Ethereum

Token

Ethereum 2.0

<a href="https://bitcoinworld.co.in/a-total-of-4758-45-ether-worth-over-10m-was-burned/" title="A Total Of 4,758.45 ETHER Worth Over $10M Was Burned" rel="nofollow"></a>
On Thursday a total of 4,758.45 Ether, worth $10,622,997 based on the current value of Ethereum at time of publication ($2,232.45), was <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36514374/4-758-eth-worth-10m-was-just-burned?utm_campaign=partner_feed&amp;utm_source=cryptopanic.com&amp;utm_medium=partner_feed&amp;utm_content=site">burned</a> from Ethereum transactions. 
Burning is when a coin or token is sent to an unusable wallet to remove it from circulation. 
On August 5th, 2021, the Ethereum blockchain implemented an important upgrade known as EIP-1159. This Ethereum improvement proposal changed the fee model drastically.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/pixels-game-has-announced-its-pixel-token-airdrop-heres-how-to-get-it/" aria-label="“Pixels Game Has Announced Its Pixel Token Airdrop, Here’s How to Get It” (Edit)">Pixels Game Has Announced Its Pixel Token Airdrop, Here’s How to Get It</a> 
Now each transaction includes a variable base fee that adjusts according to the current demand for block space.&nbsp; 
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.&nbsp; 
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 was -3.76% after the burning. 
The post <a href="https://bitcoinworld.co.in/a-total-of-4758-45-ether-worth-over-10m-was-burned/">A Total Of 4,758.45 ETHER Worth Over $10M Was Burned</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

A Total Of 4,758.45 ETHER Worth Over $10M Was Burned

ItsBitcoinWorld

Other articles published on Jan 7, 2024

Top 7 High-Potential Cryptos Set To Shoot To The Moon In 2024

Assessing U.S. inflation: The December numbers

Shiba Inu Unveils Plans to Make Shibarium Great in 2024

Emerging Cryptocurrency Steals Spotlight from Dogecoin and Shiba Inu as an Unexpected Contender

Pullix (PLX) Leads the Charge: Money Rotates Into DeFI From Memecoin’s Like Shiba Inu (SHIB), Bon...

Satoshi’s Comeback? Mysterious $1.17M Bitcoin Move to the Genesis Wallet

Join our free newsletter for daily crypto updates!