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Home CRYPTO

Bitcoin Fees Surge to 2024 High as Halving Nears

by Sham
April 15, 2024
in CRYPTO
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  • 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.

ICYMI: #Bitcoin fees hit a 2024 high of $11 million on April 12, reaching a record hash rate of 625 eh/s

— BlockNews.com (@blocknewsdotcom) April 15, 2024

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.

Tags: BitcoinBitcoin Feesethereumupcoming Bitcoin halving
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