- Bitcoin fees reached a record high of $11 million on April 12, 2024, as the halving event approached.
- Bitcoin’s hash rate hit an all-time high of 625 EH/s, reflecting intensified mining activity before the halving.
- Bitcoin and Ethereum fees are converging, with only a $190,000 difference on April 14, as Ethereum fees dropped to $5 million.
The upcoming Bitcoin halving in 2024 has led to a surge in activity on the network. As the event approaches, Bitcoin is seeing record transaction fees and hash rate.
Fees Hit 11 Million in One Day
On April 12, Bitcoin recorded its highest ever one-day transaction fees, reaching an impressive $11 million. This fee surge has been gradually increasing since early April.
Interestingly, Bitcoin and Ethereum fees are starting to converge. On April 14, the difference was just $190k, with Ethereum fees hitting $5 million – the lowest amount since February 5.
Hash Rate Reaches All-Time High of 625 EH/s
In addition, Bitcoin’s hash rate continues to trend higher. In April there has been a 4% increase, reaching an all-time high of 625 EH/s using a 14-day moving average.
This continued growth in hash rate is partly due to the upcoming halving event, which is now only days away. With miners competing for a reduced reward, the network hash rate increases as less efficient miners drop out.
The halving and associated activity is proving to be a definitive test for the Bitcoin network. While fees and congestion are spiking, the system continues to operate reliably at this heightened level of usage.
