Each quarter Binance uses 20% of it's profits to burn/destroy it's own coin. This causes scarcity in the coin which leads to increased prices and rewards people who hodl the coin. It will continue to do this until it burns half of the BNB supply. It took me a while to find the details of all the previous burns, so I thought I would write a post to document it somewhere I can find easily.
Binance will continue to burn it's own coins once a quarter until it destroys 100,000,000 of the 200,000,000 coins available. Here is the amount of BNB that have been burned to date:
Oct 2017: 986,0000 ( roughly $1,500,000)
Jan 2018: 1,821,586 ( roughly $40,000,000)
Apr 2018: 2,220,314 ( roughly $30,000,000)
Jul 2018: 2,528,767 (roughly $32,700,000)
Total: 7,556,667
992,443,333 remaining BNB to be burned.
The next burn will be within the next couple weeks and should be above 3,000,000 BNB. The weeks leading up to the burn usually see a big increase in price per coin and the weeks after usually see a dump in price with people cashing out after the burn pumps the price.
All burns are publicly shared on the Ethereum blockchain.
