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.
![Fees: Ethereum vs Bitcoin: (Source: Glassnode)](https://crypto-chat.org/wp-content/uploads/2024/04/Bitcoin-sees-record-fees-in-2024-as-halving-approaches.png)
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.
![Hash Rate: (Source: Glassnode)](https://crypto-chat.org/wp-content/uploads/2024/04/1713224597_471_Bitcoin-sees-record-fees-in-2024-as-halving-approaches.png)
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