Bitcoin’s average block size reached a new all-time high ahead of the mining reward reduction set to take place on May 11.
According to data from CryptoCompare, the average block size of the bitcoin network reached a peak of 1.341 MB on May 2, and almost broke the record days later with a peak of 1.312 MB on May 7. The previous all-time high was established in December 2019, with an average block size of 1.314 MB.
Transaction fees also spiked in response to the increased activity on bitcoin’s network, as miner’s prioritize transactions ahead of May 11’s halving event. The average transaction fee for bitcoin reached a high of $3.19 on May 8, up more than 300% from $0.62 in mid-April.
Bitcoin’s network hash rate underwent similar volatility in the weeks leading up to the halving. According to data from Glassnode, bitcoin’s hash rate reached 142 exahashes per second (EH/s) on May 3, with blockchain.com showing a similar peak occurring on May 2.
#Bitcoin hash rate hit a new all-time high. pic.twitter.com/XtPbZRU8wp
— glassnode (@glassnode) May 3, 2020
Analysts anticipate the network’s hash rate reaching a new all-time high on May 11 as miners increase their competition in response to the drop in bitcoin supply.
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