2,431 ETH Worth $3M Was Just Burned

Created By Fintech Team

The crypto winter has beaten hard to the value of cryptocurrencies.  

Most of popular cryptcurrencies has been depreciated by 60% from its all time high value. 

At the time of writing, total of 2,431.42 Ether (CRYPTO: ETH) worth $3,161,936 has been burned from Ethereum transaction

Burning crypto is essentially a process of removing certain quantity of tokens or coins from circulation 

The techniques generally increases the demand of that coin by reducing the total supply

Currently, new Ether is being issued at the rate of 4% per year, 

But it is expected that it would go down at least 0.5-1% after Ethereum 2.0 upgrade. 

The specialists and experts also expect that when it happens, the burn rate of ether will go up 

Whereas the ether token's issuance will get slow, causing ETH to become a deflationary currency.