Bitcoin Miners Earn $30 Million in Fees as Ordinals Activity Surges
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Bitcoin miners have earned $30 million in transaction fees in the first 10 days of November, thanks to a resurgence in Ordinals activity.
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Transaction fees reached as high as $15.86 on November 9, making up 9% of miners' monthly revenue.
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The uptick is attributed to renewed interest in Bitcoin Ordinals after Binance listed Ordinals (ORDI) tokens.
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Some miners are selling their newly earned BTC, with over 5,000 BTC worth $175 million liquidated since late October.
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This selling coincided with Bitcoin's price climbing to nearly $38,000 in late October, driven by potential spot BTC ETF approval.