Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the increase in network volume for Bitcoin throughout 2024.
Bitcoin Network Doubles Volume in 2024
At the time of writing Bitcoin is sitting on a market capitalization of roughly $1.9 trillion. Back when the crypto market was booming in 2021 Bitcoin's transaction volume peaked at $47 trillion. During the downturn years since it dropped sharply, but 2024 saw a rise once again as it finalised at over $19 trillion in transactions in 2024. This is more than double the $8.7 trillion settled in 2023 and reversed the downturn pattern set since the end of 2021.
Pierre Rochard, the vice president of research at Riot Platforms noted:
“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.”
A key component of the increase in 2024 came from the approval of a U.S.-based Bitcoin exchange-traded fund (ETF). Along with that the Bitcoin halving event in April 2024 and Bitcoin reaching a new record price of $108,000 added to the upturn. While it still trails a long way off the levels of 2021, it shows a clear improvement in direction and how further crypto adoption is being displayed in transaction volumes.
Another interesting moment for Bitcoin has been the network’s security level reaching new unprecedented levels. The hashrate, which is the total computing power securing the Bitcoin protocol, reached a new all-time high of 1,000 exahashes per second (EH/s). It later stabilised at around 775 EH/s but the level of increase shows the growing commitment of miners worldwide. US-based Bitcoin mining pools accounted for around 40% of the global hashrate in 2024, and displays their continued dominance in controlling the most computing power on the Bitcoin network.
It is difficult to determine the exact geographic concentration of some mining pools when it comes to hashrate, given that the decentralised and pseudonymous nature of Bitcoin mining means that many miners contribute anonymously or via virtual private networks. This can mask their true location and give skewed results.
According to TheMinerMag, two US-based mining pools, Foundry USA and MARA Pool, accounted for over 38.5% of all blocks mined in 2024. However, China still maintains a strong control of the Bitcoin hashrate. They control 55% of the global hashrate as of September 2024, according to CryptoQuant founder Ki Young Ju.
Have a great day.
Peace. CryptoGod-1.
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