4,640 ETH Worth $7M Was Just Burned By Benzinga

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4,640 ETH Worth $7M Was Just Burned © Reuters. 4,640 ETH Worth $7M Was Just Burned   ETH/EUR -3.97% Add to/Remove from a Portfolio Add to Watchlist Add Position

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Please name your holdings portfolio Type: BUY SELL Date:   Amount: Price Point Value: Leverage: 1:1 1:10 1:25 1:50 1:100 1:200 1:400 1:500 1:1000 Commission:   Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close ETH/USD -3.72% Add to/Remove from a Portfolio Add to Watchlist Add Position

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Please name your holdings portfolio Type: BUY SELL Date:   Amount: Price Point Value: Leverage: 1:1 1:10 1:25 1:50 1:100 1:200 1:400 1:500 1:1000 Commission:   Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close ETH/USD -3.71% Add to/Remove from a Portfolio Add to Watchlist Add Position

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Please name your holdings portfolio Type: BUY SELL Date:   Amount: Price Point Value: Leverage: 1:1 1:10 1:25 1:50 1:100 1:200 1:400 1:500 1:1000 Commission:   Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close ETH/EUR -4.00% Add to/Remove from a Portfolio Add to Watchlist Add Position

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Please name your holdings portfolio Type: BUY SELL Date:   Amount: Price Point Value: Leverage: 1:1 1:10 1:25 1:50 1:100 1:200 1:400 1:500 1:1000 Commission:   Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close ETH/JPY -4.14% Add to/Remove from a Portfolio Add to Watchlist Add Position

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Please name your holdings portfolio Type: BUY SELL Date:   Amount: Price Point Value: Leverage: 1:1 1:10 1:25 1:50 1:100 1:200 1:400 1:500 1:1000 Commission:   Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close ETH/GBP -4.13% Add to/Remove from a Portfolio Add to Watchlist Add Position

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Please name your holdings portfolio Type: BUY SELL Date:   Amount: Price Point Value: Leverage: 1:1 1:10 1:25 1:50 1:100 1:200 1:400 1:500 1:1000 Commission:   Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close ETH/JPY -4.15% Add to/Remove from a Portfolio Add to Watchlist Add Position

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Please name your holdings portfolio Type: BUY SELL Date:   Amount: Price Point Value: Leverage: 1:1 1:10 1:25 1:50 1:100 1:200 1:400 1:500 1:1000 Commission:   Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close

Benzinga – What happened: On Tuesday a total of 4,640.67 Ether (CRYPTO: ETH) worth $7,185,520, based on the current value of Ethereum at time of publication ($1,548.38), 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 -6.15%.

Data provided by Glassnode

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

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4,640 ETH Worth $7M Was Just Burned  

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