Thanks to the resurgence of Ordinals Inscriptions, Bitcoin miners secured around $30 million in transaction fees in the first 10 days of this month.
During this period, the average transaction fee on the Bitcoin blockchain network returned to its previous high, reaching $15.86 on November 9, according to Bitinfocharts data.
Bitcoin ordinal push transaction fees
according to Data from TheMinerMag, miners have accumulated around 830 BTC, worth $30.7 million, in transaction fees so far this month. This represents 9% of Bitcoin miners’ monthly rewards, the highest percentage since May.
For more information, please visit Blockchain.com report On November 10th alone, Bitcoin miners reportedly earned $1.3 million in transaction fees. TheMinerMag predicts that if this trend continues, the Bitcoin miner’s monthly mining revenue could be his second highest in 2023.
Read more: How to mine cryptocurrencies: A step-by-step guide
Meanwhile, market participants believe this increase in transaction fee income is due to renewed enthusiasm surrounding Bitcoin Ordinal, reflecting a trend seen in May.
Bitcoin ordinal stamps work like NFTs, representing assets stamped in one Satoshi, the smallest BTC unit. These assets attracted significant interest earlier this year and contributed to increased network activity.
The same scenario is currently playing out in the wake of Binance’s listing of Ordinals (ORDI). With Binance controlling over 50% of the cryptocurrency market’s trading volume, there is renewed interest in this asset class.
A small number of Bitcoin miners are selling
Bitcoin miners are taking advantage of increased mining revenue and rising prices by converting BTC to cash. Ali Martinez, Global Head of News, BeInCrypto Said Since late October, miners have liquidated more than 5,000 BTC (approximately $175 million).
In support of this data, Glassnode reports that all miners are seeing a noticeable decrease in their Bitcoin holdings. By November 7th, the number of holdings had decreased from 1.833 million on October 23rd to 1.829 million.
Read more: How to buy Bitcoin (BTC) and everything you need to know
This trend coincides with Bitcoin’s rise above $34,000 in late October, reaching a yearly high of nearly $38,000. In fact, this rally was driven by market sentiment surrounding the possible approval of the Bitcoin Spot ETF.
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