As we move further away from the end of Q3, the 17th BNB Burn is now upon us.
This regularly scheduled event will see a large amount of Binance Coin destroyed by the cryptocurrency exchange Binance.
Here's all you need to know about the next BNB Burn.
When Was The 17th BNB Burn?
The 17th BNB Burn took place on October 18, 2021 at 2:39:17 PM UTC. It removed 1,335,888 BNB from circulation, worth around $639,462,868 USD. You can see the full transaction here.
This brought the total BNB supply down from 168,137,036 BNB to 166,801,148 BNB, according to the Binance Quarterly highlights.
In 2020, the Q3 Burn happened on October 16, making this burn slightly later than last year's.
BNB burns are quarterly events that happen after the end of every quarter, with September 30 marking the end of Q2 2021.
When Is The Next BNB Burn?
The next BNB Burn - the 18th burn - will take place at the end of Q4 2021, in January 2022.
BNB burns are quarterly events that happen after the end of every quarter, with December 2021 marking the end of Q4 2021.
It's worth keeping an eye on the Twitter account of Binance founder Changpeng Zhao (known as CZ) for any announcement of the full timings.
The 14th BNB Burn saw 3,619,888 BNB destroyed on January 19. This was worth $165,791,000 at the time of the burn.
How Much BNB Is Burned?
Binance's original whitepaper stated that the exchange would burn 20% of its quarterly profits in the BNB burn.
The whitepaper was changed in 2019 to remove such a reference, meaning it is no longer clear how much BNB will be burned, or what proportion of profits this will be.
One explanation for this change comes from the accelerated BNB burn. Binance has promised to burn 100,000,000 BNB - or 50% of the total supply. It now expects to take 5-8 years, rather than 27 years, according to CZ.
"Initially, the speed of the burn was associated with trading volumes on Binance," said CZ after the 14th BNB Burn. "This turns out to be somewhat “slow”, or at least slower than we originally anticipated."
"One negative side effect may be that you won’t be able to use the burn number to reverse calculate Binance revenues, etc. You may still be able to infer that our revenues are lower than a certain number. But it will be a rough guess at best."
The previous BNB Burn in July 2021 saw 1,296,728 BNB worth $390,855,150 USD burned.
What is a BNB Burn?
The BNB burn is a quarterly event whereby Binance buys back BNB using its profits and then burns, or destroys, this BNB. This will continue until Binance has burned 100,000,000 BNB.
Binance Coin is not the only cryptocurrency subject to coin burning. In May 2021, Ethereum co-founder Vitalik Buterin burned 90% of his SHIB - over 410 billion SHIB worth over $7bn on the day of transfer - gifted to him by the Shiba Inu founder.
Following the implementation of EIP-1559, Ethereum now also burns ETH at a high rate.
Read More: Shiba Inu Coin Burn: Does SHIB Burn Coins?