The EIP-1559 update for Ethereum, which introduced significant changes like high burn costs, went live last year. But how much ETH was actually burned? How much Ethereum has been burned now?
Ethereum Burn Rate
According to the most recent statistics, almost 1,923.25 ETH have been burned in the last day, which is the current burn rate for Ethereum.
The burn rate on August 6 - the day following Ethereum's hard fork - was 3.10 ETH/min, or almost $8500 in ETH at its former price.
Due to a backlog of transactions left over following the upgrade, this burn rate was seen by many experts as being overstated. The burn rate nevertheless continues to be substantial, as we have observed in the month following the hard fork.
How much Ethereum has been burned?
As of October 25, 2022, 2,687,588.28 ETH worth $3,607,200,361.76has been burned.
Different timelines are predicted for when the deflation will begin. ConsenSys, a developer of Ethereum infrastructure, for instance, anticipates that deflation will begin in the spring of 2023. After all, the network's transaction volume, which has recently been slack, directly affects how much Ether is burned.
