Now that 2025 has arrived and all the impressions of 2024 have settled, it’s time to take a closer look at the past year and Bitcoin’s remarkable achievements. The year 2024 proved transformative for the Bitcoin network, marking a sharp reversal of declining transaction volumes in the previous two years. It cemented Bitcoin’s role as both a store of value and a dynamic medium of exchange, with staggering metrics highlighting its global adoption and resilience.
$19 Trillion in Transactions Finalised
Bitcoin’s transactional activity soared in 2024, with more than $19 trillion in transactions settled over the network. This figure is over double the $8.7 trillion processed in 2023 and marks a significant recovery from the two-year slump that followed the $47 trillion peak during the 2021 bull market. This resurgence reflects not only Bitcoin’s growing adoption but also its ability to weather market fluctuations and emerge stronger.
Pierre Rochard, vice president of research at Riot Platforms, described the milestone as definitive proof of Bitcoin’s dual utility as a store of value and a payment mechanism. The transaction surge coincided with notable events, including the approval of a Bitcoin exchange-traded fund (ETF) in the US, which attracted institutional investors, and the highly anticipated April halving event, which reduced block rewards to 3.125 BTC.
Bitcoin Hits Record Prices
2024 also witnessed a new all-time high for Bitcoin’s price, which soared to approximately $108,000. The upward momentum was driven by renewed institutional interest, increased network activity, and macroeconomic factors that reinforced Bitcoin’s appeal as a hedge against inflation. By the year’s end, Bitcoin maintained a strong position near $97,000, demonstrating remarkable resilience.
Geographical Ambiguity in Mining
The decentralised and pseudonymous nature of Bitcoin mining makes precise geographical tracking challenging. Many miners contribute to global pools while operating from undisclosed locations. US-based mining operations continued to gain prominence, with over 40% of the global hash rate contributed by American mining pools. Foundry USA and MARA Pool led the pack, accounting for 38.5% of all blocks mined during the year. Despite this dominance, China-based mining pools retained a majority share, highlighting the geographically dispersed nature of Bitcoin mining.
The use of virtual private networks (VPNs) further obscures the true distribution of Bitcoin’s computational power, reflecting the network’s borderless ethos.
A Year of Big Promises
Bitcoin’s exceptional performance in 2024 solidified its position as a driving force in the global financial landscape. With record-breaking transaction volumes, unprecedented price highs, and a fortified security infrastructure, the network proved its strength and adaptability. As we move into 2025, the growth opportunities are boundless. Analysts are forecasting an even brighter future, with some predictions suggesting Bitcoin could reach astonishing price levels between $150,000 and $400,000. This year brings fresh possibilities for innovation, adoption, and market expansion, offering investors and enthusiasts a chance to be part of what could be Bitcoin’s most transformative era yet. Stay tuned for Bitcoin’s journey in 2025!