2,045 ETH Worth $3M Was Just Burned

Benzinga Insights

August 12, 2022

What happened: On Thursday a total of 2,045.64 Ether (CRYPTO: ETH) worth $3,879,941, based on the current value of Ethereum at time of publication ($1,896.69), 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.

See Also: How to Buy Ethereum & When Will Ethereum 2.0 Launch

Ethereum is currently issuing new Ether at a rate of 4% per year, although this is expected to decrease to around 0.5-1% as a part of the Ethereum 2.0 upgrade. Once this occurs, many speculate that the burn rate of Ether will be greater than the token's issuance, causing ETH to become a deflationary currency.

The net annualized issuance rate for Ether yesterday was 3.38%.

Data provided by Glassnode

Recommended

"Gold's Final Bull Market Has Just Begun..." - Ad

A.I. Pioneer Warns: "I thought we had more time..." - Ad

Breaking: A Global Gold Lockdown Is Now Underway... - Ad

FRANKFORT, Ky. (AP) — Kentucky will use a lottery system to award an initial round of licenses to businesses competing to participate in the state's startup medical cannabis program, Gov. Andy Beshear announced Thursday.

Jim Cramer Explains What Could Trigger Further Market Decline: 'If You Want To Get Out, Go Ahead ...'

CNBC host Jim Cramer has outlined potential factors that could lead to further market decline, advising investors to be cautious about their buying and selling decisions.

Bill Gates Is Raving About WHAT?!

Bill Gates Is Raving About WHAT?! - Ad

The legendary Microsoft founder says that this tech "will be as revolutionary as the personal computer." It could create a new generation of millionaire investors by the end of the decade.

Netflix now has nearly 270 million subscribers after another strong showing to begin 2024

Netflix gained another 9.3 million subscribers to start the year while its still-emerging expansion into advertising helped produce financial results that exceeded analysts’ estimates.

Why Windtree Therapeutics (WINT) Stock Is Getting Hammered

Windtree Therapeutics shares are trading lower by 30% during Thursday's session. The company announced it approved a 1-for-18 reverse stock split of its common stock.

The Man Who Bought Bitcoin at $5 Reveals His Next Tiny Crypto Gem for 2024

The Man Who Bought Bitcoin at $5 Reveals His Next Tiny Crypto Gem for 2024 - Ad

Early Bitcoin Millionaire Charlie Shrem just revealed his five little-known crypto coins that he believes could create generational wealth over the next 12 months. What's more, some of these tiny cryptos he's discovered trade for less than $1!

An NPR editor who wrote a critical essay on the company has resigned after being suspended

NEW YORK (AP) — A National Public Radio editor who wrote an essay criticizing his employer for promoting liberal views resigned on Wednesday, a day after it was revealed that .

Native American-led nonprofit says it bought 40 acres in the Black Hills of South Dakota

A Native American-led nonprofit has announced that it purchased nearly 40 acres (16.2 hectares) of land in the Black Hills of South Dakota amid a growing movement that

A.I. Pioneer Issues Urgent Warning to Americans

A.I. Pioneer Issues Urgent Warning to Americans - Ad

According to one early A.I. pioneer: "You can either use this as an unfair advantage to grow your wealth, or you can let it ravage your retirement savings. There's no middle option."

Soon To Be Acquired Cerevel Therapeutics Reveals High Level Data From Late-Stage Parkinson's Disease Study

Discover toplines results of Cerevel Therapeutics' Phase 3 TEMPO-3 trial for tavapadon in Parkinson's disease treatment. Statistically significant efficacy and safety findings were revealed.

Key Nvidia, Apple Supplier TSMC To Receive $6.6B From US Government For Arizona Plant

The funding, a part of the U.S. CHIPS and Science Act, will bolster TSMC's over $65 billion investment in three advanced fabrication plants in Phoenix, Arizona.

AI Destroying China

AI Destroying China - Ad

China is in deep trouble. Their economy is crumbling. Money is pouring out of the country. And now this... A small handful of artificial intelligence stocks have the power to put the nail in China's coffin. Find out the three AI stocks you need to consider buying right now.

Another record for New Jersey internet gambling revenue as in-person winnings struggle

ATLANTIC CITY, N.J. (AP) — New Jersey's high-flying internet gambling market continues to smash records. But the amount of money won from in-person gamblers at most of Atlantic City's casinos is less than it was before the COVID19 pandemic.

IMF's Georgieva says there's 'plenty to worry about' despite recovery for many economies

WASHINGTON (AP) — The head of the International Monetary Fund said Thursday that the world economy has proven surprisingly resilient in the face of and the shock of war in , but "there is plenty to worry about,'' including stubborn inflation and rising levels of government debt.

Time to Sell NVDA? 50-Yr Wall Street Legend Weighs In

Time to Sell NVDA? 50-Yr Wall Street Legend Weighs In - Ad

If you currently own NVIDIA (NVDA)... Or were thinking of buying it in the weeks ahead... I urge you to review my recent interview before you move your money. There's a BETTER AI stock to buy than NVDA right now, especially in the coming $7 trillion A.I. boom.

Trump Sees Net Worth Dip Below $4B After Truth Social Stock Tumbles: Could Ex-President Sell Shares Soon?

Trump has fallen off the Bloomberg Billionaires Index of the 500 richest people and the value of his DJT stock is plummeting.

Delta Flight Returns To Atlanta After Takeoff: Boeing 757 'Yawing Aggressively'

Delta Air Lines flight from Atlanta to Ft. Lauderdale diverted back to Atlanta due to Boeing 757 yawing aggressively.

27 Countries All Fighting Over This One Material...

27 Countries All Fighting Over This One Material... - Ad

Thanks to a new miracle material, we could witness the largest military transformation in history. 27 of the world's largest militaries will all be fighting to get their hands on as much of this material as possible. With over $11 trillion up for grabs, this could be the opportunity of the decade -- and it's starting now.

'There is no time to waste': EU leaders want to boost competitiveness to close gap with US and China

BRUSSELS (AP) — European Union leaders on Thursday debated a new “European Competitiveness Deal” aimed at helping the 27-nation bloc close the gap with Chinese and American rivals amid fears the region's industries will otherwise be left behind for good.

Bitcoin Hinges On This Key Support Level, Says Analyst: 'Could Significantly Boost The Chances Of Reigniting The Bull Run'

Cryptocurrency analyst Ali Martinez has highlighted the critical support levels for Bitcoin (CRYPTO: BTC). This comes amid a period of volatility in the crypto market.

Jeff Bezos' Next Trillion Dollar Bet (shocking)

Jeff Bezos' Next Trillion Dollar Bet (shocking) - Ad

Wall Street legend has just uncovered one tiny Maryland company that could become the next Nvidia. Few in the media are talking about this story yet...but in the next 6 months that's all they'll talk about.

Apple CEO says that he wants to increase investments in Vietnam

HANOI, Vietnam (AP) — Apple CEO Tim Cook said Tuesday that he wants to further increase investment in Vietnam a day after the company announced it would spending on suppliers in the Southeast Asian manufacturing hub.

Cannabis Summit Set To Shake Up Washington DC: Bipartisan Lawmakers, Industry Leaders Rally For Decriminalization On 420 Day Of Action

Discover how bipartisan leaders and grassroots activists unite in Washington, DC, for cannabis decriminalization. Join the movement now!

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..."

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

The former Goldman Sachs VP -- who called everything from Microsoft's 1,100% surge... to the death of the 60/40 portfolio -- is now stepping forward with his most explicit message yet: "Make this ONE STOCK the cornerstone of your portfolio."

Warren Buffett Is Known For His Simple Lifestyle But Here Are 8 Lavish Things We Know He Owns

Warren Buffett, the billionaire, embraces a modest lifestyle and prefers stashing his cash in the bank. Despite standing among the world's wealthiest, the priciest items he owns could surprise everyone.

Edmunds: Avoid these 3 mistakes when buying a used car sight unseen

It’s easier than ever before to buy a used vehicle online. Unfortunately, that also means it’s easier than ever before to make a purchase you might later regret.

Buy This A.I. Stock Before Elon's "A.I. Day" on May 16

Buy This A.I. Stock Before Elon's "A.I. Day" on May 16 - Ad

Luke Lango is now recommending this little-known A.I. stock because it could supply Elon Musk with a critical piece of infrastructure for his new A.I. venture, something Luke is calling "Elon's A.I. 2.0". Once Elon reveals it on May 16, you may have missed the biggest gains.

Closing prices for crude oil, gold and other commodities

Benchmark U.S. crude oil for May delivery rose 4 cents to $82.73 per barrel Thursday. Brent crude for June delivery fell 18 cents to $87.11 per barrel.

Missouri's $2B Marijuana Market Hits Record Sales In March, Eyes Future Growth With Microbusiness Licenses

The Missouri cannabis market set a new monthly sales record in March, reaching nearly $125 million. According to the latest data from the Missouri Department of Health and Senior Services (DHSS), the adult-use cannabis sector contributed $108.7 million in March, with medical cannabis adding another $16 million, culminating in a total of $124.7 million.

The Most Valuable Material on Earth?

The Most Valuable Material on Earth? - Ad

One of the Most Valuable Materials On EARTH 1200X more valuable than silver... 32X more valuable than platinum... And 16X more valuable than even gold! Today, almost anyone can tap into this material only if they know one special investment.

'The Street Wants and Needs Answers' From Elon Musk On Tesla Layoffs -- Dan Ives Demands 'Rationale For The Cost Cutting'

Elon Musk, CEO of Tesla, is being called upon to clarify the circumstances surrounding the recent layoffs at the company. The move comes in the wake of a challenging period for the electric vehicle giant, with investors seeking reassurances.

Alibaba Rival Temu Joins Tech Giants List Under EU Scrutiny, Crosses User Threshold for Enhanced Regulation

Temu, rival of Alibaba Group, will face strict EU regulations for online content as its monthly users in Europe surpass 45 million threshold.

The A.I. Story Nobody is Telling You (Read ASAP)

The A.I. Story Nobody is Telling You (Read ASAP) - Ad

There's been a lot of buzz surrounding A.I. over the past couple of years -- but there's only ONE story you should be worried about. Whether you have $500 or $500,000, this radical new A.I. Innovation will have a direct impact on your wealth.

European Union official urges G7 to step up air defense for Ukraine and expand Iran sanctions

CAPRI, Italy (AP) — The European Union’s top diplomat urged Group of Seven foreign ministers on Thursday to take quick, concrete steps to provide more air defense systems to Ukraine, warning that continued delays could tilt in Moscow’s favor.

Stock market today: Asian shares gain despite Wall Street's tech-led retreat

Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower in the S&P 500's worse losing streak since the start of the year.

Miracle Material Repairs Severed Spines?

Miracle Material Repairs Severed Spines? - Ad

Soon, severed spines will be repaired in a matter of days. These advancements, and so many more, are all possible thanks to just one new miracle material. A single investment that investors can use to capitalize on this entire tech revolution.

Worldcoin Announces Plans For A 'World Chain' Layer-2

Worldcoin (CRYPTO: WLD), a biometric data-based identification platform, has announced plans to launch a Layer-2 solution named ‘World Chain’ later this

Missouri lawmakers back big expansion of low-interest loans amid growing demand for state aid

JEFFERSON CITY, Mo. (AP) — Missouri lawmakers gave final approval Thursday to significantly expand a low-interest loan program for farmers and small businesses, in a move that reflects strong consumer demand for such government aid amid persistently high borrowing costs.

What Should You Be Doing To "A.I.-Proof" Your Retirement?

What Should You Be Doing To "A.I.-Proof" Your Retirement? - Ad

A.I. is creeping into every aspect of our daily lives... According to billion-dollar fund manager Louis Navellier, it's never been more important to A.I.-proof your wealth. He lays out three simple steps to take ASAP in his latest video.

Bitcoin, Ethereum, Dogecoin Plunge, $878M Liquidated: 'Just Set Alerts At $60,000 And $74,000 And Walk Away,' Says Crypto Expert

Major cryptocurrencies dropped amid geopolitical risks, with $877.8M liquidated in crypto derivatives market. Total market cap down 3.35%.

Trending Now