Approximately 2.3 Ether (ETH) is being burnt every minute through the new transaction fee mechanism introduced in Ethereum's London upgrade on Thursday.
The highly anticipated London hard fork went live on Thursday this week, ushering in the Ethereum Improvement Proposal (EIP) 1559 upgrade that adjusted gas fees. Part of that adjustment introduced a mechanism that burns some of the base fees collected.
The total amount of ETH burnt since the upgrade went live is roughly 3,395 ETH, according to the various counters available. Etherchain reports an average burn rate of 2.36 ETH per minute. This equates to $6,596 per minute, or around $395,000 of ETH going up in metaphorical smoke every hour at current prices.