This is why Bitcoin miners are banking on $30M in 10 days
Bitcoin miners have expected nearly $30 million in transaction fees in the first ten days of this month, which is due to a resurgence in formal writing.
Meanwhile, according to Bitinfocharts data, the average transaction fee on the Bitcoin blockchain network has returned to its previous high, touching $15.86 on November 9.
Bitcoin pushes standard transaction fees
According to data from TheMinerMag, miners accumulated 830 BTC in transaction fees this month, worth $30.7 million. This accounts for 9% of Bitcoin miners' monthly rewards, the highest percentage since May.
For context, Blockchain.com reported that on November 10th alone, Bitcoin miners earned $1.3 million in transaction fees. TheMinerMag estimates that if this trend continues, the monthly mining revenue of Bitcoin miners could be the second highest in 2023.
Read more: How to Withdraw Cryptocurrencies: A Step-by-Step Guide
Meanwhile, market watchers have seen this increase in transaction fee revenue in conjunction with renewed enthusiasm around Bitcoin Ordinals, echoing the trend seen in May.
Bitcoin Ordinals works like NFTs, representing assets mapped to one Satoshi, the smallest BTC denomination. These assets spurred strong demand at the start of the year, contributing to increased network activity.
The same situation is currently underway, sparked by Binance's List of Ordinals (ORDI). This has brought new attention to the asset class, as Binance controls more than 50% of the crypto market's trading volume.
A few bitcoin miners are being sold.
Bitcoin miners convert BTC into cash, increasing mining revenue and value. According to BeenCrypto's head of global news, Ali Martinez, since the end of October, miners have poured in more than 5,000 BTC, or about $175 million.
Corroborating this information, Glassnode reported a significant decrease in the Bitcoin holdings of all miners. Holdings as of October 23rd were 1.833 million, while the figure dropped to 1.829 million on November 7th.
Read more: How to buy Bitcoin (BTC) and everything you need to know
This trend coincides with Bitcoin's high above $34,000 in late October, a yearly high of nearly $38,000. Indeed, the volatility was driven by market sentiment surrounding the approval of the spot Bitcoin ETF.
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