Exploring the Impact of Bitcoin Ordinals on Miners’ Profits and Strategic Moves in a Surging Market
- Bitcoin miners rake in $30 million within the first 10 days of November, driven by the resurgence of Bitcoin Ordinals Inscriptions.
- Transaction fees peak at $15.86 on November 9, with miners accumulating 830 BTC in fees, reaching 9% of their monthly rewards, the highest since May.
- Miners strategically capitalize on profits, liquidating over 5,000 BTC ($175 million) since late October, as Binance’s listing of Ordinals propels market interest.
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Bitcoin Ordinals Inscriptions, functioning akin to NFTs, have witnessed a notable resurgence, impacting transaction fees on the Bitcoin blockchain. The historical context of Ordinals reveals their prior influence on heightened network activity and substantial interest. Notably, the surge in transaction fees aligns with Binance’s listing of Ordinals (ORDI), with Binance controlling over 50% of the crypto market’s trading volume.
On November 9, transaction fees peaked at $15.86, as reported by Bitinfocharts. TheMinerMag data underscores this surge, indicating miners’ earnings of $30 million in just ten days, constituting 9% of their monthly rewards, the highest percentage since May.
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Miners’ Profits Soar with Bitcoin Ordinals
A detailed breakdown of miners’ earnings reveals the accumulation of approximately 830 BTC in transaction fees, translating to $30.7 million. The significance lies in the fact that this constitutes 9% of Bitcoin miners’ monthly rewards, marking the highest percentage since May. Daily earnings data, such as the $1.3 million earned on November 10 alone, accentuates the immediate impact of the Ordinals surge.
There is a notable discussion on the potential for Bitcoin miners’ monthly mining revenue to reach the second-highest of 2023 if the prevailing trend continues, signifying the financial implications of the ongoing surge in transaction fees.
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Profit-Taking and Bitcoin Miners’ Actions
Miners are strategically capitalizing on increased mining revenues and soaring prices by converting their BTC into cash. Ali Martinez, BeInCrypto’s Global Head of News, notes that since late October, miners have liquidated over 5,000 BTC, totaling approximately $175 million.
Glassnode’s data further supports this observation, revealing a reduction in the Bitcoin holdings of all miners from October 23 to November 7. This aligns with Bitcoin’s price climb beyond $34,000 in late October, reaching a yearly high of nearly $38,000. The connection between miners’ profit-taking activities and the market sentiments surrounding the potential approval of a spot Bitcoin ETF underscores the strategic financial moves amid the current market dynamics.
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