• Bitcoin fees in the last seven days hit over $60 million.
• BTC hashrate has continued to rise.

Lately, Bitcoin [BTC] fees have experienced a significant surge, driven by heightened network activity. As overall fees have risen, miner fees have also seen an upward trend.

Bitcoin fees climb to six-month high

As per a recent IntoTheBlock post, Bitcoin fees have surged to a six-month peak, exceeding $60 million.

According to the analysis, this fee spike, attributed to growing interest in Ordinals, represents a 60% increase. Further examination on Crypto Fees revealed a noteworthy rise in fees throughout November, hitting their highest points in the last ten days. 

Daily fees on 17th and 18th November surpassed $11 million, but as of the latest update, they have decreased to around $3.6 million.

Notably, despite the fee decline, the hashrate remained at one of its highest levels this year.

Bitcoin fees drive up hashrate

A recent analysis of the Bitcoin hashrate on CryoptoQuant indicated a consistent upward trend in the past few weeks.

This surge can be attributed to the heightened volume of transactions on the network, necessitating increased computational power to process these transactions.

The chart showed that the hashrate peaked for the year, surpassing 546 million on 19th November. 

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Author: Adewale Olarinde

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