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More than $4 billion in Ethereum burned

According to the Watch The Burn platform, a total of more than 2.6 million ETH has been burned so far.

By Luc Vesters
• 1 min read
More than $4 billion in Ethereum burned

According to the Watch The Burn platform, a total of more than 2.6 million ETH has been burned so far. At current rates, this is worth more than 4 billion US dollars. The London hard fork, implemented in August 2021, changed the fee policy on the Ethereum network. Transaction fees no longer go to miners; they are burned and taken out of circulation.

The consensus transition from Proof of Work to Proof of Stake on the Ethereum network — the "merge" — is planned for mid-September. This would reduce ETH issuance by about 90 percent. While new ETH is issued every 13.5 seconds with Proof of Work, it happens only every 6.4 minutes with Proof of Stake.

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