---
title: "12,634 ETH Worth $43M Was Just Burned"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/108966741.md"
description: "12,634 ETH worth $43M was burned from Ethereum transactions. This burning is a result of an upgrade to the Ethereum blockchain known as EIP-1159, which changed the fee model. The base fee is now burned, permanently removing it from circulation and potentially making ETH a deflationary currency. This could have significant implications for the supply and value of Ether."
datetime: "2024-02-29T18:01:05.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/108966741.md)
  - [en](https://longbridge.com/en/news/108966741.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/108966741.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/108966741.md) | [繁體中文](https://longbridge.com/zh-HK/news/108966741.md)


# 12,634 ETH Worth $43M Was Just Burned

**What happened:** On Wednesday a total of 12,634.09 Ether (CRYPTO: ETH) worth $43,418,934, based on the current value of **Ethereum** at time of publication ($3,436.65), 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 -15.94%.

Data provided by **Glassnode**

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