As the Bitcoin halving approaches, there has been a notable increase in both fees and hash rate activity within the Bitcoin network.

On April 12, Bitcoin reached its highest one-day fees in 2024, totaling $11 million. This surge in fees has been steadily increasing since early April. Interestingly, there has been a convergence in fees between Bitcoin and Ethereum, with just a $190k difference on April 14. Ethereum fees on the same date were at $5 million, the lowest amount since February 5.

In addition to the fee activity, Bitcoin’s hash rate has been on the rise, seeing a 4% increase in April. The hash rate reached an all-time high of 625 eh/s using a 14-day moving average. This growth in hash rate is attributed to the upcoming Bitcoin halving, which is just around the corner.

The post Bitcoin sees record fees in 2024 as halving approaches appeared first on CryptoSlate.

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