As a seasoned crypto investor with over a decade of experience in this wild and unpredictable world of digital assets, I have seen it all – from the dizzying heights of bull markets to the crushing depths of bearish downturns. The news that Bitcoin transaction volume more than doubled in 2024, reaching $19 trillion, was a breath of fresh air for many of us who had grown accustomed to the declining trend since 2021.
Pierre Rochard’s assertion that this surge decisively proved Bitcoin as both a store of value and a medium of exchange resonated deeply with me. I have personally witnessed the transformation of Bitcoin from a niche curiosity to a global phenomenon, and I can attest to its versatility as both a safe haven for wealth preservation and a means for everyday transactions.
The year 2024 was indeed momentous for Bitcoin, culminating in an all-time high of roughly $108,000, the introduction of a BTC ETF, and the April halving event – events that further solidified its position as a dominant player in the crypto market.
The soaring hashrate of 1,000 EH/s in early 2025 was a testament to the growing interest and investment in Bitcoin mining, with US-based pools accounting for over 40% of the global hashrate. However, it’s always amusing how China-based mining pools continue to hold onto their majority share, despite the cat-and-mouse game between regulators and miners.
As a crypto investor who has navigated through countless twists and turns in this space, I can confidently say that Bitcoin remains a fascinating and ever-evolving landscape. With its resilience and adaptability, I’m reminded of the famous quote: “Bitcoin is like a phoenix – it rises from its ashes time and again.”
And to lighten the mood, let me leave you with this joke: Why did Bitcoin cross the road? To get to the other blockchain!
2024 saw a significant increase in transactions on the Bitcoin network, with over $19 trillion being processed – nearly twice as much as the $8.7 trillion settled in 2023. This marked a turnaround from the decreasing transaction volume that had been observed since 2021.
Based on figures provided by Pierre Rochard, Vice President of Research at Riot Platforms, Bitcoin’s transaction volume reached an astounding $47 trillion during the 2021 bull market. However, this figure saw a significant drop in both 2022 and 2023, as suggested by Rochard’s writings.
“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.”
2024 proved to be an extraordinary year for Bitcoin (BTC), with significant milestones such as the launch of a BTC exchange-traded fund (ETF) in the U.S., the April 2024 halving event, and a fresh record high of approximately $108,000.
Bitcoin hashrate breaks records in early 2025
On January 3, 2024, the combined processing strength, or hashrate, responsible for safeguarding the Bitcoin system, reached an unprecedented peak of 1,000 quintillion hashes per second (EH/s).
At the moment of writing, the hashrate had dropped to approximately 775 EH/s, according to data from CryptoQuant.
In 2024, Bitcoin mining pools based in the United States made up more than 40% of the worldwide mining capacity, with the question of who controls the majority of the computational power within the Bitcoin network still a topic of discussion.
As reported by TheMinerMag, it was found that the mining pools based in the U.S., namely Foundry USA and MARA Pool, were responsible for more than one-third (38.5%) of all blocks mined in the year 2024.
Regardless of the rise in mining capabilities, Chinese mining pools continue to dominate the hash rate on the Bitcoin network.
Establishing a precise measure of Bitcoin mining’s hash rate dominance can be challenging, given its decentralized and pseudonymous mining operations across various geographical locations.
Operators and businesses that manage mining pools are usually based in a particular country, but they frequently draw computational power (hashrate) from individual miners residing across various global locations.
As a researcher, I’d like to highlight that Virtual Private Networks (VPNs) serve a crucial purpose by enabling users to conceal their IP addresses. This added layer of anonymity makes it more challenging to pinpoint the exact location of mining operations.
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2025-01-04 20:25