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Over $1.2 Billion of Ethereum Burnt in 3d Quarter 2021

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Fri, 10/01/2021 - 12:59
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Yuri Molchan
Founder of Mark Cuban and Peter Thiel's venture fund tweeted that more than 367,779.96 ETH were burned in Q3 this year
Over $1.2 Billion of Ethereum Burnt in 3d Quarter 2021
Cover image via stock.adobe.com

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According to a recent tweet by founder and CEO of the 1confirmation venture fund, Nick Tamaino, in the third quarter of this year, a jaw-dropping amount of Ethereum has been incinerated: 367,779.96 coins.

409,669 ETH burned

1confirmation is a venture fund supported by such big names as billionaire Mark Cuban and billionaire Peter Thiel – both former vocal critics of crypto who turned into large crypto supporters recently.

That amount of Ether is worth more than $1.2 billion in fiat. More precise figures are provided by ethburned.info: the total amount of Ethereum burned is 409,669.05, worth $1,358,695,270.66.

Over the past hour, 251.14 ETH have been destroyed - the equivalent of $811,370.23.

The mechanism for burning Ethereum fees was introduced in the EIP-1559 upgrade that was rolled out on Aug. 5, also known as the London hard fork.

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Image via ethburned

Related
Here's Why ETH Rose Back Above $3,000

Ethereum recaptures $3,250, exchange inflows drop

In the meantime, Ethereum has recovered to the $3,250 area, following Bitcoin's spike from $44,000 to almost $48,000 earlier today. The number of small Ethereum wallets has risen to 3.8 million, according to data shared by IntoTheBlock.

Glassnode has shared that the number of Ether inflows to exchanges (7-day MA) has dropped to a one-month low, reaching $23,957,870.33 in fiat.

The amount of small-sized ETH investors holding more than 0.1 ETH just demonstrated a rise to an ATH of 5,705,698.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.