Apr 22, 2021 04:41 GMTCrypto News A major power outage in China’s Xinjiang province led to the drop in Bitcoin’s hash rate last week. The massive decline in Bitcoin’s hash rate has benefitted miners but cost users a new high in transaction fees when using the network. Bitcoin’s mining difficulty is expected to be adjusted in early May, leading to adjusted fees. Bitcoin transaction fees have reached an all-time high amid a massive hash rate decline on the network. Bitcoin hash rate’s effect on transactions The latest surge in Bitcoin transaction fees come in at a time when the Bitcoin network witnessed a major drop in hash rate. Over the weekend, amid the Bitcoin price plunge, BTC saw the largest daily drop in the network’s hash rate since late 2017.