ETH: Proof-of-Work Counterfactual Supply

Ethereum Proof-of-Work Counterfactual Supply: daily data through 8 Nov 2026.

ETH supply as it happened beside what it would have been had proof of work continued after the merge.

Why use it. Shows how much new ETH the switch to proof of stake has avoided issuing. How to read it. Both lines fall with the same burn; the gap between them is the issuance the merge removed. A counterfactual on stated assumptions, not a forecast: it does not model miners, difficulty, price or the fees a different chain would have collected.

Calculation. Actual = total supply. Counterfactual, from the merge (block 15,537,394, 15 September 2022, 06:42 UTC) = total supply at the merge + the average execution-layer issuance per hour of the 30 days before the merge (block rewards and uncle rewards) x hours since the merge - the ETH burned since the merge. Only finalized blocks and completed UTC hours are counted; the open day is a labelled partial, updated hourly, and replaced by the final value once the day closes. Computed by CryptoKeyhole from its own Ethereum execution and consensus nodes: every finalized block since the genesis block on 30 July 2015 and the consensus layer's ledger, with USD values from CryptoKeyhole's own hourly index of public exchange markets. Periods are UTC.