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ETHEREUM Jubilee

We publish an interesting text from the Polish Digital Mining Association group devoted to the first million ETHEREUM burned.

Exactly on August 5, 2021, EIP 1559 was activated. It took 111 days to burn the millionth ETHER.

Below are some interesting facts related to the burning of Ethereum:

Total value of ETHERS burned: $ 3,827,057,069

🔥 If EIP 1559 had not come into force – this amount would go to miners.
🔥 Highest Daily Burnout: 16,852 ETHERS.
🔥 There are often days where the burn-up rate is higher than the new ETHER emissions.
🔥 If the emmision is lower than the number of destroyed coins, it means that ETHEREUM is a strictly deflationary currency on that day, its total number of coins in circulation LOWERS.
🔥If on a given day the average Gas price is on the level of 120 Gwei, such a day in practice means that it is a deflationary day.

 


Author: Marcin Żywica from ŻET Technologies

Miner, founder of ŻET Technologies, a company                                                                                  designing and manufacturing advanced crytpo miners.                                                                          ŻET Technologies provides computing power for blockchain                                                                  networks, creates technology for 21st century business.