This is why it's positive that more than 500,000 ETH is burned
According to the Etherchain half, a million Ethereum were burned on the Ethereum network.
$1.7 billion worth of ETH has been burned
Due to the EIP-1559 upgrade, a new burn mechanism was added to the transaction fees to simplify pricing. To complete a transaction, you now pay a base fee, which is burned, and a priority fee that is effectively a tip to the miner. As the number of transactions on the Ethereum network increases every day, more coins are being burned. Currently, more Ethereum is still being issued than burned, but Ethereum is gradually becoming a deflationary asset as more coins are burned than distributed.At the time of publication, the 500,000 coins burned since the upgrade equates to $1.7 billion and in the last week alone, 70.435 ETH was burned, which equates to $253.616.898. Before EIP-1559, these funds would have been received by Ethereum miners and most likely realized on the market.
Ethereum's miners are holding their ETH
Despite the fact that less Ethereum is being given to miners, the amount of Ethereum held by miners is at its highest level since July 13, 2016, Santiment shared on Twitter. The reluctance to sell mining rewards suggests that miners have decided to hold on to their Ethereum. These miners currently hold about 0.45% of the cryptocurrency's total circulating supply, at 117.7 million.There has also been no significant decline in the hashrate, which reached an all-time high of 745 TH /s on Tuesday, although the major China-based Ethereum mining pools SparkPool and BeePool have ceased operations in recent weeks.
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