Bitcoin miners have secured around $30 million in transaction fees within the first ten days of this month, thanks to the resurgence of Ordinals Inscriptions.

During the period, the average transaction fees on the Bitcoin blockchain network returned to previous highs, touching as high as $15.86 on November 9, as per Bitinfocharts data.

Bitcoin Ordinals Push Transaction Fees

According to data from TheMinerMag, miners have accumulated around 830 BTC in transaction fees, valued at $30.7 million, thus far this month. This constitutes 9% of Bitcoin miners’ monthly rewards, the highest percentage since May.

For context, Blockchain.com reports that on November 10 alone, Bitcoin miners earned $1.3 million from transaction fees. TheMinerMag anticipates that Bitcoin miners’ monthly mining revenue could become the second-highest of 2023 if this trend persists.

Read more: How To Mine Cryptocurrency: A Step-by-Step Guide

Meanwhile, market observers have attributed this uptick in transaction fee earnings to renewed enthusiasm surrounding Bitcoin Ordinals, echoing a trend seen in May.

Bitcoin Ordinals Inscriptions function lik

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Author: Oluwapelumi Adejumo

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