Ethereum network burns $9.5 million ETH per day after London upgrade

According to statistics and market experts on Friday, the ethereum network’s key upgrade will increase demand for the blockchain, but it will also start the much-anticipated burning of ether tokens as part of the process, which should contribute to the token’s optimistic outlook.

The new transaction fee mechanism included in Ethereum’s London upgrade on Thursday is burning about 2.3 Ether (ETH) every minute.

According to various sources, the total amount of ETH burned since the upgrade went live is around 3,395 ETH. The average burn rate on Etherchain is 2.36 ETH per minute. At current pricing, this corresponds to $6,596 each minute, or roughly $9.5 million in ETH getting burned every day.

Users will no longer use the prior auction mechanism for ether currencies and will instead pay a flat charge as a result of the network upgrade. Instead of users placing bids, the network will set that charge automatically based on how busy it is. They will also be able to pay a miner a “tip” to expedite the processing of their transaction.