Burned over $4 billion in ETH

According to the Watch The Burn platform , a total of over 2.6 million ETH have been burned so far. According to the current exchange rate, the equivalent value is over 4 billion US dollars.

The hard fork “London” implemented in August 2021 brought about a change in the fee policy in the Ethereum network.

Accordingly, the transaction fees no longer go to the miners, but are destroyed and taken out of circulation.

The consensus shift from Proof of Work to Proof of Stake on the Ethereum network – the “merge” – is scheduled to take place in mid-September.

This should reduce the new issuance of ETH by around 90 percent . While new ethers are distributed every 13.5 seconds with Proof of Work, this only takes place every 6.4 minutes with Proof of Stake.

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