What happened: On Tuesday a total of 12,083.66 Ether (CRYPTO: ETH) worth $27,409,607, based on the current value of Ethereum at time of publication ($2,268.32), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation. Why it matters: On August 5th, 2021, the Ethereum blockchain implemented an important upgrade known as EIP-1159. This Ethereum improvement proposal changed the fee model drastically. Now each transaction includes a variable base fee that adjusts according to the current demand for block space. This base fe…