Controlled Burn: The Ethereum Chain Is Destroying $12,000 of ETH a Minute

Ethereum miners are watching their Ether go up in smoke—just like the network intended. Bitcoin News reported that changes introduced by the London hard fork have resulted in more than $12,000 worth of ETH being destroyed every minute.

The report cited a Dune Analytics dashboard called “Ethereum after 1559” that is tracking the amount of Ether burned after London went live on August 5. Bitcoin News said on August 22 that 73,784 ETH—approximately $230 million at that day’s exchange rates—was burned in the 17 days after the hard fork’s introduction.

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