Bitcoin Miners Capitalize on Increased Transaction Fees
Bitcoin miners have recently earned around $30 million in transaction fees in the first ten days of this month, thanks to the resurgence of Ordinals Inscriptions. The average transaction fees on the Bitcoin blockchain network returned to previous highs, touching as high as $15.86 on November 9.
Bitcoin Ordinals Push Transaction Fees
According to data from TheMinerMag, miners have accumulated around 830 BTC in transaction fees, valued at $30.7 million, so far this month. This constitutes 9% of Bitcoin minersβ monthly rewards, the highest percentage since May. Blockchain.com reports that on November 10 alone, Bitcoin miners earned $1.3 million from transaction fees.
Meanwhile, market observers have attributed this uptick in transaction fee earnings to renewed enthusiasm surrounding Bitcoin Ordinals, echoing a trend seen in May. These assets stirred significant interest earlier in the year, contributing to heightened network activity.
A Few Bitcoin Miners Are Selling
Bitcoin miners are capitalizing on increased mining revenues and surging prices by converting their BTC into cash. Since late October miners have liquidated over 5,000 BTC, approximately $175 million. Corroborating this data, Glassnode reports a noticeable reduction in the Bitcoin holdings of all miners.
Hot Take: Bitcoin’s Potential Approval of a Spot ETF Drives Uptick in Mining Revenue
This trend coincides with Bitcoinβs climb beyond $34,000 in late October, reaching a yearly high of nearly $38,000. Indeed, the upswing was driven by market sentiments surrounding the potential approval of a spot Bitcoin ETF.
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