Spot Bitcoin ETFs Bolster Bitcoin Efficiency
Bitcoin’s efficiency in 2024 was bolstered by key milestones, together with the approval of a U.S.-based Bitcoin exchange-traded fund (ETF), the April 2024 halving occasion, and a record-breaking value of roughly $108,000.
The community’s safety additionally reached unprecedented ranges. On January 3, 2024, Bitcoin’s hashrate — a measure of the computing energy securing the community — hit an all-time excessive of 1,000 exahashes per second (EH/s).
Whereas it later stabilized round 775 EH/s, the rise underscores the rising dedication of miners worldwide.
The Bitcoin community finalized greater than $19 trillion value of BTC transactions in 2024, decisively proving that bitcoin is each a store-of-value and a medium-of-exchange. pic.twitter.com/NqPI8Db1We
— Pierre Rochard (@BitcoinPierre) January 4, 2025
Regardless of the geographic focus of some mining swimming pools, precisely figuring out hashrate dominance stays difficult.
The decentralized and pseudonymous nature of Bitcoin mining signifies that many miners contribute anonymously or through digital non-public networks (VPNs), masking their true places.
Bitcoin’s resurgence in transaction quantity, alongside its rising hashrate and world adoption, reinforces its function as each a retailer of worth and a medium of change.
US Dominates Bitcoin Mining
On the shut of 2024, the US solidified its place as a pacesetter in Bitcoin mining, accounting for over 40% of the worldwide hashrate — the entire computing energy securing the Bitcoin community.
U.S.-based mining swimming pools Foundry USA and MARA Pool performed a major function, collectively mining greater than 38.5% of all Bitcoin blocks.
Foundry USA elevated its hashrate from 157 exahashes per second (EH/s) in the beginning of the yr to roughly 280 EH/s by December.
Regardless of these developments, China-based mining swimming pools stay influential, controlling 55% of the worldwide hashrate as of September 2024, in line with CryptoQuant founder Ki Younger Ju.
The dominance persists regardless of a 2021 ban on cryptocurrency mining in China, with miners circumventing restrictions via digital non-public networks (VPNs) and peer-to-peer apps that bypass the nationwide firewall.
Final month, Bitcoin mining {hardware} producer Bitmain introduced the growth of its manufacturing operations to the US, citing a strategic aim of enhancing provide chain effectivity.
The transfer got here amid escalating commerce tensions between China and the US, highlighting the rising want for corporations to adapt to geopolitical challenges.
As reported, Jack Dorsey’s Block has additionally introduced plans to ramp up investments in its Bitcoin mining initiative and self-custody Bitcoin pockets.
On the time, the corporate mentioned it might reallocate sources from its canceled “Web5” mission, TBD, and reduce investments within the music-streaming service, Tidal, to help this transfer.
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