This article reexamines the classical PKN model of hydraulic fracture Perkins and Kern (J. Pet. Tech. Trans. AIME, 222:937-949 (1961)) and Nordgren (J. Pet. Tech. 253:306-314 (1972)) using novel approaches, which have recently been developed to tackle this class of problems that are characterized by a moving boundary and strong non-linearities in the governing equations. First, we demonstrate, using scaling arguments only, that a PKN hydraulic fracture has two limiting time asymptotic behaviors: storage-dominated at small time, and leak-off-dominated at large time. Next, we investigate the multiscale nature of the tip asymptotics and its implication for the construction of a robust and efficient numerical algorithm. In particular, we show that in the storage-