JAKARTA – Efforts to burn coins or burning are carried out by a number of crypto developers. The reason is that by reducing the supply of coins in circulation, the value of coins can increase. The fourth largest cryptocurrency, BNB Coin, will reportedly burn more than 1.8 million BNB.
Burning will take place this quarter. The amount of BNB coins that will be burned is IDR 10.7 trillion. This was conveyed by Binance CEO Changpeng Zhao via his Twitter account.
“#BNB worth $741,840,738 (Rp10.7 trillion) will soon be removed from circulation,” Zhao wrote.
Cointelegraph reports that burning will cost an average of US$403 per BNB. The BNB coin was first launched in 2017. BNB is the original Binance coin that has strengthened the BNB Chain and BNB Smart Chain ecosystems.
To eliminate some BNB from the current total supply, Binance uses an automatic burning system. The automatic burning mechanism adjusts the amount of BNB to burn based on the BNB price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.
Meanwhile, data shows an estimated 1.8 million BNB is on track to be burned in the next quarter, expected sometime in August. At the time of writing, the price of BNB is trading at the level of Rp. 6,040,770. BNB price performance has increased by 5.1 percent in the last 24 hours.
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