Binance CEO CZ took to Twitter yesterday to confirm that the 20th BNB coin ‘burn’ will happen soon. Since then, all eyes have been on the Binance burn that will destroy coins and send them to a dead wallet. BNB Burn is like an event where the community comes together and embraces the development that takes it out of circulation. 19 ‘burn’ events have happened so far and investors are now eagerly awaiting the 20th Burn BNB coin†
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When is the 20th BNB Coin Burn Schedule?
The 20th BNB Coin burn could take place on July 13, 2022. CZ revealed in its tweet that the Binance burn would take place in “24 hours or so.”
CZ estimates that about 2,095,257 BNB will be burned during the 20th fire, which is worth about $480 million. Previously, the 19th fire took 1,959,595 BNB out of circulation, worth $622 million. Therefore, in 2022 alone, BNB coins saw burns worth $1.1 billion, while 40.5 million coins were destroyed and sent to the dead wallet.
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How does the burn work?
Binance Coin is one of the most trusted cryptos with use cases in different segments. It has been in the top 10 of cryptocurrencies for more than three years in a row.
The burning of the BNB is mainly automated because the system uses an automatic burning mechanism to remove coins from circulation. The automatic mechanism controls the amount of BNB to burn based on the price and also calculates the number of blocks generated on the Binance Smart Chain this quarter.
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Overall, the development provides transparency to the BNB community, making Binance one of the most trusted projects.
As of today, as of October 1, 2017, $3,760,948,130 ($3.7 billion) of Binance coins have been burned. An estimated 18.36% of the total BNB coin supply was sent to a dead wallet.