Get all your news in one place.
100's of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Benzinga Insights

4,806 ETH Worth $5M Was Just Burned

Ethereum

What happened: On Tuesday a total of 4,806.13 Ether (CRYPTO: ETH) worth $5,199,172, based on the current value of Ethereum at time of publication ($1,081.78), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Why it matters: On August 5th, 2021, the Ethereum blockchain implemented an important upgrade known as EIP-1159. This Ethereum improvement proposal changed the fee model drastically. Now each transaction includes a variable base fee that adjusts according to the current demand for block space. This base fee is burned, or permanently removed from circulation, lowering the supply of Ether forever.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Mariah Carey wins dismissal of brother’s defamation lawsuit over her memoir
Morgan Carey sued his sister over claims in her 2020 memoir, The Meaning of Mariah Carey, which he said falsely portrayed him as a violent drug dealer
The Guardian - AU
The Guardian - AU
Kanye West And Bianca Censori Hit With Fierce Backlash Over Her Latest Fishnet Look: “Humiliating His Wife”
Bianca Censori’s latest revealing appearance with Kanye West has revived years of speculation about their relationship, despite her insisting that her provocative outfits are entirely her choice.
Bored Panda
Bored Panda
Man says his fiancée doesn’t think what he did was technically cheating, but she still ended their 4-year relationship
Two calls reportedly ended it all.
We Got This Covered
We Got This Covered
That Dryer Sheet in Your Mailbox Isn’t Trash — Here’s Why It May Be There
A dryer sheet tucked inside a mailbox can look like a piece of laundry that took a wrong turn. Yet someone may have placed it there deliberately, hoping to discourage insects, spiders, or other unwanted visitors. The idea circulates widely among homeowners, but the explanation deserves a closer look.
Clever Dude
Clever Dude
Wisconsin’s House on the Rock is unlike a typical museum. Here are the strange sights waiting inside
House on the Rock in Wisconsin features an unusual collection of giant installations and mechanical displays. Visitors can explore a notable indoor carousel that showcases intricate craftsmanship and detail without the option to ride. The attraction also includes an Infinity Room that stretches dramatically over the valley, enhancing the viewing…
The Economic Times
The Economic Times
Christian Man Has Bizarre Meltdown After Neighbor’s Halloween Decoration Scares Toddler
“Christian conservatives, we gotta get one thing clear. You can do what you want, but you gotta stop demanding everyone else to change,” a netizen said.
Bored Panda
Bored Panda
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play