Ethereum Burns 3.33 Million Ether Valued at $6.1 Billion in 21 Months

In the past 21 months following Ethereum’s London hard fork, the network has witnessed the destruction of over 3.33 million ether, valued at $6.1 billion. At present, roughly 3.51 ether is burned every single minute.

More Than $6 Billion in Value Destroyed Since EIP-1559
Back on August 5, 2021, a significant event occurred in Ethereum’s history with the implementation of the Ethereum Improvement Proposal (EIP) 1559 as part of the London upgrade. Since then, 660 days have passed. In the initial three months alone, over 700,000 ether was burned, setting the stage for what was to come.
Fast forward to the end of May 2023, utilizing the latest burn metrics, EIP-1559 has fueled the burning of 3.33 million ethereum (ETH) with a value of $6.1 billion, reflecting current ether exchange rates. Since the upgrade, the primary driving force behind this burning lies in the everyday traditional transfers of ether.