header banner

$3 million in 1,809 ETH was just burned by Benzinga

Table of Contents

1,809 ETH Worth $3M Was Just Burned

Published Oct 23, 2023 19:00

Updated Oct 23, 2023 20:10

1,809 ETH Worth $3M Was Just Burned

Benzinga - by Benzinga Insights, Benzinga Staff Writer.

What happened: On Sunday a total of 1,809.40 Ether (CRYPTO: ETH) worth $3,056,867, based on the current value of Ethereum at time of publication ($1,689.44), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Why it matters: On August 5th, 2021, the Ethereum blockchain implemented an important upgrade known as EIP-1159. This Ethereum improvement proposal changed the fee model drastically. Now each transaction includes a variable base fee that adjusts according to the current demand for block space. This base fee is burned, or permanently removed from circulation, lowering the supply of Ether forever.

Ethereum is currently issuing new Ether at a rate of 4% per year, although this is expected to decrease to around 0.5-1% as a part of the Ethereum 2.0 upgrade. Once this occurs, many speculate that the burn rate of Ether will be greater than the token's issuance, causing ETH to become a deflationary currency.

The net annualized issuance rate for Ether yesterday was 0.98%.

Data provided by Glassnode

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Written By: Benzinga

Related News

Tesla Signals Strategy Reversal, Ford To Go Slow On Electrification, Nikola's $165M Legal Windfall And More: Biggest EV Stories Of The Week

Is Longtime JPMorgan Chief Jamie Dimon Ready To Retire? Another CEO Sold Shares Prior To Exiting

Musk says Starlink to provide connectivity in Gaza through aid organizations

Latest comments


Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.



Article information

Author: Steven Sanders

Last Updated: 1698506282

Views: 979

Rating: 4.4 / 5 (84 voted)

Reviews: 87% of readers found this page helpful

Author information

Name: Steven Sanders

Birthday: 1951-06-27

Address: 22958 Kathryn Path, Millermouth, TX 06182

Phone: +3912951218577843

Job: Speech Therapist

Hobby: Rowing, Dancing, Billiards, Golf, Camping, Survival Skills, Tennis

Introduction: My name is Steven Sanders, I am a apt, Adventurous, steadfast, bold, vibrant, rare, ingenious person who loves writing and wants to share my knowledge and understanding with you.