The supply of the digital currency has been shrinking since a ‘hard fork’ in its blockchain network to overhaul its transaction fee structure was activated last week
Ethereum’s blockchain network is currently ‘burning’ (removing from circulation) over US$450,000 worth of the digital currency every hour under new upgrades to the network that went live last Thursday.
According to the website Etherchain, the network is currently operating at a burn rate of around 2.41 Ethereum per minute, or 144.6 an hour, which at current prices is equal to around US$452,000.