Bitcoin network made headlines in 2024 by settling over $19 trillion in transactions, more than doubling the $8.7 trillion transacted in 2023. This marks a major rebound after two years of declining activity since the 2021 bull market, when transactions peaked at an astounding $47 trillion.

Pierre Rochard, vice president of research at Riot Platforms, highlighted this resurgence, stating, "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."

Several key milestones fueled Bitcoin's record-breaking year. The introduction of a Bitcoin exchange-traded fund (ETF) in the U.S., the April 2024 halving event, and a new all-time high price of approximately $108,000 created a perfect storm for renewed interest and activity.

The Bitcoin network also reached new levels of security in early 2025, with its hashrate—a measure of computing power securing the protocol—hitting an all-time high of 1,000 exahashes per second (EH/s) on January 3. However, it has since settled back to around 775 EH/s, according to CryptoQuant.

In 2024, U.S.-based mining pools contributed over 40% of the global hashrate, with Foundry USA and MARA Pool alone accounting for 38.5% of mined blocks. Despite this, China-based pools continue to maintain majority control.

Determining precise hashrate dominance remains challenging due to Bitcoin’s decentralized and pseudonymous nature. Miners often operate globally, with virtual private networks (VPNs) adding further anonymity by masking geographic locations.

Bitcoin’s monumental growth in 2024 cements its dual role as a store of value and a medium of exchange, while ongoing advancements in mining infrastructure bolster its position as the leading cryptocurrency.