In just the first 10 days of November, bitcoin miners have amassed 830 BTC in transaction fees, equating to nearly $30.7 million at bitcoin’s current prices, network data shows.
This constitutes more than 9% of the total rewards for the month, marking the highest percentage contribution since May.
The surge in transaction fees this month coincides with a resurgence of Ordinal activities on the bitcoin network, reminiscent of the short-lived craze experienced in May that propelled bitcoin’s hashprice to over $120/PH/s.
The revival of such activities, combined with bitcoin’s recent price rally, has sent the hashprice to over $90/PH/s as of the latest data, reaching the highest point since May, according to Luxor’s Hashrate Index.
For perspective, the total transaction fees for the entire months from June to October were 1,396 BTC, 639 BTC, 614 BTC, 1,002 BTC, and 705 BTC, respectively. If this heightened network activity persists, November is poised to become the second-most rewarding month for bitcoin miners this year.
Bitcoin mining operations with their own pools, such as Marathon Digital, are also reaping the benefits of the surge in transaction fees. MaraPool, operated by Marathon Digital, has mined 380 BTC month-to-date, with 9.4% of that coming from transaction fees, totaling 36 BTC. This amount already surpasses the transaction fees earned in most months this year.