Wednesday, December 8, 2021
Home Crypto News Market Another Ethereum Deflationary Day, Where $12 Million More Ethereum Were Burned Than...

Another Ethereum Deflationary Day, Where $12 Million More Ethereum Were Burned Than Mined

- Advertisement -

Due to the continuous burning of ETH coins and fees, some Ethereum blocks become deflationary due to high network load, which then leads to high fees.

According to the burn tracking service, $12 million less Ethereum was issued today than distributed, making the whole day “deflationary.”

With the introduction of the fee-burning mechanism, all transaction fees on the network are burned, rather than going into the pockets of miners. Sometimes, due to the high network load, the fees per transaction increase significantly, which then leads to a huge amount of burned coins.

Currently, 16,228 Ethereum were burned today, worth almost $67 million. At the same time, only $54 million was given to the stackers as a reward. Miners received only 2,495 ETH as tips.

ethe burned today


Under high network congestion, the base fee stays in the normal range, while the miners’ tip actually goes up. The “transactional auction” is still used on the network, resulting in a significant increase in fees.

Ethereum’s base fee is currently 154 Gwei. Total issuance since EIP-1559 activation remains at $2 billion estimates. The total number of coins burned after EIP-1559 was 654,000 ETH, worth almost $2.7 billion.

- Advertisement -
Albert Brown
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Floki Inu To Be Seen At Least 210 Million Times After Floki New Partnership With Russian Most Famous Football Club

 Floki Inu announced a partnership with the Russian most famous Football club "Spartak-Moscow." window.coinzilla_display = window.coinzilla_display ||...

Dogecoin Entered Top 5 Most Searched Google News Queries of 2021

Dogecoin (DOGE) ranked fourth in the list of the most searched Google searches worldwide in the News category in 2021. trends.embed.renderTopChartsWidget("12671d45-ca76-450b-9ced-14f27b4587b4", {"geo":"GLOBAL","guestPath":""}, 2021);...

New Order Announces $NEWO Token Sale Through Dutch Auction On MISO

Toronto, Canada, 8th December, 2021, New Order, a community-driven venture DAO incubator for decentralized financial (DeFi) projects, announced the public sale of its governance...

Billionaire And Former Google CEO, Eric Schmidt Becomes Chainlink Strategic Advisor

Former Google CEO and Billionaire, Eric Schmidt has joined oracle provider Chainlink Labs as a strategic advisor. ...

Shiba Inu Games Became Partners With Australian Playside Studios

Playside Studios (PLY) shares price jumped more than 4% to $0.83 after Australia’s largest publicly listed video games developer entered into a material fixed...

Visa Is Launching An Advisory Practice That Will Help Further Mainstream Adoption Of Bitcoin And Other Digital Assets

Payment giant Visa has announced the launch of a new advisory division to help clients navigate the cryptocurrencies world reported by CNBC.

10% Of Americans Plan To Give Crypto On Christmas As Gift With Bitcoin #1 Choice For Holiday Gifting

Almost every tenth citizen of the United States is ready to give cryptocurrencies as a gift for the New Year, and every fourth is...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.