According to Conor Grogan, head of product at Coinbase, the amount of Ether lost due to user errors and bugs has reached 913,111 ETH, approximately 0.76% of Ether's current circulating supply.
Total Ether Loss
Grogan reported that the lost Ether is now valued at over $3.43 billion at current market prices. Including the 5.3 million ETH destroyed via Ethereum Improvement Proposal 1559 (EIP-1559) since 2021, the share of lost Ether is around 6.2 million ETH.
Increase in Losses Since March 2023
According to a similar report from March 2023, the amount of lost Ether due to errors and bugs surged 44% from the previously reported 636,000 ETH. The primary sources of loss remain the same, including 306,000 ETH lost due to a bug in the Web3 foundation's multisig.
Flexibility of Ether Supply
Unlike Bitcoin, Ether doesn't have a hard cap on its total supply. However, the issuance of ETH has been significantly constrained by the mechanisms introduced by EIP-1559 and the Merge, which changed the fee structure in the network.
Ether losses due to human errors and technical issues continue to grow. It is essential to recognize the risks and take precautions in the management of cryptocurrency.
