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Bitcoin network posts explosive transaction growth in 2024
The ecosystem of Bitcoin underwent a remarkable transformation in 2024, with transaction volume reaching $19,000 billion, more than doubling the 8700 billion recorded in 2023, according to published data by Pierre Rochard, Vice President of Research at Riot Platforms. This growth radically reverses the downward trend observed since 2021. Rochard points out that this unprecedented performance “proves that Bitcoin is both a store of value and a medium of exchange.”
This explosion in volumes can be explained by several converging factors. The emergence of protocols Ordinals and Runes breathed new life into the network, while the historic approval of Bitcoin ETFs in the U.S. catalyzed institutional adoption. The halving of April 2024 and a new all-time high record of around $108,000 also contributed to an exceptional year.
A changing technical infrastructure
At the same time, the network infrastructure has been considerably strengthened. The hashrate, a key indicator of network security, crossed the symbolic threshold of 1,000 exahashes per second in early 2024, before stabilizing at around 775 EH/s. The geographical distribution of mining has also evolved, with the USA emerging as a major player with 40% of global hashrate, although China maintains a significant presence. American mining pools Foundry USA and MARA Pool in particular contributed to this dominance, generating 38.5% of blocks mined in 2024.
However, the exact geographical distribution of computing power remains difficult to establish precisely, due to the decentralized nature of mining and the widespread use of VPNs by miners.
The impressive growth in transaction volumes in 2024, combined with the strengthening of the mining infrastructure, consolidates Bitcoin’s position as a major financial asset, with a market capitalization now exceeding the one of silver..
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
