Bitcoin sees record fees in 2024 as halving approaches

Quick Take

As the Bitcoin halving draws near, Bitcoin activity is witnessing a significant uptick in fees and hash rate.

Fees

On April 12, Bitcoin recorded its highest one-day fees in 2024, reaching an impressive $11 million. CryptoSlate reported on April 10 that this fee surge had gradually increased since early April.

Interestingly, Bitcoin and Ethereum fees are starting to converge, with a difference of just $190k on April 14. Ethereum fees on April 14 hit $5 million, the lowest amount since Feb. 5.

Hash Rate

Moreover, Bitcoin’s hash rate continues to trend higher, with a 4% increase in April, 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 Bitcoin halving, which is just days away.