Crypto · Ether · supply
Ether supply and the Merge
How much ether exists, how much is created each day, how much is burned, and how the switch to staking in 2022 changed it.
November 7, 2026
from 120,523,833 ETH on September 15, 2022
30-day average; about 14,600 before the Merge
ETH, estimated: issued minus the change of the supply
The Merge cut issuance by about 89%Before September 15, 2022 miners received about 14,600 new ether a day (30-day average); since the switch to staking, validators receive about 1,600 (the 30 days after).
Burned fees can outweigh issuanceSince August 2021 (EIP-1559) part of every transaction fee is destroyed. In some years more ether was burned than issued, and the supply shrank: −342,000 ETH in 2023.
Over the last 12 months: +0.8%The supply changed by 1,004,000 ETH.
No capUnlike bitcoin, ether has no maximum supply: issuance depends on how much is staked, and the burn on how busy the network is.
Ether in existence since 2015
About 72 million at the launch in July 2015; weekly.
New ether and the net change, per day
Monthly averages. The gap between the two lines since August 2021 is mostly burned fees; below zero the supply shrank.
Year by year
| Year | Supply at year end | Issued in the year | Net change | Burned (est.) | Growth |
|---|---|---|---|---|---|
| 2026 to Nov 7, 2026 | 122,199,577 | 884,269 | +862,540 | 21,729 | +0.7% |
| 2025 | 121,337,037 | 962,429 | +865,066 | 97,363 | +0.7% |
| 2024 | 120,471,971 | 930,683 | +285,258 | 645,424 | +0.2% |
| 2023 | 120,186,713 | 752,771 | −342,057 | 1,094,828 | −0.3% |
| 2022 | 120,528,769 | 3,961,321 | +2,487,167 | 1,474,154 | +2.1% |
| 2021 | 118,041,602 | 5,282,730 | +3,962,246 | 1,320,484 | +3.5% |
| 2020 | 114,079,356 | 4,985,042 | +4,985,342 | — | +4.6% |
| 2019 | 109,094,014 | 4,969,964 | +4,969,964 | — | +4.8% |
| 2018 | 104,124,051 | 7,431,816 | +7,431,816 | — | +7.7% |
| 2017 | 96,692,235 | 9,230,133 | +9,230,133 | — | +10.6% |
| 2016 | 87,462,102 | 11,321,893 | +11,321,893 | — | +14.9% |
| 2015 | 76,140,209 | 4,130,219 | — | — | — |
Burned = issued minus the net change; before August 2021 the two match. The first and the latest year are partial. Data: Coin Metrics (CC BY-NC 4.0).
How it is calculated
- Supply: ether in existence (Coin Metrics SplyCur) at the end of each UTC day.
- New ether: issued each day (IssTotNtv): mining rewards until the Merge on September 15, 2022, staking rewards since.
- Burn: not published directly; estimated as new ether minus the change of the supply. It is zero before August 2021, when burning began (EIP-1559).
- Not investment advice. Past returns, and past crashes, do not tell what will happen next.