In 2024, the Bitcoin network processed a staggering $19 trillion worth of transactions, as reported on X by Pierre Rochard, VP at Riot Platforms. That’s more than double the $8.7 trillion from the previous year. After two years of lower activity, Bitcoin has bounced back stronger than ever.
Understanding Big Numbers
When talking about trillions, the scale can get overwhelming. To put it simply:
- A million is 1,000,000 (a 1 followed by 6 zeros).
- A billion is 1,000,000,000 (a 1 followed by 9 zeros).
- A trillion is 1,000,000,000,000 (a 1 followed by 12 zeros).
Now imagine $19 trillion being moved on the Bitcoin network in just one year. That’s the kind of growth we’re talking about.
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. pic.twitter.com/NqPI8Db1We
— Pierre Rochard (@BitcoinPierre) January 4, 2025
Why Did Bitcoin Grow So Much in 2024?
A few key events in 2024 boosted Bitcoin’s popularity. First, the U.S. approved a Bitcoin ETF (Exchange-Traded Fund). ETFs allow traditional investors to get exposure to Bitcoin without actually buying it, which brought more people into the Bitcoin ecosystem.
Another major event was the Bitcoin halving in April. This is when the reward miners earn for validating Bitcoin transactions gets cut in half. It happens roughly every four years and tends to make Bitcoin scarcer, which often drives its value higher. In fact, Bitcoin’s price hit an all-time high of around $108,000 in 2024.
Bitcoin Security Hits New Heights
If you’ve wondered how Bitcoin stays secure, the answer lies in something called the hashrate. This measures the computing power miners use to secure the network. On January 3, 2024, the Bitcoin network hit an all-time high with a hashrate of 1,000 exahashes per second.
That’s a huge number, but here’s what it means for you: the more computing power protecting the network, the harder it becomes for bad actors to disrupt it. Even after stabilizing at 775 exahashes per second later in the year, the hashrate shows just how committed miners are to keeping Bitcoin secure.
Using Bitcoin Beyond Saving
For many of us, Bitcoin started as a way to save or invest. But now, it’s being used for more than just holding. In 2024, more people and businesses started using Bitcoin for payments. Big companies are also finding ways to invest in Bitcoin’s growth.
For example, Bitmain, a company that makes Bitcoin mining equipment, shifted production to the U.S. due to tensions with China.
Bitcoin Mining: A U.S. Powerhouse
When it comes to mining Bitcoin, the U.S. is leading the charge. By the end of 2024, American mining pools like Foundry USA and MARA Pool accounted for over 40% of the global mining power. Foundry USA alone increased its computing power from 157 exahashes per second to 280 EH/s by the year’s end.
But China isn’t out of the picture. Even though the country banned crypto mining in 2021, miners there still control over half of the global mining power. They’ve found ways to bypass restrictions using tools like VPNs and peer-to-peer apps.
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