The Mega Maxi
  • Home
  • News
  • Topics
    • Art
    • Careers
    • Guides
    • Business
  • Features
    • Features
    • Power Rankings
    • TMM TownHall
    • POW Series
  • About
  • Community
  • Contact
No Result
View All Result
  • Home
  • News
  • Topics
    • Art
    • Careers
    • Guides
    • Business
  • Features
    • Features
    • Power Rankings
    • TMM TownHall
    • POW Series
  • About
  • Community
  • Contact
No Result
View All Result
The Mega Maxi
No Result
View All Result
Home News

Ethereum Has Burned More Than $8 Billion In Fees

Danesh by Danesh
August 26, 2022
Reading Time: 2 mins read
0
Ethereum Has Burned More Than $8 Billion In Fees

On the blockchain, Ethereum has burned 2.35 million, ever since the implementation of the Ethereum improvement proposal (EIP) 1559. An estimated $34.9 million in ether has been burned and destroyed in the last 9 months.

RELATED POSTS

Meta Is Killing Its NFT Features Amidst Crypto Meltdown

Traders Dump USDC After Silicon Valley Bank and Silvergate Fail

Yuga Lab’s Twelvefold Bitcoin NFT Auction Raises $16.5 Million

Ethereum developed and implemented EIP-1559, which sets a rule that basically upgrades and changes the algorithm that was being tied to their base fee per gas in the network and the protocol, now burns the said base fee per gas.

Since August 15, 2021, following the implementation of EIP-1559, 2.35 million ether worth $8.10 billion in USD was destroyed with no chance of recovery.

OpenSea is the biggest Ethereum burner today. The marketplace was believed to burn 229,925 ether with a total number of transactions that was over 14,639,327. The gas that was being used for the ether transfer burned around 207,072 eth in total.

Although the London upgrade’s EIP-1559 was a huge step to go to a big protocol, there will be a big shift once the merge is applied. When that time comes, Ethereum will become a full proof of stake (pos) network, moving away from being a proof of work (pow) in a consensus algorithm.

The Ethereum developer, Tim Beiko, explained that the merge will be more likely to function and live up to its purpose in the third quarter of the current year. He strongly pointed out that the miners actually did not actually invest in mining rigs going forward.

The existence of the merge will soon indicate the result after the transition. which will become scarcer. At first, there was an Ethereum issuance rate of around 5.4 million ether a year. Once the merge was present, the issuance rate was believed to drop to around 500,000 ether per year.

Even with all these changes, the burn rate of Ethereum will remain the same. An estimation was made, and it shows 900,000 ether per year. Although there was 71,718 burned ether last May 1, this may have influenced the estimates positively.

Tags: cryptoethereum
ShareTweetShare
Danesh

Danesh

Related Posts

Meta Killing NFT Features
News

Meta Is Killing Its NFT Features Amidst Crypto Meltdown

March 14, 2023
Traders Dump USDC
News

Traders Dump USDC After Silicon Valley Bank and Silvergate Fail

March 13, 2023
TwelveFold Bitcoin NFTs
News

Yuga Lab’s Twelvefold Bitcoin NFT Auction Raises $16.5 Million

March 9, 2023
Binance AI NFT Generator
News

Binance Releases An AI-Powered NFT Generator

March 3, 2023
Blur Overtakes OpenSea Market
News

Blur Overtakes OpenSea in Market Share: How Did This Happen?

March 1, 2023
Lotte Polygon Partnership
News

Lotte Group, South Korea’s fifth largest company, collaborates with Polygon for global NFT drive.

March 1, 2023
Next Post
Eminem and Snoop Doog To Return On MTV VMAs with Metaverse-Inspired Set

Eminem and Snoop Doog To Return On MTV VMAs with Metaverse-Inspired Set

Ukraine Bought Weapons and Military Equipments with Crypto Donations

Ukraine Bought Weapons and Military Equipments with Crypto Donations

OUR SOCIAL MEDIA

Recommended Stories

JMC, a wholehearted degen and advocate pushing mental health awareness

POW with JMC

March 9, 2023
JQ Crypto

POW with JQ Crypto

February 13, 2023
Francis Lim, a Genises Creator of Likha NFT

POW with Francis Lim

February 22, 2023
Contact Terms Privacy

Name

Copyright © 2022 The Mega Maxi. All rights reserved.
Facebook-f Twitter Instagram Tiktok
No Result
View All Result
  • Home
  • News
  • Topics
    • Art
    • Careers
    • Guides
    • Business
  • Features
    • Features
    • Power Rankings
    • TMM TownHall
    • POW Series
  • Community
  • About
  • Contact Us

Copyright © 2022 The Mega Maxi. All rights reserved.

Stay Updated

Don’t miss out on the latest Web3 news, insights, and alphas. Get the best of TMM straight to your inbox!

Name
Email