Bitcoin News

Bitcoin Halving: BTC Fees Hit $11M, Hash Rate Spikes

Multiple metrics including hash rate and transaction fees are soaring ahead of the highly anticipated Bitcoin halving event
Published by
Bitcoin Halving: BTC Fees Hit $11M, Hash Rate Spikes

Highlights

  • The Bitcoin Halving event is scheduled for Saturday, April 20, 2024.
  • The Bitcoin network witnessed a surge in hash rate ahead of the event.
  • BTC transaction fees also hit a record $11 million.

Bitcoin (BTC) transaction fees surged to a record-breaking $11 million in a single day as the highly anticipated Halving event looms closer. This surge reflects increased activity on the Bitcoin network as users rush to secure transactions ahead of the Halving, which is expected to occur in a matter of days.

Advertisement

BTC Hash Rate Surges Ahead Of Bitcoin Halving

Furthermore, the hash rate, a measure of the computational power dedicated to mining Bitcoin, has also reached an all-time high of 625 exahashes per second (EH/s). This marks a notable 4% increase in hash rate throughout April. Moreover, it indicates a significant uptick in mining activity as miners seek to maximize their rewards before the halving reduces the block reward.

Source: Kashif Raza | X

Furthermore, crypto industry stakeholders and analysts have offered varying takes on the potential outcome of the upcoming Bitcoin Halving. In addition, crypto traders are pondering whether Bitcoin’s recent surge is just the beginning for 2024, driven by an upcoming Halving event that reduces the rate of new Bitcoin creation.

Source: Kashif Raza | X

Previous Bitcoin Halving events in 2012, 2016, and 2020 sparked significant price rallies. Predictions vary as Bitfinex analysts anticipate a 160% price surge over 12-14 months post-halving, possibly reaching over $150,000. However, skeptics like David Mercer of LMAX Group doubt a repeat of past bull runs, suggesting the Bitcoin Halving’s impact might already be factored into Bitcoin’s recent climb.

Also Read: 5 Meme Coins To Buy Pre-Bitcoin Halving For 100X Profit In 2024

Advertisement

Bitcoin Price Crash Continues

Recently, Bitcoin’s price hit a record high in March at $73,803.25, with a 60% increase since January. The surge was fueled by enthusiasm for new U.S. spot Bitcoin ETFs and institutional investment. The anomaly of Bitcoin’s already reaching an all-time high before the halving introduces uncertainty into market dynamics, according to Bitfinex analysts.

Meanwhile, traders await the April 20 Halving with mixed expectations. They are split on whether it will trigger another meteoric rise or if Bitcoin’s trajectory has already priced in the event’s effects. Moreover, the latest BTC price crash has led to increased skepticism.

As of writing, the Bitcoin price slumped 4.83% to $62,936.44 on Tuesday, April 16, 2024. Meanwhile, it held a market cap of $1.23 trillion. On the other hand, the BTC trading volume soared 6.93% to $45.86 billion in the past 24 hours. However, this surge in volume was triggered by massive selloffs amid the crash.

Also Read: Bitcoin Halving Can Cost Crypto Miners $10 Billion In Losses

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025
  • 24/7 Cryptocurrency News

‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications

Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…

October 4, 2025
  • Bitcoin News

Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model

Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…

October 4, 2025
  • Bitcoin News

Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH

The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…

October 4, 2025